The extravagant cost of higher education in the United States is a hotly debated topic these days, and for good reason. An entire generation of Americans are entering the workforce already handcuffed financially by, in the majority of cases, tens of thousands of dollars of student debt. Consequently, it’s never felt harder for the average young adult fresh out of college to establish themselves, purchase a home, and adequately provide for their family. In fact, according to a new survey of 2,000 recent college graduates, 80% see their student loans as a “life sentence” that they will be paying off until the day they die.
In all, 89% consider their student debt, at the very least, as a major financial burden.
The survey, commissioned by Splash Financial, also asked participants — broken up into 1,000 undergraduate and 1,000 postgraduate degree holders — about the sacrifices they’ve had to make because of their student debt. Among the most common responses were skipping a social event to save money (39%), starting a side hustle for supplementary income (39%), serious budgeting (38%), and taking a job they really didn’t want in order to pay bills (36%).
On a rather depressing note, 36% even said they had skipped a family member or loved one’s important life event (wedding, birth, funeral) because they couldn’t afford travel costs on top of their student loan payment that month. Additionally, 35% say they are living in a dangerous neighborhood all to save a few bucks on rent each month.
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27 comments:
I was out in Las Vegas over the holidays and visited a few strip clubs. Many of the girls were working to pay off their student debt. I meet Nurses, Computer nurds, Teachers. Doing the stripping out here they figured their families and friends back east would never know.
They'll never be able to retire.
No one twisted their arm. I do believe colleges are too expensive. Do you really need a new addition to your college campus? Colleges think so. Do we really need more college graduated when you can't find a skill plumber. There is nothing wrong with a skilled job. Today's society looks down on people without a college degree. That is wrong.
They either should not have gone to college - or made better decisions about what they got their degree in!
My problem is that I never attended college but I get phone calls every day about reducing the interest rate on my student loans. Apparently those who actually went to college must be a dumb bunch of people if they fall for this.
I also bought a new car in November and get calls every day saying my warranty has expired. They sure don't make cars like they used to.
The student loan scheme sounds like the same "predatory lending" that took place 15 or so years ago.
Now college grads, like homeowners, have a liability that's higher than their asset.
In 1977 I, as a commuter student at Salisbury State, paid less than $300 cash for a full time semester, not counting book expense.
What happened since?
The interest is more than the payments for IBR. My 45 thou loan is now 89thou. They will come and take my casket as collateral for payment. State employee loan forgiveness is a huge biased joke. I won't live long enough to pay all this back. Meanwhile, immigrants can go for free.
Don’t buy anything you can’t afford. Applies to cars, clothes, homes, and education.
When you have tenure for incompetent Professors then you deserve the student loans you made. These professors do not teach subjects just liberal indoctrination and receive outlandish salaries. So you bunch of indoctrinated Liberals need to change this. You all just want someone else to think for you and pay your bills for your lazy behind. If you don't want to change it then suffer like I had to do to pay off College debt. Tired of your snowflake whining.
interesting conversations to have with naked hot women.
My Bachelor's in Gender changing cost me 75,000 @ Salisbury university.
I hoped to do work in the LGBT community
I need some one to payoff my mortgage because I bought more house than I can afford now that I have my $1,000.00 Apple phone, my twice daily Starbucks and my takeout food orders. To me your student debt is on you not taxpayers. You made the choice now own up to it.
I paid mine off and it took 10 years to do so. I live in a modest home that I own along with my very basic, American made car. I live within my means.
Maybe current college students need to think about what happens to their debt BEFORE they take the loan
No more of a ball and chain than the useless liberal arts majors that a sizable percentage of them are wasted on.
my twice daily Starbucks and my takeout food orders.January 3, 2020 at 8:13 PM
It sounds like you don't make a lot of money if you think these things cost a lot of money.
I know they're young people, but why don't they realize that you don't ever borrow more than you can afford to pay back? That goes for everything, not just a college education. Goes to show, young people ARE stupid. Don't expect me to feel sorry for them. They just are starting out life as college educated deadbeats. Colleges are like car dealers and real estate brokers that will sell you a car or house that you can't afford to pay for. They will get THEIR money, and don't care if you end up bankrupt. Too bad. Buyer beware.
Borrowing tens of thousands, or hundreds of thousands, with no job or earnings, based on future earning potential is a recipe for financial disaster. No bank will lend you money for an asset when you have no earnings. The only reason that banks will lend to college students is because they lobbied congress to guarantee the loans, and make it so students and graduates can't default on the loans, like in normal financial transactions. There is a whole lot of politics and agendas behind the arrangement. Now the millinials are crying they can't pay back the money they borrowed for a four year party on borrowed funds. Ask them. The partying is what they remember, not their classes or studying.
It's true, I've experienced the same conversations with strippers. You already know they're not going home with you, so why not a normal conversation. They're just making a living with their bodies just as I made a living with my hands
There has to be a way to stop all these solicitation calls. I get five to eight every weekday. I bet our politicians are protected from these calls on their personal cell phones.
I hope you make tons of money from the lgbt community, but I wouldn't hold my breath. That group is nothing but a parasite on this country
Oh, I'm so proud of you 759
7:59 If you're not part of the solution, you're part of the problem. If I have to explain, you wouldn't understand.
Liberal universities have created debt slaves out of every student and they will use it as a political tool making promises they’ll never keep
Can someone tell me just exactly what a "liberal arts" degree is?
Blame you liberal leadership and professors
They asked for it. They got it TOYOTA! Now pay it back!
be more wise in your expenditures. That money is for school, not cars, clothes, living quarters...
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