First-time home buyers accounted for only a third of the homes purchased over the last year. The below-average number is thanks in part to American’s growing student loan debt. With high monthly payments and increased credit risk, student loan debt is keeping some first-time home buyers from entering the housing market; a trend that doesn’t appear to be turning around anytime soon.
Officials with the Consumer Financial Protection Bureau say rising student debt, along with its implications on the housing market, could prove to be one of the most painful aftershocks of the Great Recession, the Washington Post reports.
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7 comments:
I dunno, because one statistic stated that students only had an average loan debt totaling only $25,000. So I am thinking, whats the big deal.
Wish they could get some facts straight.
Today, 71% of students leave college with an average of $29,400 in student loan debt.
A car loan can amount to this easily, and they have years to pay off student loans.
No where does the article even state job and wage issues.
Oh Freakin' well.
I and my husband paid off over 100k in student loans in just a few (3 years), bc we worked our azzes off and didn't keep up with the jones.
I am so sick of hearing about pity parties over student debt.
How about the Obama economy, think that may have just a SMIGEON to do with it?
Part of the problem is that the University system has turned into a joke. Many degrees being offered have zero relatability to the real world. Students are "earning" degrees in things that simply do not have a future. THese students are banking on the idea that any degree will give them a leg up and that certainly is not true. It does however burden them with quite a bit of debt. Add to that the fact that this new graduate will have to take a job way below what they expected and you have your answer.
Unless you have defined goals going into college don't expect to "find yourself" while there and to magically exit college making a six figure income. Its a fairy tale.
I graduated with a doctorate in Leisure Studies, and just can't find any leisure jobs out there. It's like nobody's hiring for that.
Of course, my best friend got his Master's in Construction, and he's as unemployed as I am.
You don't think it's the economy, do you?
BA degree in Philosophy =100K+/yr job for me. MS degree in safety management = retired at 42yo. It's the person and their drive to succeed that matters the most. Have known people that are just as smart that didn't go to college and are in the same situation…others not so much. Quit blaming Obama for the failures of the ES, there are plenty of ares in the US that are doing well now and it might be because they are tolerant of new ideas, pro business and not stuck in the past. You reap what you sow.
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