Millennials Are Drowning In a Sea of Student Debt

Millennials Are Drowning In a Sea of Student Debt

The constant student loan debt is making it hard for millennials to stay afloat in today's world
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I am a Sophomore in college and as of right now I am $23,653.49 in debt. The average college student in 2016 will graduate with a debt of $37,172 according to Student Loan Hero. This number has gone up by 6% in the last year.

Now it is believed that with a degree it will be easier to find a job, which in turn means it will be easier to pay off student loans. According to Credible, a recent grad should put 10-20% of their paycheck towards student loans. The average student loan monthly payment is $351 and the average salary for a recent grad in 2016 is $50,556. But most recent college grads will end up working a job where their salary is $10 an hour, meaning that they will earn a yearly salary of $20,800 a year.

To a lot of Millennials, it seems easy enough to pay off loans as long as you find a job. But for the average college grad, it takes 3 to 9 months to find a job. The average college grad then has to calculate in apartment or home payments, paying for groceries and insurance and then any other payments that may need to be made, such as credit card debt. The average rent in New York City is $2000 a month, so $24,000 a year. The average car insurance is $815, according to The Simple Dollar. The average health insurance is $286 per month, and the average grocery bill for one is $294.80 a month.

With all these payments, it is not a surprise that it normally takes the average grad with a bachelor's degree over 21 years to pay off their student loans. Even though most student loan repayment plans say a borrower should be able to pay off their student loans in ten years, the numbers show that it takes over 21 years to pay off student debt.

Forty years ago, according to National Center for Educational Statistics, tuition, room and board at a four-year institute was $2,577. In 2016 at SUNY Potsdam, tuition, room and board is a total $18,725 a year. In forty years, the cost of college has skyrocketed, causing more student loans to be taken out. I personally took out two Sallie Mae loans freshman year-- one per semester. I then took out two unsubsidized loans to pay for the rest of my bill each semester. Now that I am in my third semester, I have taken out a total of three Sallie Mae loans and I took out another unsubsidized and a subsidized loan.

Millennials get a lot of attention in the media for our different outlooks on things and our "inability" to own a home and get useful degrees. Millennials are also known for supposedly being "lazy". This idea of us being lazy is caused by the fact that we cannot afford to pay for anything, which is caused by the increase in the need for student loans and how long it takes for us to find a job and then pay off the loans.

I believe that in order to fix this, jobs need to be more accessible to recent grads and the loan companies need to be more willing to help the students who are trying to pay off their loans. Asking for colleges to decrease the tuition, room, and board may cause some colleges to have to cut back on their programs and faculty which will not benefit either the student or the job market. However, I believe that more companies and businesses need to be more opened to hiring recent grads rather than telling them to get more experience and then come back for the job. Student loan companies also need to be more understanding of all the other payments that have to be made as well as the monthly payment to the loan companies.

Millennials are drowning and no matter how many life preservers you throw in, the constant weight from the student loans will cause them to continue to keep drowning. The only way to really assure that they stay afloat is to help decrease the student loan debt that is plaguing all college students and recent grads.

Cover Image Credit: Pitt Business Review

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22 Girl Names Your Random College Roommate Will Have, And The Type Of Roommate They Are

Will she be your BFF?
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Every roommate situation in college is going to be different.

All you can do is hope and pray that they'll just leave you alone for the most part. A lot of the time, you can get a hint about what kind of roommate they'll be just knowing their first name.

1. Hailey

Her dad pays her rent. She can't cook. Litters the kitchen with take out boxes from the local vegan joint.

2. Beth

Totally wants you to go to SoulCycle with her at 6 a.m. on a Saturday. Room is littered with leggings and sneakers.

3. Michelle

Comes home at 3 a.m. after a night of heavy drinking. Loudly makes some sort of frozen meal. Sleeps through her noon alarm.

4. Victoria

Probably has dark hair and an acoustic guitar. Keeps pretty much to herself. Does homework in the living room at obscure hours.

5. Madison

Was on the dance team in high school and has not stopped telling you about how great it was. Does work out videos on the TV in the living room.

6. Kim

Brings her boyfriend over every night of the week. Brings different boys home on the weekends.

7. Megan

Actively avoids cleaning the bathroom. Leaves her dishes in the sink. You haven't seen her shower in four days.

8. Erica

Normal. Quiet. Wants to be a high school English teacher.

