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US Millennial Graduates Crippled by Student Debt

Trend Summary: Nearly two-thirds of US millennials graduated, or will graduate, with individual student debt averaging $27,162.


According to a new survey conducted by online borrowing exchange LendingTree, despite Millennials' weighty student loan burden, recent graduates are moving to some of America's most expensive cities, heavily concentrated in the Northeast and most notably in the ...

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... Boston area.

Other popular residential areas include Irvine, California and San Francisco, while the states with the highest outstanding college debt per student loan borrower are Washington DC and Maryland.

The cost of living in these locations exceeds the national average. According to a separate report by personal-finance site SmartAsset, in Boston for example, the average cost of renting a two-bedroom apartment is $2,821, which means that students need to earn $120,900 a year to afford the rental cost.

The majority of those polled by LendingTree said that their monthly bill affects their spending ability "very much."

According to Doug Lebda, founder/ceo of LendingTree, graduates all too often choose cities based on career opportunities and highest starting salaries.

However, says Mr Lebda, they overlook the bigger picture. "Consider the total cost of life," he counsels, which means it might make more sense to look at other cities where the cost of living is lower and the salaries are too".

Read the original unabridged Yahoo.com article.

[Estimated timeframe:Q4 2016]

All data sources are attributed with links to the original insight. The insight is then summarised and, where appropriate, enhanced with additional information.

Source: Yahoo.com
MTT insight URL: http://marketingtrendtracker.com/article.aspx?id=6999



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