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(Cincinnati Enquirer)   Millennials are now so buried in debt they can't afford to buy a house or car. Which means they'll miss out on the American dream of going into debt buying a house and car   (cincinnati.com) divider line
    More: Fail, Debt, big student loan debt, Baby boomers, student loan debt, part of many people, Half of baby boomers, top of her monthly student loan payments, college debt  
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672 clicks; posted to Business » on 15 Mar 2019 at 1:05 PM (10 weeks ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2019-03-15 11:49:03 AM  
.......And yet, millennial Republicans will continue to vote against their own interests.....
 
2019-03-15 12:11:54 PM  

Beerguy: .......And yet, millennial Republicans will continue to vote against their own interests.....


Millennial republicans would just take a high paying job at mommy and daddy's work
 
2019-03-15 12:45:25 PM  

Aar1012: Beerguy: .......And yet, millennial Republicans will continue to vote against their own interests.....

Millennial republicans would just take a high paying job at mommy and daddy's work


After those parents spent all that money to sneak their kids into prestigious schools?  Seems like kind of a waste.
 
2019-03-15 01:20:19 PM  

Beerguy: .......And yet, millennial Republicans will continue to vote against their own interests.....


Yeah, but going $90,000 in debt for an arts degree wasn't really prudent either.
 
2019-03-15 01:21:07 PM  
Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.
 
2019-03-15 01:21:56 PM  
The good news is that they will have a shiatload of discretionary funds available by avoiding large depreciating assets like cars.

Rent vs buy is another story, but maybe enough will have cash available next housing crash. It's a good way to buy in. That's how my wife started out. She had savings and was in an apartment. Market imploded and she bought a condo outright for cheap. Sold it 5 years later for a nice profit which became the 50% down payment on our nice small 1950s house. So, thanks to that, and a continued runaway increase in home prices, we now have something like 300k in equity on a house we've been in for 5 years and a small monthly payment
 
2019-03-15 01:24:35 PM  

Beerguy: .......And yet, millennial Republicans will continue to vote against their own interests.....


If only people would vote they way they are told...
 
2019-03-15 01:25:33 PM  
As a Millennial that has a solid job, is just starting to save for a down-payment and drives a 20 year old car - yeah it's true. I'm ridiculously fortunate in my own circumstances and not even I have had time to save up for a house yet. As someone that had a good deal of family help, is in a good industry and got a cheap degree(community college to state school with work paying for my in-progress Master's), things are easy-mode for me compared to the average Millennial. However, until my wife can start actually getting paid to work(damn legal slave labor for licensure), we are looking at half a decade to just afford a down-payment.
 
2019-03-15 01:30:11 PM  

envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.


You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.
 
2019-03-15 01:32:04 PM  

shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.


Damn right they should. Glad this is settled.

/remembers now why I don't bother posting in Liter-land very frequently anymore.
 
2019-03-15 01:32:44 PM  

OptimisticCynicism: As a Millennial that has a solid job, is just starting to save for a down-payment and drives a 20 year old car - yeah it's true. I'm ridiculously fortunate in my own circumstances and not even I have had time to save up for a house yet. As someone that had a good deal of family help, is in a good industry and got a cheap degree(community college to state school with work paying for my in-progress Master's), things are easy-mode for me compared to the average Millennial. However, until my wife can start actually getting paid to work(damn legal slave labor for licensure), we are looking at half a decade to just afford a down-payment.


And by then Trump will have caused Great Depression 2:  The Secret Of The Ooze.  You aint seen farkery yet.
 
2019-03-15 01:35:19 PM  
Meanwhile, deans at universies everywhere seen swimming in their swimming pools full of cash.
 
2019-03-15 01:36:20 PM  

envirovore: /remembers now why I don't bother posting in Liter-land very frequently anymore.


Really? The TFers don't call you out on your baloney? That seems so unlike them.

/and stay out!
 
2019-03-15 01:36:24 PM  

envirovore: shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.

Damn right they should. Glad this is settled.

/remembers now why I don't bother posting in Liter-land very frequently anymore.


Because people question the usefulness of anecdotes that are outliers of easily observed trends?
 
