Celebrity
DP Veteran
- Joined
- May 13, 2016
- Messages
- 5,257
- Reaction score
- 761
- Location
- VT, USA
- Gender
- Undisclosed
- Political Leaning
- Undisclosed
The cost of attending college is growing faster than inflation. Most of this cost comes from the cost of tuition. Tuition can range from under $9,500 at a public college, to over $35,000 at a private college. It doesn't stop there, since many courses also have fees, in addition. The cost is often deferred by people who want to buy something, but don't have cash on hand with student loans. Americans owe $1.3 Trillion in student loan debt, and like the mortgage nonpayment that triggered the housing crisis, it's possible this debt could become severely delinquent. According to studentloanhero, only $6.2 billion was borrowed in the 2012-2013 year, up from $5.5 billion the previous year. About 11% of the overall debt is delinquent.
You could say this is a growing industry. But where previous generations erred, millennials are very cautious when it comes to taking on more debt. I recently saw the video from The Wall Street Journal, below. The video is from last August, almost a year ago.
If you read the following article from Marketwatch, you will get a similar impression of the effect of student loan debt on "reaching milestones" in the eyes of millenials. What steps should we take to make sure that we don't ruin another industry because of lending to people who can't pay back their debt?
This is why millennials will never grow up - MarketWatch
You could say this is a growing industry. But where previous generations erred, millennials are very cautious when it comes to taking on more debt. I recently saw the video from The Wall Street Journal, below. The video is from last August, almost a year ago.
If you read the following article from Marketwatch, you will get a similar impression of the effect of student loan debt on "reaching milestones" in the eyes of millenials. What steps should we take to make sure that we don't ruin another industry because of lending to people who can't pay back their debt?
This is why millennials will never grow up - MarketWatch