A recent study done by Bankrate.com shows how millennials are putting their future on hold because of the burdening student loan debt. In fact, 56 percent of young adults interviewed stated that they are holding off on buying their first home until they fully pay of their student loan debt. If something isn’t done about the $1.2 trillion owed in student loans across America, our economy could completely collapse.
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A study conducted by the American Psychological Association claims that stress in America has gone down. However looking at the specific facts, stress levels in the U.S. have gone down unless you are a woman, have a low income, are a millennial, are a part of the Generation X or are a parent. That seems to include most of the U.S. population! Why are we stressed? The economy.
We keep hearing from the media how great the U.S. economy is doing. We hear that unemployment rates are at an all time low, the companies are hiring left and right, that productivity is up, and that the Federal Reserve is even planning on raising interest rates. Now, that is great and all, except for the fact that the wealth gap keeps growing and growing. The rich are only getting richer while the poor continue getting poorer.
Obtaining a college education used to be considered prestigious. Now it seems as if it is a one way ticket to overbearing debt. College tuition has increased 440 percent over the last 25 years whereas wages, despite an increase in productivity, have in fact declined. Yet students and their parents still take out loans in order to obtain a college education. What is worse is that upon graduation, students are having no luck finding jobs except in the service sector industry.