2019-03-15 01:39:55 PM  

envirovore: shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.

Damn right they should. Glad this is settled.

/remembers now why I don't bother posting in Liter-land very frequently anymore.


Oh noooooo I've annoyed one of the TotalFark angels who came into a millennial debt thread just to brag about his wife's sweet Mazda!
 
2019-03-15 01:40:13 PM  

envirovore: shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.

Damn right they should. Glad this is settled.

/remembers now why I don't bother posting in Liter-land very frequently anymore.


seriously ? Your 5 bucks makes you feel superior.

hahahahahahahahahahahaahhahahaha
 
2019-03-15 01:40:22 PM  

shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.


No. You're right. I graduated and got married in 2008 in Michigan..... We both had student loan debt. Instead of biatching about it, we worked our ass' off. Worked two jobs, mowed yards and volunteered for overtime. Ate peanut butter and jelly sandos and our main source of entertainment was walking the dog.

/My student loans are paid off
//Wife's will be paid off this year
///Car will be paid off next year
 
2019-03-15 01:44:09 PM  

OptimisticCynicism: As a Millennial that has a solid job, is just starting to save for a down-payment and drives a 20 year old car - yeah it's true. I'm ridiculously fortunate in my own circumstances and not even I have had time to save up for a house yet. As someone that had a good deal of family help, is in a good industry and got a cheap degree(community college to state school with work paying for my in-progress Master's), things are easy-mode for me compared to the average Millennial. However, until my wife can start actually getting paid to work(damn legal slave labor for licensure), we are looking at half a decade to just afford a down-payment.


Somewhat the same here - I was at least lucky enough that after several dozen applications I landed a job right out of college that paid relatively well...except that it was in a high cost of living area. Escaped there as soon as we could, but any kind of significant saving for a house was out of the question for a long time.

Thankfully we're now somewhere much cheaper, and I finally paid off the student loans from 2005 a couple years ago - but meanwhile my Boomer mother still has utterly no comprehension of why we don't go on expensive travel multiple times a year (to see her or otherwise), trade up our cars every year or two, and other financial habits that don't exactly jibe with having low non-emergency savings.
 
2019-03-15 01:44:18 PM  

Egoy3k: envirovore: shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.

Damn right they should. Glad this is settled.

/remembers now why I don't bother posting in Liter-land very frequently anymore.

Because people question the usefulness of anecdotes that are outliers of easily observed trends?


I get that the economy is bound for hell in a handbasket, and that group is pretty much f*cked, as is frequently posted here and everywhere else on the web.

Figured I'd just pipe in stating it may not be the case for all, using my wife as an example. Yeah, anecdotal is not evidence, I'm aware.

Guess I'll just keep it to myself in the future.
 
2019-03-15 01:44:39 PM  

great_tigers: shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.

No. You're right. I graduated and got married in 2008 in Michigan..... We both had student loan debt. Instead of biatching about it, we worked our ass' off. Worked two jobs, mowed yards and volunteered for overtime. Ate peanut butter and jelly sandos and our main source of entertainment was walking the dog.

/My student loans are paid off
//Wife's will be paid off this year
///Car will be paid off next year


Take your fiscal responsibility outta this thread! It doesn't belong here.

/Jokes aside, good on ya
//Did the same. Worth it.
 
2019-03-15 01:46:40 PM  

Ishidan: OptimisticCynicism: As a Millennial that has a solid job, is just starting to save for a down-payment and drives a 20 year old car - yeah it's true. I'm ridiculously fortunate in my own circumstances and not even I have had time to save up for a house yet. As someone that had a good deal of family help, is in a good industry and got a cheap degree(community college to state school with work paying for my in-progress Master's), things are easy-mode for me compared to the average Millennial. However, until my wife can start actually getting paid to work(damn legal slave labor for licensure), we are looking at half a decade to just afford a down-payment.

And by then Trump will have caused Great Depression 2:  The Secret Of The Ooze.  You aint seen farkery yet.


Honestly, if he does that it would probably work relatively decent for me. If the stock market dropped 80% for a decade I'd keep steadily adding money and it would balloon at some point. Hell, I probably wouldn't need to use my whole down-payment because housing prices would have tanked.
 
