Laura Schnatterly lives with the knowledge that she successfully made her way through college. Even though she had a short stint of living with her parents post college, she was eventually able to move in with her friend nearby, paying reasonable rent. She graduated from Rowan University in 2013 with a degree in Radio, TV, and Film, with a minor in Marketing, and currently works at the NFL archives in Marlton, having recently gotten a promotion, which pays $25 an hour, substantially more than the $13 that her previous position paid.
Laura was one of a very lucky minority to not have any debt out of college. This due to the fact that her parents had saved up enough money to pay her tuition in full, and she had scholarships, making her part of the lucky 30 percent of undergrads who left Rowan with no debt whatsoever.
Unfortunately, this isn’t the case for most Americans. A trend has begun to sweep through the undergraduates of the country, dubbed as “The Boomerang Generation.” This is both a reference and a jab to the idea that most undergraduates go to college only to return home four years later to live with their parents for an indefinite amount of time until they manage to get back on their feet.
This phenomenon is affecting roughly 29 percent of the adult population, ranging from the ages of 25 to 34. The primary reason for this is the insane amount of debt that these undergraduates face, considering that most jobs out of college pay just above the minimum wage of New Jersey, which is $8.38 per hour. The state average for college debt in New Jersey as of 2013, is $28,109, a substantial amount in the long run of things. However, this is just an average, and each school has free reign to charge as much as they see necessary. For instance, Rowan University has an average debt of $31,526, a whole 11 percent more than the state average of $28,109. With this in mind, it is understandable as to why these students return home after they receive their degrees.
This is the primary reason for their return home. Around 71 percent of college undergraduates cite their reasons for returning home as being due to financial issues and woes. Another 17 percent claim that they moved back home due to the convenience of having a stable and free place to live, as they didn’t need to worry about paying for the roof over their heads. (Though 48 percent say that they have paid rent to their parents as a recompense.)
For instance, Laura lives with her friend in a reasonably sized townhouse, and pays around $500 in rent per month to remain there. However, it isn’t so simple for some. With apartment prices ranging from anywhere around $500 per month to over $1,500 per month, it’s almost understandable as to why there is such an epidemic of boomerang children.
Some parents may have already had plans to retire while their child was in college, and their kid coming home after college may have put a stop to those plans. However, in some cases, these parents may have little issue. In the case of Laura, her parents were understanding and supportive.
However, some are inevitably less fortunate, coming home to parents who more or less do not want them home. One would be surprised at the number of Internet articles revolving around the topic of kicking these children back out of the house and into the real world. An odd dichotomy comes into play, where some families welcome their children back with (mostly) open arms, and some who just want to send their children back out into the world and keep their nests empty. Laura was luckily one of the former, whose family welcomed her home, before sending her back out to school once more.
Having a job and some kind of duty is agreeably one of the most important things to do during time in college. Many would agree that having a job during college is one of the best ways to not only learn how to run a budget and finance, but to get your foot in the door, leading to new business opportunities.
As of 2014, up to 8.5 percent of all undergraduates were unemployed. Another 16.8 percent are underemployed, working in jobs that do not require a Bachelor’s degree. This is because most entry-level jobs require anywhere from one to three years of prior work experience in that certain field. This in itself raises a question, when are undergraduate students with their already busy schedules supposed to have time to go and get a job?
Without the ability to get into these entry-level positions in a specific field, the prospect of having an apartment slowly goes out the window, especially when you consider the cost of gas, electricity, on top of outside expenses as well.
The parental home gives the boomerang child a launching point. A place to re-asses, plan, and prepare for their next steps. It is beneficial because most college debt repayment plans span over a time of up to 10 years, during which a boomerang child would not only have to pay for their own personal expenses out in the real world, but ensure that they pay back all of their loans on time and not accrue interest.
In order for the boomerang generation to finally make their own lives, they must have a push from their parents, an incentive for them to work hard to get out on their own.
It is necessary because just as a boomerang can come back to the thrower, It must eventually be thrown again.
