Millenials in debt unwilling to forego luxuries

Yahoo Finance reports-

Although the US Department of Education has determined the national average for student loan debt for college grads at $29,400, Citizens Bank survey found that average student debt for millennials is much higher — roughly $41,286.

Sadly, 15 percent of the grads surveyed said they didn’t know their total student loan balance and more than a third of grads (37 percent) reported being clueless as to their loans’ interest rate.

Despite sometimes burdensome loan payments, a large number of millennials are unwilling to prioritize student loan repayment over spending on luxury and quality-of-life items. When students were asked what they’d be willing to give up in exchange for lower student loan payments, this is what the survey revealed:

  • Less than half (45 percent) were willing to cut what they spend on eating out.
  • Just 46 percent said they’d cut their entertainment and social event expenses.
  • A mere 40 percent were willing to limit their housing expenses (rent or mortgage).
  • Only half of millennials were willing to slash their spending on clothes, shoes and accessories.

The other point of course is that for many, most of the training/ education they have received isn’t much help to them either.

2 thoughts on “Millenials in debt unwilling to forego luxuries

  1. Well, it’s only $1.2 trillion, and Daddy Obama has said he’ll just sign an Executive Order and nationalise the whole amount. If not Daddy, then Grandpa Bernie said college will be free.

    So, why worry?


    • Yes “free”, like things are in Venezuela.

      BTW Gantt, thank you for your loyal support and congrats on being the first commenter. 🙂


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