This is going to be an unpopular tweet but I never did think the Government should pay for Higher education. People should have to work their way through college.
THIS IS 100% CORRECT MyLife
These numbers are deceiving. The average Student Loan debt is $37k/borrower which is a car, not a crisis. 38MM of the 44MM Borrowers have $50k or less and 28MM borrowers are less than $25k. Only 5% of borrowers have over $100k. The crisis is not debt, the crisis is income
For profit schools are good for the economy. Just like healthcare and Basic need utility companies.
Absolutely true, the milenians are ha ing very hard times to buy a property due to their debt with their careers. The educational loans debt must be rethinked by banks and the gov. should provide some free university education so we dont get behind in the world educational rank
Ya THINK
Rocket scientists
How ironic, vicious circle for the student and future homeowner!
This...is news? 🤦🏼♀️
This is like an earthquake that our government is pretending isn't happening!! Wait! Isn't home ownership supposed to save ADOS. Please go to Tone Talks for the 'Myths of How to Close The Racial Wealth Gap'
So why didn't the Fed warn the Federal Govt that they shouldn't be lending millennials so much money so quickly?
I'm not broke, but I can confirm that my student loans almost prevented me from buying a house. Apparently lenders have to calculate total *potential* monthly student loan payment, vs. income-based *actual* payments. Huge difference that can determine ability to buy a home.
In today’s news of the obvious. 🤦🏼♀️ captainobvious
Waiting for the market to crash so I can buy more cheap houses.
When the gvtment gives everyone a blank check for college and people accept it without thinking, the cost of college is gonna go up. Not rocket science when colleges have no incentive to compete on cost. Also the entitled generation demands a four star resort for their education
Kids loading up on those 6 year sociology degrees lol
CongBoyle Yup. Please advance legislation that helps address this issue, HouseDemocrats
Personally I'd just as soon never own a home so I'm not subjected to the instability of the bubble and when the next recession hits I can walk out....and I'm in good company with the other Millennials I know.
The fed is wildly overlooking the impact that 2003-2008 had on the housing market. Everyone with a pulse could buy 2 homes. We are WAY WAY over built for what actual demand is, plus we can't get loans, and an entire generation sees homeownership as a scam sold by a cult of banks.
We've only been saying this for like HALF A DECADE AT LEAST.
This is a travesty. This debt must he partly or wholly forgiven long before tax breaks are proposed to *afford housing* We subsidize corporations, etc with all manner of R & D But not the Researchers and Developers Education is a core value
How much of that debt is owed to for profit schools?
Yeah. Duh. Just ask anyone over the age of 21
Duh. Now do the one where people LOOSE THEIR EXISTING HOME annually owing thousands of dollars to hospitals, slowly paying them off, and never catching ahead. Silver lining: so far there's no interest on it.
Amazing how Government got involved in Student Loans and made it worse. Remove Government and it will fix itself. Gov. doesn’t get to trash it and then be the answer to fix it. Insane.
Home ownership will continue to decline with tax laws that don't benefit the homeowner taking on that responsibility; even among those without the burden of student debt.
And this, right here, is why my wife and I had to wait until our mid 30s to buy our first home despite making upper mide class wages in our area.
Duuuuhhhhhhhhh, ya think?!
😂😂😂😂 I mean. Are you sure. Have you spoken to any millennials about this. Well. I really mean. Have you listenes to ANY. I think Gen X-ers know something about this as well.
It’s not just millennials
And I'm sure it has nothing to do with the price of everything going up and worker's wages staying exactly where they were before the millennium came and went.
Newsflash FED: It's more than 20%.
I graduated with a Bachelor of Science in 1984 from a good Missouri State University. Tuition was $275 a semester, books included. We The People used to care about our kids and about education. But we bought the GOP trickle down bullshit that handed everything to the Rich.
