Did you take out a student loan in order to get through college? If you did, get ready to face a new reality come graduation.
One of the toughest situations that recent graduates, who took out loans, are facing is paying back the loan while also trying to pay rent and other basic needs.
In a recent article in the New York Times, some former students talked about the difficulties they’ve experienced when it comes to paying back their loans or trying to pay rent.
With these graduates barely making enough to survive, they are left with a new reality that affects the whole economy.
In the past, it was often the case that young people with student debt were buying houses at a higher rate than those who had opted not to take out a student loan. Now, it is the other way around, and people with student debt are becoming a generation of renters, most of who have likely become disillusioned with the prospect of buying a home due to fear of acquiring new debt.