Part 8/10:
On average, graduates leave college with around $30,000 in debt, which is triple the amount from graduates just a few decades prior. With around 7% of student loan borrowers accumulating over $100,000 in debt, a college degree has paradoxically become less valuable as more diploma holders flood the job market.
Rising Costs of Living
Moreover, inflation is affecting basic living costs. Younger generations are paying 40-60% more for essential expenses like gas compared to Baby Boomers in their 20s. Current financial burdens aren’t limited to housing and education; cars and other consumer debts are also sky-high, with an average auto payment reaching $716 monthly.