Although the U.S. Department of Education has calculated the national average for student loan debt for college grads at $29,400, a Citizens Bank survey found that average student debt for millennials is much higher — roughly $41,286.
Despite that sizable average, 15 percent of the grads surveyed said they didn’t know their total student loan balance and more than a third of grads (37 percent) reported being clueless as to their loans’ interest rate.
Yet even while facing sometimes burdensome loan payments, a large share of millennials are unwilling to prioritize student loan repayment over spending on luxury and quality-of-life items.
For example, when asked what they’d be willing to give up in exchange for lower student loan payments, this is what the survey revealed:
Less than half (45 percent) were willing to cut what they spend on eating out.
Just 46 percent said they’d cut their entertainment and social event expenses.
A mere 40 percent were willing to limit their housing expenses (rent or mortgage).
Only half of millennials were willing to slash their spending on clothes, shoes and accessories.
“They are very committed to living their life the way they want to live their life, and as frustrated as they are by student loans, they are not willing to make those lifestyle trade-offs,” said Brendan Coughlin, president of consumer lending for Citizens Bank.
I obviously look at life, the world, and my place in it much differently than you do. The fact that you place collective blame for everything you perceive to be wrong on my generation is indicative of the sheer depth of your naivete and egocentric self-righteousness.
I'm merely a pawn who stumbled through life and haphazardly found his way out of abject poverty...I have nothing to be ashamed of and have lived my life without feeling driven to collectively blame others for all the adversity and misfortunes I've suffered. But, as we can clearly see, you are very, very different in this regard.
I personally can't imagine living a life perceiving oneself as the victim of an imperfect world and casting blame on the actions/inactions of an entire generation. Just please don't expect me or my generation to accept blame for all the adversity and perceived injustices you must endure my poor, poor child. But, by all means, please do feel free to lash out with your misplaced resentment as if it somehow makes you feel better about your own ever-increasing sense of impotence and helplessness that inevitably comes with the passage of time...as your generation totally fucks it up for the next. lol
Yep, and this doesn't even factor in that the $30,000 figure is massively inflated thanks to private universities and post-Bachelor's education. Public college loans are a non-issue that anyone with the slightest ability to save and reason could pay back. The politicization of this (especially by Sanders) has nothing to do with people not able to afford attending college, it's greedy moochers that want their easy "gimme that".
My generation made tremendous strides in education, transportation, communications, arts, music, standard of living, technological advancements, pollution abatement, civil rights among many, many other things. Yes, not perfect by any stretch of the imagination...but I look forward to your generation doing much better despite your incredibly negative "the sky is falling" perceptions as if we handed you a shit sandwich.My generation might screw things up, sure, but it would be hard to beat the boomers.
Oh man, this is a funny post. College loans are a non-issue... $30k+ debt before getting a house, before figuring out a car, before kids, and before anything at all just a freshly graduated student on the streets, that is a non-issue.
From your theories of good government.lol. The only debt I have is my mortgage. No student debt, no credit card debt, no nothing.
Contrary to whatever crazy idea you just pulled out of your ass, millennials on average have much lower amounts of credit card debt than older generations and tend to use them less frequently.
Yep, and this doesn't even factor in that the $30,000 figure is massively inflated thanks to private universities and post-Bachelor's education. Public college loans are a non-issue that anyone with the slightest ability to save and reason could pay back. The politicization of this (especially by Sanders) has nothing to do with people not able to afford attending college, it's greedy moochers that want their easy "gimme that".
Oh man, this is a funny post. College loans are a non-issue... $30k+ debt before getting a house, before figuring out a car, before kids, and before anything at all just a freshly graduated student on the streets, that is a non-issue.
From your theories of good government.
Oh, I agree they can pay it back, but if one is earning $40k/yr in a big city, it's definitely painful to service $10K in debt. Although there are benefits too; one can easily get by without an automobile in a big city, saving part of that expense.Even a degree in social work shouldn't be the end of the world (median income ~$40k/yr). There's no reason a person making that much can't pay back $10k eventually, it just means cutting back on the unrealistic, loan-supported standard of living they got to enjoy during undergrad.
Many graduates expressed buyer's remorse regarding their education, according to the study. Fifty-seven percent said they regret taking out as many loans as they did, and 36 percent said they would not have gone to college if they fully understood the associated costs.
The majority don't have $30k in debt. The median is closer to $10k in debt. Virtually all new cars are going to cost more than that. No one has a right to immediately buy a house; I live at home and attend school locally to save on rent and tuition, but as much as I want to own a home I'll probably end up renting for a while until I have a stable job situation, which is what anyone with common sense should do. Kids? Simple solution: don't have kids until you can afford them.
The biggest issue is scam universities that create shittons of debt for a worthless degree. Do you know the kinds of people that attend those scam universities? People not good enough to get into a state college, aka people that shouldn't be in college to begin with.
Seven in 10 seniors (69%) who graduated from public and nonprofit colleges in 2014 had student loan debt, with an average of $28,950 per borrower.
