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College Degree + Debt = Home with Parents

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What about millennials ages 21-26?  Jacob, a recent college grad asked President Obama, after the president signed congress’s student loan bill which as of July 1st kept undergraduate student loan interest rates from rising to 6.8 percent.

Q  : Good morning, President Obama.  My name is Jacob and I live in LA.  I’m a recent college graduate with a full-time job, but I still live at home with my parents.  I’m wondering, with massive student loan debt, will I ever be able to move into a house of my own?  Not even looking to buy, just looking to rent.

shrug, overwhelmed, confused, girl, Millennial, Gen Y

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There are many college graduates that have incurred major debt while trying to get an education in recent years preparing to work in the real world. These funds, that potentially could be used towards affording a home post graduation are now used to pay off  loans from attaining a higher education.

This is a question that many of us young Americans are asking because it feels that we are burdening our parents in some way by continuing to live with them after they have worked hard to get us loans and helped us pay to get an education that will supposedly give us a job that pays well enough to afford our own home.

I’m a 25 -year -old college graduate who still lives at home with mom and pop. Having incurred $20,000 in student loans between 2006 and 2010, I understand why Jacob asked the President about people ages 21-26 not being able to find affordable housing. As a single black woman living in Atlanta, living alone is not the safest, but it is what is expected. You graduate college, get your dream job, then you move into your first home.I only know this “American Dream” to have worked for one person. My little brother, recent graduate from a prestigious University in Atlanta. He landed his dream job right before graduation day! He then proceeded to secure an upscale apartment close to where he worked. This is an example of the plan working to our advantage. But as mentioned, this is a very rare case since 1 and 3 young millennials are still living at home (me included).

The new student loan bill which stipulates owner interest rates will be granted to those who decide to incur student loan debt on or after July 1, 2013 will help people like my little cousin who will be going to college in the upcoming year, but what about me? I have debt too. And now that I have chosen to go to Graduate school to gain “more experience/knowledge” and get a better paying job; I will have even more debt. Leading me further away from home ownership in the near future. If it were possible to make a law to help  millennials ages 21-26, I would say reward those who graduated college with a GPA of 3.0 and higher. Possibly forgive enough of their debt or put half of their debt towards a small home for rent/buy so that it will help build the American Dream. This is just an idea, but with enough research and people behind the idea it can possibly come to life.

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