2019-03-15 01:46:48 PM  
Lot of sensitive people in this thread.
 
2019-03-15 01:47:07 PM  

great_tigers: shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.

No. You're right. I graduated and got married in 2008 in Michigan..... We both had student loan debt. Instead of biatching about it, we worked our ass' off. Worked two jobs, mowed yards and volunteered for overtime. Ate peanut butter and jelly sandos and our main source of entertainment was walking the dog.

/My student loans are paid off
//Wife's will be paid off this year
///Car will be paid off next year


I mean... yay for you? But you realize that even with your debt paid off you still suffered the effects of ballooning student loans, right? You had to bust your ass and sacrifice to pay back loan amounts that would have been unthinkable one or two generations ago. If you had not had to pay back so much in loans, you could be several years ahead of where you are now in terms of retirement savings, buying a house, spending money, etc. You know, contributing more to the economy faster.
 
2019-03-15 01:49:39 PM  
I am doing well, but I have been exceedingly lucky. I went to a service academy for college, which gave me a degree without the crippling debt. The military sent me into a job that translated well on the outside, so I was able to recover when they RIF-ed people without severance. (They called it Force Shaping, and that was their loophole) They trashed my legs, but that equals a disability pension that helped in lean times.

As I got older, I ceased to bother with relationships, never wanted kids, and attribute a lot of my luck to the flexibility that comes with being single, but I understand that most people cannot happily function with all of the solitude that I thrive in.
 
2019-03-15 02:00:29 PM  

shut_it_down: great_tigers: shut_it_down: envirovore: 

I mean... yay for you? But you realize that even with your debt paid off you still suffered the effects of ballooning student loans, right? You had to bust your ass and sacrifice to pay back loan amounts that would have been unthinkable one or two generations ago. If you had not had to pay back so much in loans, you could be several years ahead of where you are now in terms of retirement savings, buying a house, spending money, etc. You know, contributing more to the economy faster.


You mean... yay for me? I don't give a shiat about accolades or praise. I did what I had to do to get by. Student loan debt shouldn't be a surprise to anyone. There are articles everyday about the costs. College not a time to party, it's to prepare you for the real world.

One or two generations ago, we had people enrolled in trade schools and lived with their parents. You can control your student loan debt to some degree. Community college. Live with your parents if you can. Apply for scholarships. Work while taking classes. Work during the summer. Don't use your loan money to go on spring break/buy a car/buy unnecessary electronics.

BBBBUUUUUUTTTT NOOOOOO, It's so much easier to biatch about it and do nothing but expect Bernie to make it free.
 
2019-03-15 02:01:43 PM  
I'm an older millennial who owns his own house and just recently (as of, about a month ago) has a positive net worth. (I'm not  including equity in net worth). Meaning, actually paying off all my debts is something I could do, in a dire situation.

I got incredibly lucky in that I was able to snag a full time position in my field after graduating college, given I graduated in the winter of 2007.  I also got incredibly lucky in marrying someone who is on the same page as I am when it comes to saving/spending and also had small/manageable debt levels.  It is only with our dual incomes that we were able to do pull this off.

So yeah, I've been working and saving a pretty high percentage of my income since graduation.  Driving used/beater cars (without loans), changing my own oil, and being as thrifty as possible, and basically all I can say for it is I'll probably never be homeless.  So that's cool.  Maybe now I can maybe consider having kids.  Still, probably not a good idea, financially.

/America: Work full time at least 15-30 years, and maybe, maybe, if a bunch of other things go your way, you won't end up on the streets the day you stop working.
//USA! USA! USA!
 
2019-03-15 02:02:12 PM  

TrogdorForPresident: OptimisticCynicism: As a Millennial that has a solid job, is just starting to save for a down-payment and drives a 20 year old car - yeah it's true. I'm ridiculously fortunate in my own circumstances and not even I have had time to save up for a house yet. As someone that had a good deal of family help, is in a good industry and got a cheap degree(community college to state school with work paying for my in-progress Master's), things are easy-mode for me compared to the average Millennial. However, until my wife can start actually getting paid to work(damn legal slave labor for licensure), we are looking at half a decade to just afford a down-payment.

