11/19/2014 – For Millions of Millennials: Some College, No Degree, Lots of Debt (NPR)

Nov 20, 2014 Comments Off by

More than 40 percent of households headed by young adults with some college are dealing with student loans. And without the increased earnings that usually come with a college degree, managing even just a few thousand dollars in loans can be a huge challenge. Richard Fry, a senior researcher at the Pew Research Center, says the real impact of student loans for those with no degree isn’t even on how much money they make — it’s on their overall wealth.

“The ‘some college educated’ household that doesn’t have the student debt? Their net worth is about $10,000, $11,000,” he says. “As opposed to that, for the ones that are still sort of servicing their student debt? They have a net worth of about a grand. So you’re looking at about a tenfold difference.” Fry says households with student loans are also more likely to have other kinds of debt, like credit card debt and car payments.

Read the full article at NPR. 

Financial Landing 2014

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