America is like the ultimate scam. America is severely short of nurses but no hospitals will hire nurses with an associate degree.They expect you to take on thousands of dollar in debt to get a bachelors degree to get the same pay.
ThatShockratees Imagine if the MAGAts were capable of understanding cause and effect.
The bigger issue here is the increased cost of education itself. For example, fees for my university cost about $30k/year when I was a student in the late 90s, and now it's about $60k/year. Changes are needed in how higehr education is delivered to make it more affordable.
So those with severe financial struggles in America are the uneducated and the well-educated. 🤔 AffordableEducation UBI ImpeachTrump AmericaIsBroken MoreSanctionsPlease
We've been telling y'all and no one listened. It ain't the avocados.
I been looking for a new job. So many jobs that require higher education are paying $18-20. I meet people with PhD that are making $20/hr. how are they going to pay for the 80k+ in student loans and buy a house
In other news, water is wet.
Tonight at 11: Water is wet.
haven't read the article yet. but does it mention anything about avocado toast?
This is good for Sallie Mae
Got two Gen-Xers here. We're still renting. Trying to get student loan payments lowered to affordable amounts, not three car payments a month. We're modest with our spending but still need to eat, pay rent, bills, etc. No house buying for us any time soon.
FrHollidaj Maybe students shouldn’t borrow the entire cost of their education, room & board. Federal government loans seem like easy money. Get a job, work and go to school, get a better job that helps pay for your education. Community college is a great way to start. WorkedForMe
eshaLegal You're just figuring this out?...
Gee bankruptcy & student debt oh they cannot do bankruptcy in law Republicans made law /so new housing will be lost for students unattainable
This post brought to you by Geico. Geico... You just WISHED we sold health insurance.
Next insight from NPR, 'Birth rates are down, is it because few can afford to have a $10k labor and delivery bill?' Followed by 'Is AOC a socialist threat to Democracy? Let's ask a bunch of well-off white hippies in their 60's for their opinions'
The world needs underwater basket weavers too. learntocode
Fewer buyers = less demand = prices dropping More debt repayment = less spending = prices & margins dropping Thats not a rising economy
OH GEE WIZ REALLY NOW
I burn 200 bucks a month in a debt interest hole that I will literally never get out of.
Forgive the debt the economy shoots off like a rocket.
Well color me shocked
DianeSwonk Gee, do ya think...?
boogiefinger 1 you need to separate federal loans from other 'alternative' loans...there is a huge difference in these types of debt, and 2 most students are borrowing to fund a lifestyle not an education and until the feds allow schools to limit loans it will be a problem
Student debt accounts for 20% of the 9% decline for 24 to 32 year olds? Or 20% overall?
I didnt ho to college because I didnt want to be saddled with loans...neither did my husband. He works in a factory...I work in an office. We have a nice house, 3 cars and no debt. College is not necessary if you are willing to work hard.
Has anyone seen a breakdown of average debt / income by major?
Likely linked to the housing bubble, as lost asset value of parents may have further prevented them taking on payments for their kids.
Meanwhile, millions of healthcare-poor under-40's still renting their homes shout 'NO SH*T, SHERLOCK' as they are slowly crushed to death under insurmountable interest charges, stagnant wages, and a generation of boomers who can't/won't retire and free up better-paying positions.
LesBowen Maybe they're parents should have taught them finances
DianeSwonk Good news: Younger generation buying education not houses. Good job by US.
This is the national emergency 🚨
It’s a scam. College is the most cost ineffective way to get an education.
Yes. Millennials aren’t anti car or anti house or anti consumption - they are broke. Student loans. Health care costs if their job offers it. No pension. Votes in boardrooms across the country over the last 30 years decided that the next generation didn’t need what they had.
Lower demand means lower prices.,,
U
And don't forget - home ownership used to be a way to save for retirement for (mostly white) americans. Money paid for mortgage --- equity in the home --- steady increases in home values --- 'nest egg' We've taken this away from millennials, too.
