A CNBC survey reveals that most borrowers believe that accumulating federal student loan debt is not a wise decision.

Approximately 43 million Americans borrow money from the federal government to pay for college, resulting in a total of nearly $1.6 trillion in outstanding student loans.

According to a recent survey, 54% of federal student loan borrowers believe that the debt they took on was not worth it, while 44% said it was worth it. The survey, conducted by CNBC + Acorns Invest In You in partnership with Momentive, polled a national sample of 5,162 adults from January 10-13.

A significant portion of millennials and Gen Xers are more skeptical about federal student loans. In fact, 63% of respondents aged 35 to 44 believe that, given their current circumstances, it is not worth taking out federal student loans.

The average loan amount for federal student loan borrowers is $36,510.

Kate Bernyk, 39, graduated from graduate school with two communications degrees and approximately $100,000 in student debt nearly 15 years ago.

"I used to feel proud of my master's degree, but now I feel a bit foolish," said Bernyk, a New York-based senior communications specialist. "I wonder if I should have pursued it because it's difficult to determine the benefits versus the drawbacks of the debt I took on."

She still owes more than $30,000 in student loans.

Although a bachelor's degree holder earns a median of $2.8 million during their career, which is 75% more than a high school diploma holder, the median lifetime earnings for women with a BA are $2.4 million, while men with a BA earn $3.3 million.

Loan repayment pause ending

Federal loan payments were temporarily suspended for borrowers during the Covid-19 pandemic in March 2020. This relief has been extended five times and is set to expire in May. A survey found that the payment pause allowed many borrowers to allocate more funds for daily expenses (48%) and pay off other debts (35%).

When federal loan repayments resume, a majority of borrowers surveyed said they'll need to put off other financial goals, including paying off other debts (42%), investing money (40%), saving for retirement (38%) or buying a home (33%).

"It's like having a mortgage without owning a house," Bernyk stated.

Supporters of student loan forgiveness, such as economist Kristen Broady, argue that the potential negative impact on the economy is a reason to push for more.

"According to Broady, a fellow at the Brookings Institution, if people do not have to repay that money, they will have more funds to invest in both durable and non-durable goods and services. This money will be directly added to the economy."

A survey reveals that most Americans support student loan forgiveness, with women and people of color being more likely to hold student loans. Additionally, 81% of adults with student loans have had to postpone important life milestones due to their debt.

In the survey, 57% of respondents believe that President Joe Biden should prioritize student loan forgiveness, but opinions differ on how to implement it.

Nearly one in four respondents said there should be no forgiveness of student debt, while about one-third said all student debt should be forgiven, and nearly the same amount said loans should be forgiven only for those in need.

Biden proposed to forgive $10,000 in student debt, while some Democratic lawmakers, including Sen. Elizabeth Warren and Majority Leader Charles Schumer, are urging the President to cancel up to $50,000 in student debt.

The top Republican on the House Education and Labor Committee, Rep. Virginia Foxx, R-N.C., stated that blanket loan forgiveness would be a "massive mistake." Additionally, the extension of the student loan pause has already cost taxpayers over $150 billion.

Overwhelming to think about

May graduate, Denisse Quintanilla, a CNBC intern and first generation college student, is uncertain about her loan repayment terms.

Quintanilla stated that it is still overwhelming to consider the monthly payments required to avoid being in my 30s or early 40s with student loan debt.

Financial aid expert Mark Kantrowitz claims that while students may initially receive counseling when borrowing money, the assistance often proves insufficient.

He stated that for every dollar they borrow, they will have to repay two dollars, yet they don't consider the consequences.

After working in non-profits and government for over a decade, Bernyk has spent a considerable amount of time contemplating and attempting to address her student debt burden. She may have finally discovered a solution to overcome this challenge.

The Biden administration relaxed the qualifications for public service loan forgiveness last fall. Bernyk has been working with her loan servicer to meet the new requirements and have her remaining loan balance forgiven. The program will continue until October 31, 2022.

CNBC reporters and contributors discussed the topics of student loan debt forgiveness, the hidden costs of college, and the need for financial education at an earlier age on Twitter spaces.

To receive the 8-week course on financial freedom, Money 101, click here. For the Spanish version, click here.

Disclosure: NBCUniversal and Comcast Ventures are investors in Acorns.