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Friday, May 13, 2011

Student debt crippling Millennials

HP:

NEW YORK -- While one's college graduation is normally a time of jubilation, Megan Muller can more than relate to the sense of defeat that now hangs over the class of 2011.

Muller, 26, graduated from Kean University in Union, N.J., yesterday with a bachelor’s degree in communication. She is the first person in her family to graduate from college.

Like many graduates, she's now faced with the larger worry of living back at home while also paying down vast amounts of debt.

All along, money’s been a chronic source of anxiety. In order to finish, Muller took out more than $70,000 in student loans and has another $10,000 in credit card debt.

Midway through college, after transferring and taking a few semesters off, Muller moved back in with her parents in order to save money.

And until she can move out and find her own place, it’s the credit cards she must first pay down -- in addition to beginning repayments on her student loans.

“Trust me, you don’t want to be 26 and still living at home with your parents,” explains Muller, who, daunted by the expense of college, struggled with whether to finish at all. She currently makes about $25,000 as an assistant editor at Federal Practitioner, a peer-reviewed medical journal.

2 comments:

  1. Thanks for raising attention to the seriousness of the student debt crisis. If you have a chance please check out our film which will be coming out soon, "DEFAULT: The Student Loan Documentary"

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  2. My college student loans totaled 600 dollars and I was a very poor coal miner's son from Harlan County. Tuition is simply a de facto tax on these kids which should, more fairly, be borne by all of us.

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