Any student who has studied at a university knows that among the drama, homework, food, and conflicts with schedules, there is one abomination that is considered the worse of them all: student loans.
They drain student's finances like parasites or vampires. These loans prevent students from spending money on things like cars, traveling, or a new house. College is supposed to be a fun and informative experience for students, but the fear of having to pay enormous amounts of money back in student loans has turned college life into a nightmare. It is wrong that students have to suffer through this after they already endure problems with food, homework, and exams to earn a degree in their major.
Compared to the previous generation, young adults do not have money to spend on everything they want. The spending habits of millennials (which includes phones, video games, textbooks, and other tech) is not the problem that is causing them to become poor — it's having to deal with college and unnecessary charges on their bills. The generation before them was more financially secure back when they had to pass school without Google and could find a job after graduating from college.
It's been a difficult time for those born between 1981 and 1997. Finding employment, earning money, and buying a house is now a challenge. According to a report by NPR, millennials are facing these hardships because they grew up during the Great Recession in 2008. The way that young adults save and spend their money is different compared to the previous generation since college students cannot easily balance their work and social lives now.
No matter what a student chooses for their major, the one common thing they all have to face is student loans. Around 70% of college students owe money back in student debt. A report by CNBC revealed that 44 million Americans have a total of 1.5 trillion dollars in student loans. This is the reason young adults are having problems with holding on to their money.
Turns out the amount of debt that millennials owe is six percent higher than it was last year. There was a report explaining how in the 60s, the Student Loan Marketing Association did not restrict financial institutions from limiting student loans which allowed more students to attend college until the 90s when the government decided to privatize it.
Today, one in every three college students does not understand the difference between a subsidized and unsubsidized loan. Millennials probably wish they can all have financially stable careers and lives just like their parents did. Unfortunately, loans prevent college students from fulfilling the American Dream without suffering.
It is really messed up how college students have to financially ruin themselves with debt in order to get the education that allows them to survive in a dysfunctional and technical world. Hopefully, one day, millennials will find a way to overcome these difficulties and find successful high-paying careers in their majors so they can enjoy their lives to the fullest, still participate in recreational activities, and of course, pay off their students loans.
