Rising tuition costs and student debt are becoming significant factors in the ability of millennials to buy houses. An analysis published by the Federal Reserve Bank of New York last year suggests that student debt was responsible for up to 35 percent of the decline in homeownership among people between the ages of 28 and 30 from 2007 to 2015. (Homeownership for people under 28 tends to be low.). With many young adults leaving college with large bills, even landing good jobs isn’t enough to pay their debt in a timely manner.
Tag: college loans
What’s Holding You Back?
Ever not answered the phone because you knew it was a creditor trying to collect on your college debt? Over the last many years, education debts have increased while job opportunities declined. This has caused many people in the under-thirty category to be unable to follow the “usual” path of work, home ownership and family. Statics are showing that many people are overwhelmed by debt and underemployed leaving the economy in a precarious place as these groups continue to reduce their spending. How do we create affordable education and jobs upon graduation? And where will this vicious cycle end?
The Ball and Chain of Student Debt