“The real college crisis: Student debt drags down economy”
March 20, 2019
” The college admissions scandal may have driven the conversation about higher education this week, but away from the headlines the far bigger story is student loan debt and what it is doing to a generation of Americans…
Consider a recent analysis from staff at the Federal Reserve. It found that the average student loan debt held by those in the 24- to 32-year-old age group doubled from $5,000 to $10,000 between 2005 and 2014. And that same report found that home ownership fell 9 percentage points in that same time period for those in that age group.
Homeownership fell across all age groups by about 4 percentage points, but the millennial drop was much steeper…
On average, millennials, ages 18 to 34, carry about $36,000 in debt, according to a 2018 study by Northwestern Mutual Life. That looks very similar to the numbers for Generation X, who carry $39,000 in debt on average, and Baby Boomers who hold about $36,000 in debt, according to the study…”
If these people invested that money instead of wasting it on what’s most likely a useless degree they’d be in good shape right now. They would have actually made money not lost it. The reason I say the degree is most likely useless is because if it was something worthwhile it would have paid off their debts.