Gen Z Isn’t Giving Up On College; The Cost Is The Real Problem

Is Gen Z giving up on college? Here in South Jersey, where the cost of living continues to climb, it’s becoming a very real question.

Think about the math: A student could graduate with $50,000 or more in loans, land an entry-level job paying $45,000 to $60,000 a year, and then discover that a studio apartment can cost $1,800 or more each month.

Throw in car payments, insurance, groceries and everything else, and suddenly the old advice of “just go to college and get a good job” doesn’t feel quite so simple.

Gen Z Still Believes a College Degree Matters

Despite the financial pressure, Gen Z doesn’t appear ready to give up on higher education.

According to a new survey from Scholarship Owl, 97% of Gen Z respondents said a college degree is extremely or very important to achieving their career goals. Even more telling: 82% said they would take out student loans if they couldn’t afford college without them.

That says something important. Gen Z still sees college as a path toward opportunity, even if the price tag is becoming increasingly difficult to stomach.

READ MORE: Gen Z Is The First Generation That Needs A Map To Get Around Their Own Hometown

Student Loans Are Becoming Part of the Deal

The problem is that younger generations have watched the consequences of debt play out in real time. Millennials were promised that a degree would automatically lead to financial stability. Many instead found themselves juggling student loans, expensive housing and salaries that didn't always keep up.

Now Gen Z is asking tougher questions before signing on the dotted line.