Somewhat the same here - I was at least lucky enough that after several dozen applications I landed a job right out of college that paid relatively well...except that it was in a high cost of living area. Escaped there as soon as we could, but any kind of significant saving for a house was out of the question for a long time.

Thankfully we're now somewhere much cheaper, and I finally paid off the student loans from 2005 a couple years ago - but meanwhile my Boomer mother still has utterly no comprehension of why we don't go on expensive travel multiple times a year (to see her or otherwise), trade up our cars every year or two, and other financial habits that don't exactly jibe with having low non-emergency savings.


So I graduated a lot later(early 2016) than you and with a bit more luck(born in a low CoL major city, no undergrad debt). However, we were paying for my wife's masters out of pocket(~25k) and our medical costs are unusually high for the age group(that's a different conversation).

Between some solid raises for me(still work where i started as an intern in 2015 but now I'm making 138% of local household median wage alone) and the fact that our rent is half what it used to we were recently able to pay off the Master's degree loan before her graduation. Living with family is not particularly nice though, so I don't know that we can keep it up for very long.
 
2019-03-15 02:03:01 PM  
Just posting here to maintain my brand awareness

*sobs*
 
2019-03-15 02:05:37 PM  

shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.


I know I feel silly.   I owe 90K in just my grad loans.  O_O
THANKS ENVIROVORE
 
2019-03-15 02:06:53 PM  

great_tigers: shut_it_down: great_tigers: shut_it_down: envirovore: 

I mean... yay for you? But you realize that even with your debt paid off you still suffered the effects of ballooning student loans, right? You had to bust your ass and sacrifice to pay back loan amounts that would have been unthinkable one or two generations ago. If you had not had to pay back so much in loans, you could be several years ahead of where you are now in terms of retirement savings, buying a house, spending money, etc. You know, contributing more to the economy faster.

You mean... yay for me? I don't give a shiat about accolades or praise. I did what I had to do to get by. Student loan debt shouldn't be a surprise to anyone. There are articles everyday about the costs. College not a time to party, it's to prepare you for the real world.

One or two generations ago, we had people enrolled in trade schools and lived with their parents. You can control your student loan debt to some degree. Community college. Live with your parents if you can. Apply for scholarships. Work while taking classes. Work during the summer. Don't use your loan money to go on spring break/buy a car/buy unnecessary electronics.

BBBBUUUUUUTTTT NOOOOOO, It's so much easier to biatch about it and do nothing but expect Bernie to make it free.


Sorry, I thought I was responding to someone who had some type of grasp on the issue. I was clearly wrong. Thanks for clearing that up. Feel free to keep ranting, I guess. I'm just gonna tag you as "bless his heart" and be on my way.
 
2019-03-15 02:10:57 PM  

great_tigers: You can control your student loan debt to some degree. Community college. Live with your parents if you can. Apply for scholarships. Work while taking classes. Work during the summer. Don't use your loan money to go on spring break/buy a car/buy unnecessary electronics.

BBBBUUUUUUTTTT NOOOOOO, It's so much easier to biatch about it and do nothing but expect Bernie to make it free.


So I'm not a fan of free University(though I have reforms in mind myself). Free community college is so cheap that it makes sense but beyond that we need to make college itself cheaper instead of paying any price for students.

However, it doesn't take making massive mistakes to recognize that shiat is a lot harder than it was in the last couple of generations. My dad is in a similar field to me and he was able to pay for his whole school year by just doing a summer job. I did all the things you describe above to "control your student load debt" and I'm definitely better off than most because of it. That doesn't stop the fact from being that my dad was half as disciplined as me but landed in a much better place because stuff was just plain easier.
 
2019-03-15 02:14:32 PM  

raerae1980: shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.

I know I feel silly.   I owe 90K in just my grad loans.  O_O
THANKS ENVIROVORE


I know, I am the worlds economic problem. You're welcome Rae :P
/seriously though 90K...yikes.
 
2019-03-15 02:17:07 PM  

envirovore: raerae1980: shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.

