More and more Millennials considering going back to school

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HOUSTON (CW39) Many people continue to look for work and Millennials are a big part of that group. Now ranging in age from 23 to almost 40 years old, many have seen their once promising careers take a side step, or come to a temporary halt, with furloughs and job losses.

Now some are looking at going back to school, to get a leg up on the competition. According to a national survey carried out by Lending Tree’s Student Loan Hero, 43% of Americans under 40 have considered going back to school amid the pandemic.

Courtesy: BlueOnion

The student-debt management platform surveyed over 1,500 respondents between the ages of 18 and 40. When asked the reason why they were considering re-enrolling in college or getting an advanced degree, 54% say it’s because they were laid off or furloughed, while 51% say it’s because their hours or salary were cut.

The study also revealed Additional Key Findings as well:

  • 57% of those surveyed expect that furthering their education would result in a significant salary increase.
  • Almost half (49%) want to start a new career. Millennials seem to be more drawn to MBA programs, while Gen Zers tend to prefer law school. Women were more likely to consider a medical or nursing degree, but men appeared more focused on business and law.
  • Among student loan borrowers, 46% said they would take on additional debt to earn an advanced degree.
  • Of those not considering a return to school, 35% said they would reconsider it if they didn`t need to pay for their education, and 34% they would reconsider it if they didn`t need to pay for their education, and 34% they would do so if it led to a higher income.

At a time when millions are suffering financially and looking for ways to lessen the blow of historic layoffs and furloughs, these findings could really be useful. Especially for anyone who has weighed going back to school at any point during the pandemic.
Check out the Student Loan Hero Website, a subsidiary of LendingTree, and learn more about their free easy-to-use tools with financial education, and what it’s doing to help millions of Americans living with student debt manage and pay off their loans.

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