More Millenials Still Living with Parents – Thanks to Student Debt
By Consumers Union on Wednesday, February 11th, 2015
Things are supposed to be looking up these days – more jobs and economic growth are good news, right? But there’s still a huge problem facing “millenials,” or people aged 25 to 34: student debt is making it harder for them to scrape together enough money to move out of the family basement.
The New York Federal Reserve Bank just released a new report showing that the number of millenials living with their parents has hit record highs. Even though the job market is improving, the report points out that housing prices are also on the rise – making it tougher to cover the costs of living on your own while also having to pay back those student loans.
As we’ve said before, the impact of widespread student debt spans generations, and puts a ton of stress on families who don’t have the kind of wealth it takes today to afford college without borrowing student loans. If you’ve already had to borrow money to pay for college, it’s really important to know your options for managing your loans. If you have loans from the federal government, there are flexible plans that can lower your monthly payments and help you come up with that rent money after all.
Are you a graduate who had to move back in with your family – or someone who has to put a lot of money each month toward student loan payments? We want to hear from you. Share your story!