We hear a lot about college debt weighing heavily on young people today, but a new study shows where the real problem lies: students who take out college loans but don't earn a degree. For those who do earn a degree, student debt doesn't seem to be a problem with financial success later in life.
According to a study from Navient, among 25-to-30-year-olds who borrowed for college and earned a bachelor’s or higher, 38 percent held a mortgage. But among those who took out student debt but never earned a degree, just 14 percent had a mortgage. Among all 25-to-30-year-olds, 22 percent had a mortgage.
Student debt seemed to help in more personal areas as well. Those who borrowed for college and obtained a bachelor’s or higher had the highest rate of marriage at 60 percent. But college dropouts who borrowed for college had a marriage rate of just 33 percent.