While the price of school continues to go through the roof the Millennials, those born between 1981 and 2004, are still enthusiastic about going to college and believe it will bring more benefits than ever when compared to Gen X that were interviewed.
The primary difference between the Millennials and Gen X is with how much attention the newest undergraduates are picking their degree and exactly how much it helps them build a solid career future.
The following is a detailed overview of the survey:
- Wages: We found that greater than 10% of Millennial families made over $150k annually while just 3% of Gen X families met that same mark. Next up, over 25% of Millennial parents reached $110k annually whereas only 4% of Gen X met that level. On the lower side of the scale you'll find only 16% of Millennial families earning below $32k per year but one-third of Gen X parents making that income.
- The Pay: Over 25% of Millennials went to a college where the tuition ended up being $25k or more, as compared to just 6% of Gen X. By contrast, one half of Gen X spent less than $10k a year for college, whereas just 27% of Millennials spent below that amount.
- Salary for Knowledge: Our data also showed the importance of income when it came to deciding what major to go into, and it was drastically different for the two generations. For Millennials an astounding 33% asserted that their salary had a large influence on their decision, however only 14% of Gen X concurred that income was a major deciding factor.
- What is Your Honest Opinion?: When asked if higher education will be worth the price tag, 76% of Millennials said yes, but only 68% of Gen X agreed.
Edvisors states the class of 2015 is probably the most debt stricken class in American history and yet Millennials continue to defend higher education. With good reason that is, given that “Americans with 4-year university degrees made 98% more an hour on average in 2013 than people without a degree,” as per a study of Labor Department data from the Economic Policy Institute. But that doesn’t help make the student debt any less overwhelming.
Fortunately, school loans do not have to control the way you live. Here are some of the ways you can maintain management over your student loan debt:
- Manage Your Loans - Routinely managing your current loans and decreasing them anytime you can isn't only a wise short-term choice, it can also benefit your financial position long-term
- The Help - Find personalized assessment and payment alternatives from organizations such as Credit Sesame
- Be Wary: Interest - By paying more than your monthly minimum every month, or whenever possible, you could lower the interest rate you'll have to pay back. It may well seem like common sense advice, however it is hardly ever heeded with extra income which generally ends up in recreational expenditures
- Consult Your Loan Provider - For anyone who is having issues paying back those student loans, one of your best solutions is to get hold of your loan provider to see about possibly deferring a few of the installments or even decreasing them
Although the cost of post-secondary education was drastically cheaper for Gen X, the possibilities it exposed to those born within that age group were nothing similar to those of today.
Presently, a large number of Millennials are selecting universities and majors that may mirror rewarding professions both straight out of university as well as in the future. Even though loans for the new age group of students are not altogether avoidable, it doesn't need to control their way of life.
With careful planning to take measures to handle debt while in school and after graduation you'll be able to substantially lessen the amount you owe and place yourself in a secure financial situation heading forward.