34.4 percent graduated with no debt.
12.0 percent graduated with $1-$9,999 in debt.
18.2 percent graduated with $10,000-$19,999 in debt.
15.5 percent graduated with $20,000-$29,999 in debt.
8.9 percent graduated with $30,000-$39,999 in debt.
5.3 percent graduated with $40,000-$49,999 in debt.
5.3 percent graduated with $50,000-$99,999 in debt.
0.5 percent graduated with over $100,000 in debt.
It's because many people are fed a line of h*rseshit. You gotta go to college to make it today. Yada, yada, yada.
We have 1.3 Trillion dollars in student loan debt and rising. That's trillion, not million or billion. Our economy is recovering very slowly and part of this is the fact that many people who are saddled with student loan debt are unable to contribute to the economy. They aren't able to buy cars, homes, etc. They aren't able to put money away for retirement either.The majority don't have $30k in debt. The median is closer to $10k in debt. Virtually all new cars are going to cost more than that. No one has a right to immediately buy a house; I live at home and attend school locally to save on rent and tuition, but as much as I want to own a home I'll probably end up renting for a while until I have a stable job situation, which is what anyone with common sense should do. Kids? Simple solution: don't have kids until you can afford them.
The biggest issue is scam universities that create shittons of debt for a worthless degree. Do you know the kinds of people that attend those scam universities? People not good enough to get into a state college, aka people that shouldn't be in college to begin with.
We have 1.3 Trillion dollars in student loan debt
I love this conversation. Bernie's plan to invest in higher education is socialism, other people's money, worthless leeches. While Trump's plan to protect the wages of American workers whose jobs that can be easily done by unskilled child laborers in developing countries is apparently some kind of capitalist ideal.Bernie has no concept about how to fix anything except for make other people pay for it. Why? It perpetuates his, and his ilk's, worthlessness to society. Leeches only know how to leech and create more leaches.
I love this conversation. Bernie's plan to invest in higher education is socialism, other people's money, worthless leeches. While Trump's plan to protect the wages of American workers whose jobs that can be easily done by unskilled child laborers in developing countries is apparently some kind of capitalist ideal.
Personal debt and government debt are nothing alike. This is economics 101 stuff.
I really hate that Krugman started pushing that idea.
An individual cant get funding like the government and does not have to pay interest like the government. That does not mean they are nothing a like.
The main difference is that the government can tax a third party to pay for their debt. To an extreme there could come a time when a government cant get funding aka Greece. The US is far too large, so instead of not getting funding, we get a global recession.
That said, there is a debt to be paid. You pay that debt through inflation which slows the economy, or a direct tax that slows the economy. As with all debt, if your net growth is higher then its worth the debt. But, to say that they are nothing alike is wrong. They are very much a like in most ways, but the government has options that individuals and smaller firms do not in that it can print money or displace its costs.
There is a huge difference. He is advocating giving free education to anybody that can fog a mirror, regardless of ability, motivation, and outcome. This provides no societal gain and is ultimately the real goal of socialism, lowering the bar for everybody so even the most idiotic can be "even".I love this conversation. Bernie's plan to invest in higher education is socialism, other people's money, worthless leeches. While Trump's plan to protect the wages of American workers whose jobs that can be easily done by unskilled child laborers in developing countries is apparently some kind of capitalist ideal.
Well, this one is also only undergraduates, but you can't neglect the impact of private universities.
https://www.washingtonpost.com/news/innovations/wp/2013/09/24/five-myths-about-college-debt/
Basically, ~10% of college graduates are idiots, ~50% are between $0 and $10k, and those in between are somewhere in the middle. Not any kind of crisis.
Paul Krugman didn't start pushing this idea, it's been a basic part of econ 101 for decades if not longer. Government debt and household debt are completely different in almost every way it matters.
This is not the main difference in any way. Trying to compare the US to Greece shows a similar, but equally basic misunderstanding of how government debt works. Much like how household debt and US debt are nothing alike, Greek debt and US debt are nothing alike.
Here are a few ways that government debt and household debt are different.
1. Governments are effectively immortal, meaning the debt never has to be paid back, merely rolled over indefinitely. Household debts are considered within a single lifetime time horizon, something that is totally illogical for governments.
2. Governments are social organizations that are owned and controlled by their populations, who are by and large the same people who invest in their debt. Unlike a house that owes debt to the bank, our government mostly owes it to us. When you owe the bank $100, that's -$100 from your balance sheet. When the US owes a citizen of the US $100 that's a wash as far as our country is concerned.
3. A household paying off its debt would be a good thing. If the US paid off its entire national debt that would probably cause the collapse of the global financial system.
Inflation does not inherently slow the economy, in fact modest, sustained inflation is associated with superior GDP growth. To see how wrong that logic is that would presume that deflation grows the economy when in fact it is associated with catastrophic depressions.
We should never, ever make the mistake of treating government debt like household debt. If you do that it's a one way ticket to some really bad economic analysis.