Half of American voters say taking on student loan debt for a college degree is too risky because graduates may struggle to find jobs that justify the cost, according to an exclusive report from The Center Square.

The Center Square Voters’ Voice Poll found that 50% of respondents viewed student loans as too risky. Another 35% said borrowing for a college degree remains worthwhile because it can improve long-term career and income opportunities.

The poll was conducted by Noble Predictive Insights from Aug. 12 through Aug. 16. It surveyed 2,533 registered U.S. voters, including 930 Republicans, 930 Democrats, and 673 independents. The poll had a margin of error of plus or minus 2 percentage points.

Views differed depending on respondents’ education levels.

Among voters with bachelor’s degrees, 43% said student loan debt was still worth taking on, while 46% said borrowing was too risky. Among those with postgraduate degrees, 47% said the loans were worthwhile and 40% considered them too risky.

Outstanding federal student loan debt stands at roughly $1.8 trillion, according to education data cited by The Center Square. Nearly 47 million borrowers carry an average balance of about $40,000.

Mike Noble, founder and CEO of Noble Predictive Insights, told The Center Square that whether a college degree pays off can depend heavily on a student’s choice of major. Some highly specialized programs may leave graduates with limited job opportunities or positions that do not pay enough to justify the cost of their education.

Noble also pointed to a disconnect between education and workplace experience. Some graduates enter the job market carrying significant debt and multiple degrees but little practical experience, which can make it harder to secure well-paying work.

He said the problem also stems partly from a generational push toward higher education, as families increasingly viewed college as the expected path for their children. Easier access to college and student loans expanded the number of people entering higher education, he said.

The report said about 38% of Americans have graduated from college with a degree or higher, while roughly 25% to 28% of jobs require a college degree. Borrowers facing some of the biggest repayment challenges tend to include students who leave college without finishing a degree and graduate students who take on substantial amounts of debt.