LilyBelle05 Duh. The GOP Congress’s intransigence on making students pay the government interest on loans is hurting society overall. They really don’t plan for the best future for all the people & to make our nation stronger. Their policies are crap.
I finished paying off my student loans last year. My husband and I work full-time, we have no kids, and I honestly don't think we'll ever be able to buy a house/condo/anything. Our wages are too low/stagnant for that.
Direct action idea: EVERYONE STOP SERVICING YOUR STUDENT LOAN DEBT en masse. just sayin’ 🤷🏻♂️
GOP and the 1% want the rest ignorant! Easier to control with fear..
Sure is the reason I don't own one 😂
Thanks Obama
LesBowen We need free mortgages for all seems to be the solution
Duh
Duh
No kidding. 🙄
Not shocking
Wow, just Millennials? How about me and other generation xers? Not to mention, I went to school with people 15 years older than me in grad school who can't afford a home and we'll be paying off student loans until the day they die.
Going to the research done by the Fed... there's an even more important point... impact to credit
Sounds line they made bad financial decisions.
Delay 1st house, forget 2nd larger house; put off marriage, wait to have kids; forget a new car; sell a kidney; vacation every couple years, not every year; both parents work just to afford childcare; forget what your family looks like. The new American dream. It’s all a scam.
Duh and/or hello?
LesBowen Thanks Obama
Tuition goes up. Housing cost goes up. Wages stay the same.
Hahahah no shit.
No shit
Duh.
Tell the Fed to put that debt on their balance sheet
At least the educators are still 2 on the millionaires list.
We need to allow refinancing and life event changes to be apart of the dialogue. They are some of the most stringent terms and conditions built into a loan. careerchangeshappen
Can homeowners even afford to fix up the homes they’ve purchased? Not everyone builds a new mansion.
Of course. Govt failed them for decades. Did nothing to help reduce college costs and debt. Zero! And npr hates Trump🙄
Stating the obvious!
Not everyone needs to go to college. It’s not the ticket to wealth and happiness. Finding something you love to do is more important than hanging a piece of paper on your wall.
If this article was on business it'd be blaming millennials for eating too much avocado toast and buying too many iPhones. Thanks for finally saying what we've all been thinking.
And it’s only going to get worse, bitch. Enjoy that interest, banks. The housing market is going to crash again.
Beyond home ownership, it also has a significant affect on alumni contributions and endowments for universities. It is a COMPLETE AND TOTAL no win.
Will they be able to afford to have children before it's biologically too late to have them? Will they be able to save enough for retirement before they're no longer able to work? Some things can only be delayed so long.
Fed made political statement. Right now home loans are soooo expensive due to high interest rate. Even Fed student loans are at 5% rate.
Yup, I'm doing everything I can to qualify for a new condo and it ain't happening.
Isn’t that interesting but tell me again how the economy is doing great. The numbers don’t add up
How about instead of this stupid wall idea, we pay off everyone’s student debt.
As long as people can dip into the bottomless well of student loans the more universities will increase costs.
Part of the problem is that teachers are all university educated and usually coming from the state schools near their students. They don't have experience with community colleges, technical schools, or even CLEP and other cost-cutting measures. We need more focus on alternatives.
In that same time period the number of billionaires has doubled. Coincidence? Think not.
It would be nice if college was free.
It's why i don't own a home
Increased cost of higher education coupled with stagnant wages will result in less money to purchase a house. Makes sense. We can fix this.
Are the degrees people are getting the same? Or is there a shift from sustainable STEM and business degrees to bad investments in humanities and social sciences?
The American dream is dead and the boomers killed it.
Education Education Latest News, Education Education Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: MarketWatch - 🏆 3. / 97 Read more »
Source: Forbes - 🏆 394. / 53 Read more »
Source: NBCNews - 🏆 10. / 86 Read more »
Source: NPR - 🏆 96. / 63 Read more »