NEW STUDY: Most Graduates See Loans As A Life Sentence
In today's society, it's crucial to receive higher education in order to achieve your career goals. But, unfortunately for most college graduates, securing your degree is like signing your life away.
The New York Post reports that "four in five graduates with student loans think of their debt as a life sentence, according to new research. A study of 1,000 undergraduate and 1,000 postgraduate degree holders revealed that – of those with student loans – 89 percent see their debt as a financial burden." 39% of people indicate they must have a second job to help pay off their debts. What's even more surprising is 39% of people also admit to not attending social gatherings in order to save money. The article from the New York Post continues with more startling statics, including:
- 29% of graduates reside with their parents to save money
- 35% are renting a less expensive apartment in undesirable locations
- 36% of graduates accept a job they might not like, however they pay well
I graduated from college not too long ago, and I am truly lucky my current debt situation is totally manageable. My sister Katie, on the other hand, will probably be in debt for many years to come because she is pursuing her passion, a career in veterinary medicine.
What are your thoughts on student loans? Is college becoming too expensive? Should the government intervene to provide some debt relief for college graduates?
Source: New York Post