Most Americans believe it will take over two decades to pay off their student loans

Chloe Berger

Despite what most coming-of-age movies might say, college isn’t always just about debating the afterlife while fueling yourself on a diet of cheap beer and late night pizza (or Ramen, depending on the day). Higher education has become an increasingly well-trod and pressured path, as a lack of degree can be a barrier of entry for some careers, especially due to stigma in certain sectors. Even so, it seems as if this promise of career growth sometimes comes at an initial cost.&nbsp;<div class="paywall-selector"></div><div class="paywall">



New <a href="https://news.northwesternmutual.com/2024-05-01-95-of-Parents-Saving-for-Kids-College-Expenses-Expect-to-Cover-Over-Half-the-Costs,-According-to-Northwestern-Mutual-Planning-Progress-Study">research</a> from insurance company <a href="https://fortune.com/company/northwestern-mutual/" target="_blank">Northwestern Mutual</a> as conducted by The Harris Poll shows as much. Surveying more than 4,500 U.S. adults, it found respondents, on average, expect college to cost $77,300 in total—and they’re expect to pay off their debt by the age of 45.&nbsp;



The <a href="https://www.cnn.com/2023/07/16/investing/curious-consumer-college-cost/index.html#:~:text=And%20between%201980%20and%202020,That%20far%20outpaces%20wage%20increases.">average cost</a> of an undergraduate degree increased by 169% between 1980 and 2020, according to Georgetown University Center on Education and the Workforce. Of course, that means each new generation has a heftier financial burden when throwing their grad cap. Two in ten adults are saving up for college, a good portion of which are Gen Zers —per Northwestern Mutual.



Gen Xers have found student loans have tracked into their older adulthood, as a 2022 Credit Karma <a href="https://www.creditkarma.com/about/commentary/till-debt-do-us-part-aging-americans-grapple-with-student-loan-debt">report</a> found that 23% of student-loan carriers were 45 and older. It could potentially delay their <a href="https://fortune.com/2022/08/17/gen-x-versus-gen-z-average-student-debt/">retirement</a> goals. And this cohort is also often paying dual student fees, as they save up for their children, too. Ignoring the put-your-own-lifejacket-on-first saying, just over one in five of these parents trying to save money for their kids are still paying off their own debt. And 95% of American parents saving for their kid’s education anticipate covering more than half of the bill, according to Northwestern Mutual.&nbsp;



Millennials, too, have been pushed back a bit when it comes to wealth building as they tackle their debt. Of course, they’ve <a href="https://fortune.com/2024/04/29/millennials-accumulating-wealth-vs-other-generations-pandemic-recession-center-american-progress/">made some ground</a> recently, but many report feeling locked out of milestones like <a href="https://fortune.com/2024/02/08/housing-market-millennials-disenfranchised-moodys-mark-zandi-affordability/">owning a house</a> or <a href="https://fortune.com/2023/02/23/millennials-student-loans-birth-rate-children-biden-forgiveness/">having kids</a>.&nbsp;&nbsp;



“When I think of starting a family, I have hesitation to even wanting to do that,” a millennial named Kelly told <a href="https://fortune.com/2023/06/10/millennial-couple-student-debt-cant-afford-kids-family-6-figure/">Fortune’s</a> Alicia Adamcyk. “Starting to save for your kids’ student loans while still paying your own off, that’s something I don’t want to do,” she said, adding that she’s “kind of playing catch-up.”



Of course, the price of college and the lack of guarantee that it will lead to a dream job has led to <a href="https://www.brookings.edu/articles/experts-discuss-whether-college-is-still-worth-it/">some critics questioning</a> if it’s even worth it. Younger adults across the globe (<a href="https://fortune.com/2023/05/29/china-america-gen-z-labor-problem-blue-collar-jobs/?utm_campaign=fortunemagazine&amp;utm_medium=social&amp;xid=soc_socialflow_linkedin_FORTUNE&amp;utm_source=linkedin.com">specifically in China and the U.S.)</a> have struggled to find gigs that match their qualifications immediately out of the gate. Some remain unemployed and searching and others have accepted underpaid jobs. Gen Z is shaping up to be the <a href="https://www.pewresearch.org/social-trends/2020/05/14/on-the-cusp-of-adulthood-and-facing-an-uncertain-future-what-we-know-about-gen-z-so-far-2/">most educated generation</a>, inheriting a great price tag in the process.&nbsp;



Even with lingering loans and some disappointment at the start, many experts assert that higher education is <a href="https://fortune.com/2023/05/10/skills-versus-degree-best-way-to-get-a-job/">still important</a>. The most impactful decision point in getting a “good job” was having a bachelor&#8217;s degree, according to an <a href="https://cew.georgetown.edu/cew-reports/pathway-changes/">analysis</a> from Georgetown University’s Center on Education and the Workforce of 8,000 adults born in the 1980s. And 90% of 2023 graduates think their degree was worth it, according to <a href="https://fortune.com/2023/06/09/90-of-2023-graduates-think-college-is-really-worth-it-heres-why-theyre-right-and-politicians-and-pundits-are-wrong/">Harris Poll</a>.



College is said by some to be unforgettable, but even if the memories don’t last, young adults have the decades-long bills to jog their memory.</div>

Parents are also chipping in on saving for their children's education—while paying off their own.

Most Americans believe paying off student loans will take over two decades

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