This post is a GUEST POST from the credit site Credit Sesame on a recent survey they conducted with 400 college students. As a side note, credit sesame is similar to other websites where you can track your credit, your debts, and other items.
College tuition is already climbing towards record-setting levels, but as reported by a new survey from Credit Sesame Millennials aren’t in search of other education alternatives trusting that the pay back down the road is definitely worth the cost.
In other words, even though the cost of post-secondary school continues to increase radically, the general perspective of Millennials continues to be optimistic towards furthering education after high school. This discovery showcases that the new generation carries a brighter perspective regarding how useful a post-secondary college degree will be while career hunting.
The results down below summarize what we found after the results were analyzed:
* Salaries: We found that greater than 10% of Millennial families made over $150k a year, yet merely 3% of Generation-X families met that very same level. Next, more than 25% of Millennial families produced $110k a year while merely 4% of Generation-X satisfied that bracket. On the other side of the spectrum you’ll find just 16% of Millennial families inside the $32k group or lower, while one-third of Generation-X parents earned that income.
* The Payout: When it came to covering college costs the data indicated that about 25% of Millennials needed to shell out at least $25k, while only 6% of Generation-X happened to be forking over a similar cost. On the other side we see 50% of Generation-X spending just $10k or less, whereas only 27% of Millennials spent within that range.
* For the Passion of Education: With university tuition prices up, Millennials are currently taking a more pragmatic method of selecting their course of study. Compared to Generation-X, over twice as many Millennials mentionedincome was indeed an important factor when deciding on a major (33% vs. 14%).
* What is Your Honest Opinion?: When asked if college is really worth the price, 76% of Millennials had no doubt about it, whereas only 68% of Generation-X were of the same belief.
Edvisors claims the class of 2015 is probably the most debt stricken class in American history, and yet Millennials carry on to defend higher education. It seems logical, considering that “Americans with 4 year university degrees earned 98% more an hour on average in 2013 compared to people without a degree,” reported by an analysis of Labor Department statistics by the EPI. But that doesn’t make student debt any less daunting.
Managing your student debt early on is a wise idea, one which demands strategy and hard work. Here’s how you can begin:
* Direction – Budgeting your student loans is a great approach to make sure that you are well organized and able to make a change if and when you locate the possibility. There are plenty of short-term decisions you may make that could have sustaining effect on your long-term financial circumstances
* Seek Help – You can acquire individualized options for repayment if you have the help of organizations such as Credit Sesame
* Keep in Mind: Interest Levels – By committing to pay over your month-to-month minimum amount every month, or whenever feasible, you could lower the interest you’ll need to shell out. It might sound like a common sense suggestion, but it’s rarely adhered to when it comes to extra money which usually ends up spent in leisure activities
* Check with Your Lender – If you are having issues trying to pay back those school loans then one of your best options is to talk to your loan company to find out if either deferring some of the installments or perhaps reducing them is possible
While the cost of post-secondary education had been substantially less costly for Generation-X, the business opportunities it exposed to individuals born in that age group were nothing compared to what college may provide these days. Currently, a great deal of Millennials are choosing universities and majors that will represent more professions both directly from school and in the future. Even though loans for the new generation of students aren’t preventable for everyone, they don’t need to control their life. With careful planning to handle the debt while in university and after graduation, you can substantially lower the amount you owe and put yourself in a comfortable financial position moving forward.