Millennials and College Debt
We have all heard the saying “go to school so you can get a good job.”
Don’t you wish they told you to go to school without getting into debt? College costs are rising, and so is the inflation rate and the costs of goods and services. Many of the college students that graduate now, are realizing that they are in major debt. Student loan repayment kicks in soon after graduation, about the exact same time as a job hunt.
How did the millennials get to the overwhelming college debt situation?
There’s some slight variances in the age group, but if you are born between 1982 and 2000, you are considered a millennial. For those that are fortunate enough to have a “full ride scholarship,” this article probably doesn’t concern you. However, if you did not get a “full ride,” budget wisely, receive scholarships, or receive financial aid, I may be speaking directly to you!
Tuition, room and board, academic fees, transportation, food, insurance, credit cards, and unexpected expenses just about sum up the college debt you accrue by the time you graduate, or drop out for whatever reason (family emergency, personal health, etc). It seems that every year college costs increase. And there are so many millennials out there. According to the US Census Bureau, there are more millennials that there are baby boomers.
That being said, how are millennials going to pay off debt? In the past few years, there have been many ways that millennials have been coming up with solutions.
Not all of these solutions are pretty! Moving back in with parents, working multiple jobs, holding off on marriage/children, renting vs purchasing a home, and going back to school, are just some of the things millennials are doing to get ahead of college debt.
Did anyone imagine that after paying for an education, they would be looking for jobs, working multiple not related to their career field, or moving back in with parents?
Regardless of the college debt that millennials now have, more solutions are needed.