MADE Magazine Issue 6 - English January / February 2016 | Page 15
“
“Millennials are more than twice as likely as the average consumer
to have student loan debt, and roughly 26 percent of millennials
use their extra money to pay off these debts.”- 2015 Nielsen Report
In a 2007 study published by the
Focusing
is
the second quarter of 2014, making
Higher Education Research Institute
not exclusively millennial; nor is it
it the second-largest category of
of
applicable to the entire generation.
household debt,” the White House
University
of
California,
Los
on
one’s
education
Angeles, it was noted that students
report revealed.
within the overall population of
Rev. Dr. Alexander G. Houston, 36,
first-time, full-time entering college
Senior Pastor of The Christian Church
According
freshmen at four-year institutions
in Philadelphia, notes, “I played
financial study from Nielsen, “After
has steadily declined since 1971. The
football as an undergraduate, and was
covering
institute said this change reflects
fortunate to receive a scholarship.
millennials are most likely to put
“increasing
I did my Master of Divinity program
money
over four years, and worked full time.
are more than twice as likely as the
The last church I served included
average consumer to have student
According to a report released by the
continuing education as part of my
loan debt, and roughly 26 percent of
White House Council of Economic
compensation package, allowing me
millennials use their extra money to
Advisers in October 2014, about 61
to graduate from Drew University with
pay off these debts.”
percent of millennials have attended
my Doctor of Ministry in 2015. Over
college.
the years, I did take out loans, but
“While student loan payments have
not as large of an amount as I could
definitely been prioritized, I’ve placed
have.”
a bit more emphasis on longer-term
levels
of
education
among the U.S. population.”
In
many
ways,
higher
education has become a norm.
The White House report showed that
to
an
their
into
October
living
savings.
2015
expenses,
Millennials
investments, savings and emergency
labor market participation for 16 to
Yet, for those millennials facing
24 year-olds has been declining since
student loan debt, it is more than just
the 1970s, “as students have become
an elephant in the room.
funds,” Gatewood says.
more likely to focus on school alone
rather than combining school and
“Total student outstanding loan debt
work.”
surpassed $1 trillion by the end of
POP
CULTURE
CULTURE
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