Re: Younger Generations Lag Parents in Wealth-Building
A second major trend is the rise of student loan debt, which has continued to grow through the recession, sometimes saddling students with burdens that extend into six figures and might take decades to pay down.
What’s worse is being an “adult” student. Those of us that have had to drop out of college due to finances or had to wait until we were well and truly considered independent by the government’s “standards” to apply for loans without taking our parents finances into consideration. But this leads to having to work full-time while going to school, which leads to being looked over for grants and scholarships because we are not right out of high school, nor are we sometimes considered “in need” of a grant. Sometimes, we are more in need than a high school graduate because we are full-time employees with other responsibilities that takes our money- but since the FAFSA goes strictly off how much income is ‘made’ through a taxable year, it figures that there is an expected amount of money we can pay towards our education and therefore our loans are sometimes lower.
The student loan situation of how it is determined what is given out to assist is as bad as the minimum wage situation. Neither take into account the high cost of living and other expenses involved in day to day life. Yet so many jobs require a Bachelor’s degree, minimum, in order to get any job that pays decently. So the student loan problems and the minimum wage problems seem to go hand in hand. We can’t win for losing.
