Resolvly, a lawyer referral service that specializes in debt resolution, dives deeper into the matter of why so many millennials are regretting taking on a student loan and dealing with the debt.
The number of millennials claiming that their student loan debt was not worth it reveals itself in a recent study showing the amount to add up to 36 percent.
Older millennials, or middle-aged millennials, are reaching 40 years old in 2021. These pioneering members of the millennial generation were facing adulthood during the financial crisis in 2008 that resulted in the reasons why millennials are not the golden generation but rather the student debt generation. The contributing reasons for such a title that fell into place because of the 2008 financial crisis were slow wage growth, elevating college costs, increased education funding cuts.
The Harris Poll conducted a survey for CNBC Make It that included 1,000 American adults that ranged ages 33 to 40. The survey revealed that the average student loan taken out to pay for higher education was 21,880 dollars. Only 32 percent of those borrowers have entirely paid off their student debt. The majority of older millennials, 68 percent, are continuing to deal with paying back student loans after ten or more years.
Older millennials who speak up about the matter attest to the constant uphill battle of paying off a hefty student loan for a long time. Individuals are voicing the lack of security, comfort, and ease for the future that comes with the burden of hovering student debt. The real frustration comes when available jobs do not align with a degree or come close to providing an income to suffice the cost of living in addition to monthly student loan payments.
Comparing older to younger, the U.S. Department of Labor’s Federal Student Aid Office provides Age Wave’s data calculations that reflect the average American between the age 18 to 34 having a student loan debt of 36,888 dollars.
Reddit co-founder Alexis Ohanian openly questioned if the expense of college is worth it. Grant Cardone, a self-made millionaire, stated that not everyone should go to college. James Altucher, an author, claimed that a degree lacks meaning in many scenarios.
The good news is that older millennials with drowning student debt are not left in total despair, thanks to organizations like Resolvly. The Florida Bar-approved company assists those in need of finding debt resolution from unsecured debt like private student loans through its lawyer referral service. Resolvly works with people in debt all over the nation and connects clients with consumer protection attorneys that specialize in debt resolution.
To schedule a free consultation with Resolvly LLC or for more information about their services, check out http://www.resolvly.com, or call the toll-free number (866) 955-5047.
Resolvly is a Florida Bar-approved lawyer referral service that helps clients nationwide connect with consumer protection attorneys that specialize in debt resolution. Founded in 2015, the Boca Raton-based company has become an industry leader by helping thousands of Americans find the right, legal-based solution to reduce or eliminate their unsecured debt. Resolvly helps with credit card debt, private student loans, business debt, medical bills, and vehicle repossessions.