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Recent college graduates who borrow are leaving school with an average of $34,000 in student loans. That's up from $20,000 just 10 years ago, according to a new analysis from the Federal Reserve Bank of New York.
In that report, out this week, the New York Fed took a careful look at the relationship between debt and homeownership. For people aged 30 to 36, the analysis shows having any student debt significantly hurts your chances of buying a home, compared to college graduates with no debt. The cliche of "good debt" notwithstanding, the consequences of borrowing are real, and they are lasting.
The report paints a mixed picture of how student borrowing has evolved over the last decade, since the financial crisis. There are some bright spots: For example, student loan defaults peaked five years ago and have declined ever since.
And repayment seems to have slowed down among high-balance borrowers —those who owe $75,000 or more. Meaning, after 10 years, they have paid down only one-quarter to one-third of what they owe.
On the face, this isn't necessarily good. But taken alongside the decline in defaults, Fed president William Dudley said in a press briefing Monday, it reflects something good. That is, graduate students, in particular, are signing up for government programs intended to help make payments more affordable.
Source: NPR
(Score: 0) by Anonymous Coward on Wednesday April 05 2017, @06:39AM
Maybe you need to look further afield. To the catalogs.
Or pull a Breaking Bad and pay off those student loans.
You are too principled to hook up with an imperfect partner and produce loser children. But maybe you have the skills and desperation it takes to become a criminal. Find the right racket in the right place and you may not even get caught. Worst case scenario, you die. Is your lab working on biological immortality? I doubt it. Maybe you think it can't work or it's the domain of the rich. Then what do you have to lose? A comfy afterlife? I don't think so. You're not naive about your future, so why would you be naive about the end of your future?
Join the dark side. Have fun with your life. Make yourself great again.