Most people go into their degrees, hoping it’ll be the golden ticket to well-paid office jobs after graduation day—especially given the sheer amount of hours and thousands of dollars (or pounds, in my case) they’ve committed to getting the qualification. But past college grads have a brutal reality check for bright-eyed Gen Z: It wasn’t worth it. At least, from a financial standpoint.

A staggering 30% of graduates across all generations have admitted that they’re not better off financially thanks to their degrees. In fact, the Nexford University report highlights that many are actually worse off.

The majority of graduates say they took out $25,000 to $49,999 in student loans, but a quarter owe more than $50,000—and they’re still paying for it years and years after tossing their graduation caps into the air.

A third of grads are drowning so much in debt that they’re having to delay saving for their first home, and even retirement for a decade on average.

Instead of their degree being the launch pad for a successful life and career, some 14% admit they had to delay moving out of their parents’ house and starting a family because of hefty student loads.

Graduates thought their paychecks would make the debt worth it

The majority of graduates enter university knowing they’ll take on some level of debt. But it’s usually shrugged off with the promise of higher-paying, stable careers that only a degree can unlock.

While at the time, the grads surveyed expected they’d land an entry-level role paying around the $52,000 mark after graduating, the reality was stark: Most started out on around $35,000.

Those who studied law saw a $30,000 drop between their desired salaries and what they actually got offered after graduation. Those who studied education landed roles paying around $25,000 less than they’d imagined. And arts and humanities students thought they’d land $50,000 roles straight out of college, but actually got entry-level job offers at $30,000.

For many, the disappointment didn’t end there. Nearly half of grads had to fork out more money after graduating for further training and other more specialised qualifications to stand out in their desired field.

To add more salt to the wound, just 8% said that college diplomas matter most in today’s job market. In hindsight, the majority think that networking and having demonstrable skills for the role hold more weight in the current economy.

Degrees just aren’t paying off the way graduates were promised

With college costing students an average of $36,436 per year, the next generation of workers is already questioning the return on investment they’ll get from the qualification. The number of Gen Zers signing up for vocational programs and trade schools instead of higher education is at a record high.

But for those already embarking on a degree, or recently graduated, the bad news just keeps coming. In 2023, LinkedIn data showed that job ads that didn’t require one were up 90%. At the time, it was because employers were turning their attentions to skills-first hiring. But the situation has since become even more dire.

Now, not only are employers calling degrees “irrelevant” and even hiring for personality above credentials, but the number of entry-level roles available for fresh-faced grads is significantly shrinking.

In the U.K. alone, more than 1.2 million applications were submitted for fewer than 17,000 graduate roles last year. Meanwhile, Americans report that the probability of finding a job right now has hit a record low.

Thanks to AI, many early-career jobs are being automated. One of the scientists who helped create the technology, Professor Yoshua Bengio, has even warned that the days of all office jobs are numbered.

The experts’ advice now, for the swath of young unemployed grads, is to turn their backs on the subjects they studied, and instead apply for non-degree retail and hospitality jobs that they could have just nabbed straight out of school without the debt.