I know I feel silly.   I owe 90K in just my grad loans.  O_O
THANKS ENVIROVORE

I know, I am the worlds economic problem. You're welcome Rae :P
/seriously though 90K...yikes.


That's just her grad degree. Pretty sure the total is in the $150-200k range. Which is definitely an outlier just like you are, but still scary as hell.
 
2019-03-15 02:17:23 PM  

envirovore: Lot of sensitive people in this thread.


It's a painful subject for many of us.

shut_it_down: You had to bust your ass and sacrifice to pay back loan amounts that would have been unthinkable one or two generations ago.


I can't help but notice he didn't say how much. I've known people who've treated $9,000 like it's some big amount. Bless their hearts, because they will never know.
 
2019-03-15 02:22:53 PM  

OptimisticCynicism: envirovore: raerae1980: shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.

I know I feel silly.   I owe 90K in just my grad loans.  O_O
THANKS ENVIROVORE

I know, I am the worlds economic problem. You're welcome Rae :P
/seriously though 90K...yikes.

That's just her grad degree. Pretty sure the total is in the $150-200k range. Which is definitely an outlier just like you are, but still scary as hell.


It's stuck at $120K.   The debt that I've been able to pay back on my undergrad loans is about what has been added to my grad loans.   It sucks ass.   F*ckin' 6.6% interest.
 
2019-03-15 02:24:51 PM  

envirovore: Lot of sensitive people in this thread.


You have no idea the stress this causes, and be grateful for that.
 
2019-03-15 02:26:51 PM  

envirovore: Egoy3k: envirovore: shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.

Damn right they should. Glad this is settled.

/remembers now why I don't bother posting in Liter-land very frequently anymore.

Because people question the usefulness of anecdotes that are outliers of easily observed trends?

I get that the economy is bound for hell in a handbasket, and that group is pretty much f*cked, as is frequently posted here and everywhere else on the web.

Figured I'd just pipe in stating it may not be the case for all, using my wife as an example. Yeah, anecdotal is not evidence, I'm aware.

Guess I'll just keep it to myself in the future.


You could do that, or you could put on your big boy pants and not get so butthurt when people respond to you in mild rebuke.
 
2019-03-15 02:27:23 PM  

raerae1980: OptimisticCynicism: envirovore: raerae1980: shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.

I know I feel silly.   I owe 90K in just my grad loans.  O_O
THANKS ENVIROVORE

I know, I am the worlds economic problem. You're welcome Rae :P
/seriously though 90K...yikes.

That's just her grad degree. Pretty sure the total is in the $150-200k range. Which is definitely an outlier just like you are, but still scary as hell.

It's stuck at $120K.   The debt that I've been able to pay back on my undergrad loans is about what has been added to my grad loans.   It sucks ass.   F*ckin' 6.6% interest.


That rate is a killer. Any odds you are ever going to be able to refi under 5%?
 
2019-03-15 02:27:48 PM  

great_tigers: Community college. Live with your parents if you can. Apply for scholarships. Work while taking classes. Work during the summer. Don't use your loan money to go on spring break/buy a car/buy unnecessary electronics.


Granted, I made a huge mistake by not going to community college. But I did everything else you suggested (loans were directly disbursed to the school anyways) and still ended up $100k in debt in 2004. 

My problem was that I was bait-and-switched: tuition rose over 800% while I was matriculated and I couldn't transfer out (my GPA took a hit from having to work full time and I lost my $150/yr scholarship ::wank wank:: ) and there was not a damn thing I could do about it other than drop out (Hell, I had to take a gap year because I couldn't get a loan large enough). Even laws instituting price controls would have been a major help.

I got my loans paid off ten years later at which point I decided to save up for a house, marriage, and a kid. I'm 38 this year and I feel like I've finally just started my life. Hooray, I survived, but I strongly believe that no one should have to go through that in a civilized society.
 
