http://lifeinc.today.msnbc.msn.com/...gen-y-moving-back-with-their-parents-is-a-lol Interesting, Does not surprise me. With College Permadebt from having to spend 4 years for a work permit. The new generation of adults are already in debt 50K or more from non dischargable debt which accrue IRS style compounding interest and penalties. And coupled with the McJobs they get, it is no surprise here. Sucks to be them.
Look at the bright side: You get to fuck your mother-in-law while your wife is away with her father flipping burgers at McDonalds. Make sure the mother looks good before you marry is the only caveat.
It is sad... These student loan companies & the government are robbing us. I am in $100,000 debt from THREE years of college (graduated one year early). Thankfully I was able to find a job in the financial industry and am able to (barely) pay my loans each month. $50,000 has an average interest rate of 8.00%. They are robbing us. No one can earn a safe 8.00% interest rate on an investment like that. It's just cruel. And they love to offer these programs: "Join your loans today and receive a .25% rate reduction on CERTAIN qualified loans!" That .25% has no impact on me. I plan to pay them off ASAP (less than 8 years)...On top of the fact that not all of them will get that .25%! Give me a real rate reduction. How about you reduce the rates in parallel with T-bills? They essentially have a risk-free 8.00% on me... When I initially got the loans the 10-year rate for example was about double what it is today. My interest rates on these loans should be halved. What is it--like 8% of student loans default? So their expected return is 7.36% on these huge amounts? It's ridiculous. And when student loans default, it's not like a bond where poof it's sold--we're still responsible for it! They just give us some more time to collect more interest on us! I can't imagine what recent grads without a decent-paying job would do in my condition BESIDES be forced to live with their parents. I thank my luck every day. /rant
should have gone into the military for 3 years. Then you'd get GI bill and get paid to go to school !
Quote from joespo: It is sad... These student loan companies & the government are robbing us. You knew what you were getting into - nobody forced your hand. Give me... Exactly -burn8
I'm in the age group, and I can tell you the biggest problem is the lack of entry level jobs. Many of my friends can't get jobs in their chosen professions. And it's not jobs like art director; in many instances, it's normal entry level white collar jobs. Outside of health care, tech and a few other industries, most people just take what they can get. I have my own place and I know many who have bought. But the prevailing attitude is not good. Outside the top 15 schools, private education is not worth the money.
It makes me wonder how many of their boomer parents are "strategic defaulters"...So you can have two generations living under one roof with no mortgage payments. Ten years from now we'll finally figure out that the economy was held together by the vast number of families living rent/mortgage free.