SAN FRANCISCO (PRWEB) January 23, 2018
MissionU (http://www.MissionU.com), the college alternative that allows more students to graduate debt-free and positions them for the most in-demand jobs of the 21st century, today released its inaugural survey examining America’s crushing student debt crisis.
The findings provide a comprehensive look at the challenges and fears that adults with varying degrees of education face in light of the rising cost of higher education. The survey was conducted among a sample population of 1,509 respondents ages 18-65+.
Unlike traditional colleges, MissionU’s one-year program offers an income-share agreement model that charges no upfront tuition and only requires students to pay once they are earning $50,000 or more, during which they pay 15% of their income back to the company for three years. The debt-free program combines hard, soft and technical skills with real-world curriculum informed by partner companies including Spotify, Lyft, Uber, Warby Parker and Casper, which have early access to hire MissionU graduates.
“With the State of Student Debt in America survey, our hope is to shine a light on the challenges, consequences and fears 44 million American loan-holders face and how it affects their daily lives,” said Adam Braun, co-founder and CEO of MissionU. “This survey reveals pervasive issues that plague our higher education system - most bachelor degree holders today do not think college is worth the cost, as student debt holds back Americans from buying homes, significantly harms their personal health, and even hurts their ability to find a potential spouse. We created MissionU so students can attain their dreams through a modern education that is aligned with today’s workforce, without the worry of crippling debt and overwhelming tuition costs.”
Here are the key findings of MissionU’s survey on the State of Student Debt in America.
Student debt is killing the American Dream
It’s tougher than ever for those with student debt to maintain a retirement fund, buy a home, get married or have kids
- According to MissionU, 77.2% of millennials believe that student debt has interfered with their plans to achieve the American Dream (i.e. saving a retirement fund, buying a home, having children and getting married). 63.3% of the overall population share the same view.
- 1 in 4 millennials feel that student debt has interfered with their ability to plan for the future, specifically when it comes to buying a home or saving for retirement.
- 60% of people who have earned a Bachelor’s degree or higher don’t think college is worth the cost.
- College still isn’t worth the ROI even for 45.7% of those who graduated completely debt-free.
- Given the projected cost of tuition ($130,000 per year to attend a private college) in 2030, most people (66%) would choose not to send their kids to college.
Swipe Right or Swipe Left? (Dating & Relationships)
According to new research from MissionU, your student debt is making you a less desirable candidate for marriage
- When asked whether or not student debt makes someone a less desirable candidate for marriage, the majority of respondents across all age groups (54%) either said “agree” or “strongly agree.”
The Student Loan Sacrifice
No sacrifice is too great for the promise of receiving loan forgiveness. What would you give up for one year in exchange for being debt-free?
- 1 in every 10 millennials would give up showering.
- Men are more likely to give up showering (61% men versus only 39% women).
- 40% of people would be willing to give up Netflix.
- Nearly 50% of millennials would be willing to give up social media.
Millennial Anxiety is Being Driven By Student Debt
People struggling to pay off college are more likely to blame sleep loss on student debt than they are on the possibility of a nuclear attack, government corruption and/or work-related matters
- “Outstanding student debt” is the #1 cause of sleep loss among 64.6% of borrowers.
- 50% of the debt-free population ranked “government corruption” as their primary source of sleep loss.
- People who owe more than $50,000 are twice (52.3%) as likely to lose sleep over “outstanding student debt” than those who owe less than $10,000.
- Those with less student debt (55% of the population who owe less than $10,000) are more likely to lose sleep over “government corruption” and/or “the possibility of a nuclear attack.”
Overall, women are more likely to lose sleep over student debt
- Of the respondents who chose “outstanding student debt” as their #1 cause of sleep loss, 59% were women vs. 41% who were men.
- Millennial women are more likely (65% versus 35%) to lose sleep over outstanding student debt than their male counterparts.
For additional information, please visit http://www.missionu.com.
MissionU is the college alternative that gives students the skills and experience needed to succeed in today's working world. The program requires no upfront tuition, allowing students to graduate debt-free, and is aimed at lowering student debt and closing the skills gap. Led by Pencils of Promise founder Adam Braun, who created the company with co-founder and Chief Product Officer Mike Adams, MissionU is the only program that combines soft skills and holistic general education with specialized skills training to prepare individuals for real-world jobs. By employing an income-share agreement model, MissionU only requires students to pay once they are earning $50,000 or more, during which they pay 15% of their income for three years back to the company. Based in San Francisco, MissionU partners with world-class companies including Spotify, Lyft, Uber, Warby Parker, Harry's and Casper so students have access to informed curriculum while cultivating meaningful relationships with industry leaders. MissionU has raised $11.5 million in funding to date from investors including FirstMark Capital, First Round Capital, University Ventures and more.