For most of my life I always just assumed I would go to college, then I did, then I graduated. Following graduation I found out exactly how difficult it is to find the job I wanted or even one that requires a degree. My first two months out of college I washed windshields at Sam’s Club gas stations. In my next series of posts I want to examine the value of a college degree that has been struggling to keep up with inflation.
The Millennial generation is coming of age as the most stressed generation. Little wonder considering college graduates are entering a contracting economy with a crushing amount of debt. How much? About $26,600 per person.
Graduates, however, are not the only ones shouldering the burden of a pricy education. Parents are sacrificing their retirements to help foot the bill:
The good news: More than three-quarters of those parents surveyed who are saving for college are also focused on saving for retirement.
The bad news: Many of those families who say they are saving for college also admit that they are doing so through their retirement fund. One-third intend to use these savings for college. The other two-thirds say that they would use their retirement savings to pay for college, only if necessary.
Do not misread me- going to college is the best choice a person can make. I simply want to examine the rising costs of doing so. A situation where an entire generation has mortgaged their future for the hope of something better.
If you have any personal experience — as either a parent or student — feel free to chime in. Better yet, send me any possible solutions you may have heard of or thought up.