COLORADO SPRINGS, Colo. -

Finance companies that have auto loans in their portfolios better hope that millennials — consumers between the ages of 18 and 29 — don’t think of their vehicle installment contracts in the same light as their student loans. If so, the charge-off departments are going to be busy.

A recent survey by Junior Achievement and PricewaterhouseCoopers indicated that nearly one-in-four Millennials (24 percent) believe their student loan debt will ultimately be forgiven.

And student loans are one of only two credit categories that represent a larger amount of the total outstanding consumer debt larger than auto loans. According to third quarter data from the Federal Reserve Bank of New York, outstanding student loan debt jumped by $8 billion year-over-year to $1.13 trillion, still surpassing auto’s new high of $934 billion.

Still, outstanding auto and student loans combined still dwarf mortgage debt, which stood at $8.13 trillion as of Q3, according to the New York Fed’s latest analysis.

The new report from Junior Achievement and PricewaterhouseCoopers titled, “Millennials & College Planning,” was prepared by New York-based research firm YPulse. The research also found that only one-in-five (21 percent) believe that student loans are still a good investment, down from nearly half in 2012.

Other key study findings include:

— For 60 percent of Millennials, financial aid is a deciding factor in their school choice. Among those not attending their first choice school this year, 62 percent said it was because they couldn’t afford it.

— College tuition and loans top the list of money matters that are worrying Millennials ages 18-29, with one-in-five (21 percent) claiming it as their family's main financial problem.

— One-third of those students with loans are in repayment plans costing $300 per month and 5 percent are actually paying more than $1,000 per month.

Junior Achievement USA president and chief executive officer Jack Kosakowski noted that in in April of last year, 40 percent of those individuals with student loans were “very confident” in their ability to pay off their student loans. In this year’s survey, that number rose to 50 percent.

“Rising college expenses and growing student debt are obviously having an impact on Millennials’ perception of the value of a college education,” Kosakowski said.

“It’s important that we give young people the tools necessary to make informed choices about higher education and to better understand that student loans, when used responsibly, are an important means of achieving the ‘American Dream,’” he went on to say.

PwC’s corporate responsibility leader Shannon Schuyler also shared some perspective on what the survey results showed.

“Financial commitments can be made in a vacuum, but ultimately, play themselves out in life-altering ways,” Schuyler said.

“Financial aid, school loans and borrowing from family are all viable and responsible actions, but if the details are not thoroughly understood, then the step to advanced education can be economically detrimental,” Schuyler continued. “The key is preparation and planning.

“Taking a long-term, thoughtful approach to the education you’ll need to achieve your professional goals can help eliminate surprises and guide students, parents and guardians to the right course of action,” Schuyler added.