2019-03-15 02:28:19 PM  

OptimisticCynicism: As a Millennial that has a solid job, is just starting to save for a down-payment and drives a 20 year old car - yeah it's true. I'm ridiculously fortunate in my own circumstances and not even I have had time to save up for a house yet. As someone that had a good deal of family help, is in a good industry and got a cheap degree(community college to state school with work paying for my in-progress Master's), things are easy-mode for me compared to the average Millennial. However, until my wife can start actually getting paid to work(damn legal slave labor for licensure), we are looking at half a decade to just afford a down-payment.


There are 2 reasons why my wife and I were able to buy a home in 2009, and neither of them have anything to do with us.  Our family was able to pay our education costs, and I won a car on my 21st birthday in 2004.  I saved the proceeds of the sale of the car, and that was more or less our downpayment on a foreclosure.  Without those 2 circumstances, we would still be saving to have kids or buy a house, not collecting rental payments on our first house and having 3 kids in our second home.
 
2019-03-15 02:32:25 PM  

OptimisticCynicism: raerae1980: OptimisticCynicism: envirovore: raerae1980: shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.

I know I feel silly.   I owe 90K in just my grad loans.  O_O
THANKS ENVIROVORE

I know, I am the worlds economic problem. You're welcome Rae :P
/seriously though 90K...yikes.

That's just her grad degree. Pretty sure the total is in the $150-200k range. Which is definitely an outlier just like you are, but still scary as hell.

It's stuck at $120K.   The debt that I've been able to pay back on my undergrad loans is about what has been added to my grad loans.   It sucks ass.   F*ckin' 6.6% interest.

That rate is a killer. Any odds you are ever going to be able to refi under 5%?


Problem is, I'm on the PSLF program and I can't touch them.   So I'm stuck at this rate.
I have to laugh because my private loans are almost paid off.  I *only* owe 3k and they've been fairly easy to keep up with.   My undergrad loans are almost paid off, too, as I've been able to maintain payments, and the interest rate is lower.   But my grad loans....man......they are a biatch!
 
2019-03-15 02:33:27 PM  

roc6783: OptimisticCynicism: As a Millennial that has a solid job, is just starting to save for a down-payment and drives a 20 year old car - yeah it's true. I'm ridiculously fortunate in my own circumstances and not even I have had time to save up for a house yet. As someone that had a good deal of family help, is in a good industry and got a cheap degree(community college to state school with work paying for my in-progress Master's), things are easy-mode for me compared to the average Millennial. However, until my wife can start actually getting paid to work(damn legal slave labor for licensure), we are looking at half a decade to just afford a down-payment.

There are 2 reasons why my wife and I were able to buy a home in 2009, and neither of them have anything to do with us.  Our family was able to pay our education costs, and I won a car on my 21st birthday in 2004.  I saved the proceeds of the sale of the car, and that was more or less our downpayment on a foreclosure.  Without those 2 circumstances, we would still be saving to have kids or buy a house, not collecting rental payments on our first house and having 3 kids in our second home.


The third thing of course being a historically great market to buy homes for cheap as recent history goes. Not that I begrudge you your luck but damn that is a sweet dice roll. Overall, I'm probably similarly lucky but about 7 years behind you.
 
2019-03-15 02:33:53 PM  
I was able to print off a degree from the internet. Only $9.95.
 
2019-03-15 02:34:57 PM  

MusicMakeMyHeadPound: great_tigers: Community college. Live with your parents if you can. Apply for scholarships. Work while taking classes. Work during the summer. Don't use your loan money to go on spring break/buy a car/buy unnecessary electronics.

Granted, I made a huge mistake by not going to community college. But I did everything else you suggested (loans were directly disbursed to the school anyways) and still ended up $100k in debt in 2004. 

My problem was that I was bait-and-switched: tuition rose over 800% while I was matriculated and I couldn't transfer out (my GPA took a hit from having to work full time and I lost my $150/yr scholarship ::wank wank:: ) and there was not a damn thing I could do about it other than drop out (Hell, I had to take a gap year because I couldn't get a loan large enough). Even laws instituting price controls would have been a major help.

I got my loans paid off ten years later at which point I decided to save up for a house, marriage, and a kid. I'm 38 this year and I feel like I've finally just started my life. Hooray, I survived, but I strongly believe that no one should have to go through that in a civilized society.


