SmartAsset, a personal finance technology company, has published a new study that identifies certain US metropolitan areas with the highest student loan balances.
These cities are where millennials are struggling to make ends meet and can’t cover expenses. These hopeless folks have insurmountable debts, gig-economy jobs, record-high credit card rates, and no savings. Ahead of the next recession, this study provides important clues to the geographic regions where millennials will suffer the most financial distress.
The release of the study comes at a time when student loan debt has reached $1.6 trillion, has already become an important topic with presidential candidates ahead of the 2020 election, and when the next recession strikes, will financially paralyze a generation of millennials.
SmartAsset analyzed the top 25 metro areas most impacted by the student debt crisis and narrowed the list to ten.
Researchers used data from Experian, the Census, and the IRS to develop the list of where average student loan debt exceeds the median earnings of millennials.
According to the study, the top six metro areas hit hardest by the student debt crisis: Gainesville, Florida; Corvallis, Oregon; Durham-Chapel Hill, North Carolina; Morgantown, West Virginia; Eugene, Oregon and Greenville, North Carolina. The remainder are Ithaca, New York, Santa Fe, New Mexico; Hattiesburg, Mississippi; and Colombia, Missouri.
Student debt is the fastest-growing consumer debt in the country, with $1.6 trillion outstanding, cracks are already starting to appear with 22% of borrowers defaulting.
Millennials will be the most impacted generation in the next recession, and thanks to SmartAsset, the exact metro areas of this financial stress are now known.
via zerohedge
HEIL HITLARY!!! WE NEED TO IMMEDIATELY FORCE DONALD JOHN TRUMP FROM THE OVAL OFFICE AND IMMEDIATELY!!! PLACE THE GROSSLY DELUDED “DER FUHRER-WANNABE” IN THE OVAL OFFICE WITH A BOOBY TRAP ON THE PRESIDENT’S CHAIR. IF SHE WAS TO MAKE ONE CORRUPT MOVE (which would take less than ONE HOUR TO HAPPEN!!!) she would be blown to absolute smithereens. This woman (as is her so called “husband???”) are synonymous with non-stop criminal action so it wouldn’t take long for Mike Pence to become our President. I wonder what these two will do and say when we ALL get to talk to our Creator on Judgement Day and explain the actions we’ve taken while in this life?
What is the average debt? What is the high debt. What is the low debt? What are the interest rates?
When my kids were young I taught them to honor their debts and contracts.
Why is it that these adults do not believe in this simple life concept?
They ran up the debt , now they want someone else to pay for it , do we get their degree’s?
I agree. I feel all students in high school should be taking a class in balancing a check book. We cannot rely on parents teaching them. I disagree with Congress to wipe their student loan debt away. They have three options to pay the debt, obtain counseling and let a company to work with them to pay off debt, or file bankruptcy. People need to learn by their mistakes, not have it taken care of.
Well said! Agree 100%
GOD BLESS PRESIDENT TRUMP! GOD BLESS THE USA!
Also wanted to add saw a report that the Millenials will be the RICHEST bracket soon. Well just want to let you know as most think that communism and socialism is a good thing.
Warren said she was going to get her 16 Trillion dollar Medicare for All from the Rich? lol. How much you want to bet she takes it from the millenials. Just like nancy/obama took from the middle class, decimating it for illegals health care.
And don’t say it’s just medicare, for the elderly. Medicare was infiltrated by the illegals using social security number not in use. Know all about it as it happened to my husband who could not get the medical treatment in time. He died before he could even get his identity back from those who stole it.
So keep loving that communist/socialist aspect. They will be coming for your money in no time. Just like the rest of us.
GOD BLESS PRESIDENT TRUMP! GOD BLESS THE USA!
https://www.breitbart.com/tech/2019/11/04/victor-davis-hanson-universities-breed-woke-and-broke-graduates/
Excellent article!
“Hanson argued that many students have irresponsibly taken on massive student loan debt in order to enroll in degree programs that will not lead them on the path towards a lucrative career. As a result, according to Hanson, students end up joining groups like Antifa, Black Lives Matter, and Occupy Wall Street, as an outlet for their financial frustrations.
The net result is a current generation that owes $1.6 trillion in college loans to the federal government. And that debt is now affecting the entire country, including those who never went to college, who as taxpayers eventually may be asked to forgive some if not all the debt. An entire generation of Americans has costly degrees; many cannot use them to find well-paying jobs, and they increasingly forgo or delay marriage, child-rearing, and buying a car or home until their mid-twenties or thirties. All that pretty much sums up the profile of Antifa, Black Lives Matter, and Occupy Wall Street adherents — or the environmental-studies major who is shocked that a skilled electrician makes three times more than he does.”
Hey all that debt for a liberal education and you know nothing really. Shame, a good trade school would have been so much better. But then again Michael Obama said “go to college”, lol. Lots of debt, degree that means nothing. Kind of Like that “you can keep your doctor”, lol.
GOD BLESS PRESIDENT TRUMP! GOD BLESS THE USA!
https://www.breitbart.com/tech/2019/11/04/georgetown-establishes-400k-slavery-reparations-fund/
Don’t really know history, but hey “white guilt” for EVERYONE!
The funny part is this:
“The decision outlined by President DeGioia, as detailed in the statement released, was made without student or descendant input and directly negates the wishes of the 2541 students who voted in favor of the referendum,” the group wrote on their Facebook page. “The suggested action, including the proposed advisory group, contains no clear criteria, accountability measures, or transparency with regards to construction or implementation.”
Heck it’s the same thing the Democrats are doing to Our President with their “impeachment scam” and your surprised?
Lemmings, walking down a road leading nowhere, scratching their heads because they actually believe the Liberal education establishment, who backs Liberal lying dems.
GOD BLESS PRESIDENT TRUMP! GOD BLESS THE USA!