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Earlier this month, a new poll revealed that fewer Americans view a college degree as essential to securing a good-paying job. This isn't hard to fathom, especially considering how remote work, freelancing, and other non-traditional forms of employment are shaking up the workforce.

Many people seek work-life balance and flexibility. Others are hesitant about taking on exorbitant amounts of student loan debt. While college is a necessity for certain occupations, this doesn't ring true across the board.

Student loan debt has been a major issue in the United States for quite some time. A recent report from the Schwartz Center for Economic Policy Analysis now shows that millions of Americans who are older than 55 are still facing debt from obtaining higher education.

Saddled with student loans decades after university

Per the aforementioned findings, 2.2 million adults above 55 have yet to pay off their college debts.

Furthermore, these deficits are putting a hamper on their future financial possibilities, such as retirement. Many people making payments towards their loans are only able to pay down the interest, rather than the loan itself which continuously accumulates interest.

Of the 2.2 million, roughly 43% are middle-class Americans. For those earning below $54,600 annually, their student loans, on average, shake out to about $58,000. What's worse is that 14% of older people carrying these debts have no degree, despite previously attending a college or university.

This could further drive down college attendance rates

Recent years have already seen a decline in college enrollments. Judging from the number of Americans who still find themselves saddled with student loans decades after attending college or university, enrollment rates could further decrease.

Today, many young people feel uncertain about the future ahead of them. Homeowners are struggling to keep up with mortgage payments. Plenty of Americans currently renting property also worry they'll never reach homeowner status.

With inflation and overall living costs standing at pretty high levels, people find themselves needing to make increasingly pragmatic financial decisions. All things considered, one of these decisions may be abstaining from colleges and universities that come with student loans which often take a lifetime to finally pay off.