That is an excellent point. College tuition should be a set in stone price model. If you're a traditional student, you should have a road map of upcoming tuition/expenses that is set in stone as long as it is completed within four years.
 
2019-03-15 02:36:56 PM  

envirovore: Figured I'd just pipe in stating it may not be the case for all, using my wife as an example. Yeah, anecdotal is not evidence, I'm aware.

Guess I'll just keep it to myself in the future.


If you meant your comment to be helpful, you sure phrased it like a dick. And then you insulted me for being a "liter" which... again... dick. Maybe next time just don't be a dick.
 
2019-03-15 02:38:35 PM  

Diogenes: Aar1012: Beerguy: .......And yet, millennial Republicans will continue to vote against their own interests.....

Millennial republicans would just take a high paying job at mommy and daddy's work

After those parents spent all that money to sneak their kids into prestigious schools?  Seems like kind of a waste.


Most of the people caught bribing the colleges are Dems/Libs. Some have even recently held fundraisers for Dem candidates:

https://freebeacon.com/politics/democ​r​atic-donors-charged-in-college-admissi​ons-scam/
 
2019-03-15 02:39:25 PM  

Diogenes: Aar1012: Beerguy: .......And yet, millennial Republicans will continue to vote against their own interests.....

Millennial republicans would just take a high paying job at mommy and daddy's work

After those parents spent all that money to sneak their kids into prestigious schools?  Seems like kind of a waste.


Doesn't really matter.  "New Money" wealth rarely makes it past the third generation anyway.
 
2019-03-15 02:40:37 PM  
I do hope we can get to a tax based college system.

However, that would take a Dem president and house. At best a tax based system is 4+ years away. At that point, would they even forgive old debt? Probably not.

Your best bet, is that if you have the debt, is to find ways to create more income. Get certs, a second job, job hop etc.

It sucks, but thats the way it is now. Waiting for the Gov to make your life better, is not a viable option with debt.
 
2019-03-15 02:42:47 PM  

raerae1980: OptimisticCynicism: raerae1980: OptimisticCynicism: envirovore: raerae1980: shut_it_down: envirovore: Funny, my wife is technically a millennial with a house fully owned in her name, and two cars - newest being a 2015 Mazda 6.
Also co-runs her own rather successful local business.

You're right. Your wife is successful, therefore there is no systemic debt problem among the 20-36 year old American cohort. Wow they must feel so silly about their article now.

I know I feel silly.   I owe 90K in just my grad loans.  O_O
THANKS ENVIROVORE

I know, I am the worlds economic problem. You're welcome Rae :P
/seriously though 90K...yikes.

That's just her grad degree. Pretty sure the total is in the $150-200k range. Which is definitely an outlier just like you are, but still scary as hell.

It's stuck at $120K.   The debt that I've been able to pay back on my undergrad loans is about what has been added to my grad loans.   It sucks ass.   F*ckin' 6.6% interest.

That rate is a killer. Any odds you are ever going to be able to refi under 5%?

Problem is, I'm on the PSLF program and I can't touch them.   So I'm stuck at this rate.
I have to laugh because my private loans are almost paid off.  I *only* owe 3k and they've been fairly easy to keep up with.   My undergrad loans are almost paid off, too, as I've been able to maintain payments, and the interest rate is lower.   But my grad loans....man......they are a biatch!


Yeah, the PSLF plan is a godsend in some ways but we could definitely do better. Need to replace it with some sort of educational bankruptcy or something so doesn't require 10 years of reduced spending to activate.
 
2019-03-15 02:44:22 PM  

raerae1980: envirovore: Lot of sensitive people in this thread.

You have no idea the stress this causes, and be grateful for that.


I've been homeless before and spent the majority of my life struggling financially, so while I may not have 90K+ in student loan debt I certainly can relate to stress over finances. Hell, I feel intimidated for you just hearing about that, seriously I wish you luck with it all.

But to keep it a bit in perspective, we are currently under financial stress as it is. Old drafty houses really rack up the heating bills through the winter months here, never mind emergency vet bills for the foster/rescue cats we have or anything that may suddenly go wrong with the house.

So I guess it's trading a little of column A for a little of column B to be stressed out about.
 
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