9. Erika

Wild. Emotionally distraught always. Is always hosting the pre-game. Never comes home with all of the clothes she left wearing.

10. Sarah

"Definitely should have got into Harvard, but I ended up here instead." Too into trying to get a 4.0 to pay attention to you.

11. Julia

Studies music performance. Screams expletives at her keyboard. Cannot play the trumpet, but still tries really hard.

12. Hannah

So tall she almost hits her head on the doorways. Plays basketball. Raps to old Kanye in the shower.

13. Jenny

Should not be allowed to go out. Goes out every weekend anyway. Throws up in your bathtub and doesn't always address it in the morning.

14. Heather

Stressing about her internship. Is currently failing all of her classes. Will somehow still get a 3.5 GPA this semester.

15. Grace

You never see her, only the hairballs she leaves all around your place.

16. Emma

Only has guy friends because "it's easier." Guy friends who leave empty beer cans out after every sporting event on TV.

17. Caitlyn

Has a 4.0 as a biology major. Is going to med school. Sterilizes her room, the bathroom and the kitchen sink every four hours.

18. Sam

Always has a paper about feminism to write. Rosie the Riveter poster in her room.

19. Alex

Is probably dating her boss. Has straight Ds in all her classes.

20. Taylor

Is somehow always home when you're home. You know nothing about her other than where she's from.

21. Alyssa

Trying to become the next big YouTuber. Has lighting equipment all over the place. You constantly hear the phrase, "Hey guys, welcome to my channel!" She squealed because yesterday she hit 25 subscribers.

22. Jesse

Is probably plotting your murder. Lurks around like a cat.

Cover Image Credit: Morgan Yates//YouTube

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A news-wire covering breaking news, financial news, and interesting stories too.
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The use of live ammunition and force is being called into question as to whether or not that was the best course of action for the protest. I have a feeling this will continue to develop in the future weeks. Rupert Colville, spokesperson for the U.N. High Commissioner for Human Rights condemned the "appalling, and deadly violence".

Social Security Secrets: Some information on SS.

Although I'm quite far from being anywhere near retirement age I found this article on some basic information about Social Security to be very fascinating. This article covers topics like when you can receive your full benefit depending on the year you were born, what spousal benefits can tell you about your experience, and other curious odds and ends most people don't know about Social Security.

A new think-tank suggests combining Medicare and the ACA: a revolutionary idea on Healthcare?

The plan is called "The Healthy America" plan, and it's being lauded by those from the left-of-center think-tank "The Urban Institute". Their proposal doesn't suggest we change our market to a system focused on healthcare for all. Instead this plan suggests we offer public options with private plans by creating a new market. It would cover children, and the disabled the same, and it would provide more cost coverage for those on the Affordable Care Act. Among other policies on the plan, it would cover Low-income people if they were found to be uninsured, and also keep the pre-existing condition prohibition ban from the ACA.


Department of State lifts hiring freeze: A change in the air for foreign policy?

New Secretary of State, and former CIA director Mike Pompeo has lifted the hiring freeze at the State Department of the United States. This is a shift from the former policies of former Sec. of State Rex Tillerson. This shift may be a sign that the United States is making a change in how it approaches foreign policy, or it could signify Pompeo gaining favor with the President.


Supreme Court strikes down law banning gambling on Sports

The New Jersey law prohibiting gambling on sports has been struck down by the highest court in the United States. This could open up gambling on sports more throughout the nation, and will help increase growth in a burgeoning industry.

Africa's Free Trade Future: A story in the works

African nations have started signing a new free trade agreement in Africa aiming to eliminate 90% of tariffs within the continent for commercial trade.Talks started in 2015 to establish what the nations are attempting to call the "African Continental Free Trade Area". If successful in the negotiations, the continent could see its GDP grow to $3 Trillion making it one of the larger economies in the world, comparative to Germany.

In other news...

Elon Musk shares video of Tesla pulling Jet

This is pretty neat! Who says Electric cars don't have torque?

Tenacious D announce tour, and new album

Ever since the pick of destiny, many of our lives have felt the impact of Tenacious D. Their music serenades the heart, and solidifies the soul. With the recent announcement of a new tour, and a new album it's hard to contain the joy resonating from myself. With it being their first album in six years, i'm sure there are plenty of others prepared for the LP later this year.

Cover Image Credit: diggertomsen from flickr

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