Student loans hang over the heads of 44 million Americans, with debt running well over a trillion dollars. It’s a huge concern and those who took out this debt will do just about anything to pay it down.
Self-Lender surveyed 1000 Americans between the age of 18 and 34 and found out that 60 percent of them were willing to give up at least one perk in exchange for help paying down their student loans. The results:
- 23 percent would give up working from home, making it the most disposable benefit
- 29% of women would give up working from home compared to only 18% of men
- 20% of younger millennials (ages 18-24) would give up paid time off compared to only 12% of older millennials (ages 25-34)
To read more, click here: The Amazing Things Millennials Would Give up for Help with Student Loans
How about this revolutionary idea?…get a second job. Or, cut back on that $8 Starbucks every morning. Or, pass on the designer sunglasses or that required vacation to Jamaica.
If you didn’t have the good common sense and responsibility to avoid enormous student loans, perhaps now is the time for that lesson.
Yes, millions of younger Americans are burdened with student loans. But then millions of Americans are not.
I graduated from college with a modest amount of student loans, so worked a second part-time job to pay the balance off quicker. Many of my friends did the same thing.
Responsibility and consequences….something this nation has forgotten
In response to Parker Davis who didn’t even capitalize his name I can see why you graduated with a modest amount of student loans.
A lot of people do work 2 and 3 jobs but paying 800-1200 dollars a month and that is a lot. Some people aren’t wasting money on the things you mentioned some are just trying to get by.
Good for you that you were able to pay yours off quicker that is awesome. Not everyone has that luxury and some have more than just an undergrad degree that they are paying for. That doesn’t mean that they have no common sense or are not responsible. Maybe you could show your ways on how you were able to pay all your loans off quicker.
I agree with Shawn. Coming on here to look down your nose at people who graduated into a working world where housing costs have outstripped wages that haven’t been adjusted for inflation is not helpful.
Also did you notice all the legislation favoring lenders that’s put them on par with payday loan companies? And the rising cost of tuition? And the employers who are requiring a bachelor’s degree for jobs that never used to need one?
There are a lot of reasons people are having a tough time paying back their loans.
What Shawn and Elizabeth said. Especially the bit about ridiculous degree requirements. We insist that a college degree is necessary, then crap on people who wind up in debt getting one?
Plus, I fail to see how being smart enough to negotiate for help with their student loans as part of their benefits package, or being willing to forgo certain benefits in exchange for that help is “not taking responsibility for their actions.”
People who want to bah humbug and tout their own experience paying off student debt need to date themselves (and thus expose their tuition costs and interest rates) because the students these days are facing a totally different reality. I too graduated undergrad with a modest amount of debt which I re-payed quickly – because I graduated in 2007, got a job before the crash, and my interest rates were only (HA!) 5%. My sister, entering the same state school only four years later, faced tuition at 4x what I paid. I went back to graduate school in 2010 (a state school and I worked to cover tuition but not certain fees that were more expensive than tuition) and had to take out 58K at 7% (!!!!) interest. That’s for federal loans. The degree doubled my income so I consider it necessary but 7% interest is ridiculous and totally unnecessary. I will pay that loan off this year (4 years ahead of schedule, definitely no daily Starbucks as I pay 2K a month!) but rather than feel superior I’m just sympathetic to all those folks younger than me who were screwed by Congress, school administrators and the economy.
Suzanne, don’t forget Gen X’ers. We got sucked into going back to school “to get a better job” and now have the same issues with student loan debt outpacing what we can earn.
I am going to try to put a middle ground reaction to this article ( which brought up great points), whatever school decision one made prior to getting a job ( yeah, I am talking to those people who only went to school and didn’t really “work “ in a job), life doesn’t create dream situations. The major and school one goes to is all based on one’ expectations of a college education. You can’t create or expect a job to fit the niche you have of reality. The business world is based on actuality and numbers. You learn nothing about this in college especially if you are not in major developing skills needed the employment market. Plus not all starting jobs are going to be at the expectation level of $65,000 unless you have that right education background. Also pedigree school degrees don’t guarantee a job either. You choose where you went to school and what you majored in and to expect future potential employers to pay for it, is not going to happen unless that employer has pre-approved you for employment based on you obtaining that degree. Only those in the top 1% income already have this privilege, anyone else is dreaming.
I don’t think that’s middle ground – I think that’s an entirely different tangent.
The article and survey deal with how valuable a benefit loan-repayment help is to Millenials from a recruiting and retention perspective – not who’s fault it is, or who had unrealistic expectations (or why). I’m with Suzanne that bonuses and higher pay are a more equitable benefit, but if I’m in a company/industry that needs to recruit a lot of younger people, I’d be pretty stupid not to at least consider a benefit that might help me appeal to that demographic. And if I were a person who still had student loans, I’d be pretty stupid not to consider the value of loan repayment help when comparing benefits packages.
Hey! I’m an older millennial. I was working full time, going to school full time, and being a single parent when I obtained my degree in 2014. I had more debt than anyone and managed to pay if oft within 2 years. We’re talking $63,000 in student loans for a Bachelors Degree. Of course, it was through an online school but I paid it off. I even bought a house and had to work my ass off to do all of this. I wasn’t making bad money and wasn’t making good money either. My salary than was around $44,000/year. If I can do it, anyone can. How did I do it? I just paid on my smallest loans first (I had 16? A-L) and eventually tackled the larger ones.
No one’s saying it can’t be done, and that’s certainly not the subject of the article – which is what “Millenials” are willing to do to get their loans paid off faster.
That said, paying off 63K in loans in only two years while making 44k a year before taxes is nothing short of miraculous. And buying a house to boot? I do congratulate you.
I don’t know why people insist on lying about stuff like this. You’re telling me you raised and fed children, paid for housing and clothing, and your own expenses on $12K a year? Clearly someone was bankrolling you.
Why do people think others are lying if they can’t fathom doing something. I raised my kid alone making $6 an hour. I didn’t go to school didn’t have the chance. I started at the bottom of places and became the IT guru – worked my way up and am now a Director making 6 figures and I never had school debt. I am at or above the professional level jobs of my high school friends. What did I do to get, keep and be promoted with no degree? Work my A$$ off.
This is not about whether someone worked hard. Go back and read the post/claim in question, and tell us how that math would work.
People think others are lying when the math doesn’t add up.
I sympathize somewhat with the debt-riddled. Times have changed since I was able to go to a cooperative-education engineering college, and graduate debt-free. Even if my daughter had replicated my steps, she couldn’t have afforded the costs now (yes, I looked). Blame escalating school-administration bloat and ridiculous college athletic costs and corruption (I do), but that doesn’t change the immediate landscape. I chose to subsidize her college rather than have either of us go in debt, but I’m looking forward to her getting off the “daddy dole” and graduating this year.
Still, were I an 18 year old, I’d consider 2-years of community college, and transferring to a “name” university– or other options –before going Big Debt. Some of my co-workers got their employer to subsidize their college courses, etc.
The biggest benefit an employer could offer would be participating in college co-op programs, IMHO.
https://www.vice.com/en_us/article/qbx7dm/talking-to-american-debt-dodgers-who-moved-to-europe-to-avoid-paying-off-their-student-loans-111