CALL NOW!
FREE PHONE/VIRTUAL CONSULTATION

Three Ways Student Loan Debt Has Changed Young Adulthood

According to recent statistics, approximately 60% of the nation’s 20 million college students borrow money annually to help cover the cost of paying for college. National student loan debt is more than $1.2 trillion, so it’s no wonder it has a major impact on the lifestyles of college graduates. Add to this debt burden the fact many college grads are struggling to find employment once they graduate and you realize how difficult it now is to “launch your adult life” once you have a degree.

Borrowers who are managing to meet their repayment responsibilities are doing so by sacrificing many of the usual events and purchases that used to be part of young adulthood. In addition to forgoing entertainment purchases, these people are essentially putting their lives on hold until they can get a handle on their student loan debt. What are some of the major ways student loan debt has changed the face of young adulthood in the last few years?

1. College Graduates Are Postponing the Purchase of Their First Home.

In the past, college students rented cheap apartments and upgraded once they completed school. For many, this upgrade meant the purchase of a starter home, especially if they planned to settle down with a spouse. Nowadays, not only are college grads not buying new homes, they are actually moving back to their childhood homes for several years after graduation.

According to recent Census data the number of young adults living in their parents’ home increased by about 5 percent between 2005 and 2011. The information included men and women between the ages of 25 and 34, many of whom faced financial challenges because of their massive school debt.

2. Young Adults Are also Postponing Starting Families sometimes ell into Their Late 30s and Early 40s.

In 2011, married couples with children made up 20 percent of all households, half what that figure was in 1970 (40 percent).For many, by the time they get around to paying off their student loan debt, finding a spouse, settling into a home, and accomplishing all the other things they put off in their 20s and early 30s, it is too late to have more than one or two children – or any children at all. Many believe student loan debt plays a significant role in the decreasing size of the average American family.

3. Attitudes about College are Changing.

Because so many students are graduating with expensive degrees and massive debt but finding little work available to help them justify their education investment, many question whether their effort was worth it. Some believe that as the outlook on student loan debt changes, so will the perception that more education equals greater success.

What does this mean for those considering student loans or already facing significant loan debt in their early 20s? It is important to carefully consider your situation before borrowing money for college. Just because money is offered through a loan program does not mean you need to take it. It is not “free money.”

If you have questions about student loan debt or you are struggling to manage your debt load, contact the Law Offices of Robert M. Geller at 813.254.5696. We’ll help you sort through your student loan issues and build a bridge to your financial future.

Archive

Video Testimonials

Tampa Bankruptcy Law Blog

5 Common Budgeting Mistakes Newlyweds Make and How to Avoid Them

Budgeting mistakes are common, especially when you’re young. Not all newlyweds are young adults, but many first-time marriages do involve...
Read More

When Should Married Couples File for Bankruptcy Together?

There's no easy answer to the question of timing when it comes to bankruptcy. In some cases, it may make...
Read More

Can Your Spouses Debt Force You Into Bankruptcy?

If you're married and your spouse has a lot of debt, you may be wondering if that debt can force...
Read More

Do You Need a Bankruptcy Attorney If You’re Divorcing with Financial Problems?

Divorce and bankruptcies are more common than many people realize. Financial problems make a stressful transition even more difficult. If...
Read More

Can You File Bankruptcy without Your Spouse?

Filing for bankruptcy is a decision that should not be taken lightly. It can affect your financial life and the...
Read More

How Seniors Can Avoid Bankruptcy

Seniors are at a high risk of bankruptcy, but there are ways to avoid it. What do you need to...
Read More

What Happens If I Own Too Many Assets to File for Chapter 7?

Does hiding assets in bankruptcy protect them from your creditors? If you own too many assets to qualify for Chapter...
Read More

How to Find the Best Lawyer for Filing for Bankruptcy after Retirement

Many retirees decide to file for bankruptcy as a way to get a fresh start. But finding the right lawyer...
Read More

Does Declaring Bankruptcy Affect My Retirement Savings?

When you're struggling with debt, the thought of bankruptcy might cross your mind. But what would that mean for your...
Read More

Is a Reverse Mortgage Right for Me?

Reverse mortgages in Florida are loans that allow homeowners 62 and older to borrow against the equity in their homes....
Read More

Bankruptcy

For The Next 5 Days GET A FREE BOOK About Bankruptcy

Learn More

Infographics

We are A Debt Relief Agency.
We help people file for bankruptcy under the Bankruptcy Code

Pay Online Bankruptcy Courses Newsletter Subscription

NACBA Logo avvo1 avvo2 avvo3 LEA BBB Logo

Call For A Free Initial Consultation

813.254.5696

Tampa Office

Law Offices of Robert M. Geller, P.A.
807 West Azeele Street
Tampa, FL 33606
T: (813) 254-5696
T: (800) 853-7549
F: (813) 253-3405

Map And Directions

St. Petersburg Office

Law Offices of Robert M. Geller, P.A.
125 5th Street South
(Wells Fargo Financial Center)
2nd Floor, Suite G
St. Petersburg, FL 33701
T: (727) 532-3939

Map And Directions

Pasco Office

23526 State Road 54
Lutz, FL 33559
T: (813) 336-2320

Map And Directions