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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, @07:31AM
What you need to do is make your illicit cash. Then you have options. Get a vasectomy. Make your late entry into the dating game and stay unmarried. When the time comes to pass on your legacy, you make a child - a genetically engineered one, in a test tube. Give them the best traits you can identify and synthesize. Use some uberwomensch's stolen genome for the other half so you don't have to make it all from scratch. Grow the embryo in a foreign surrogate or artificial womb. Falsify an identity as a single dad somewhere so you don't have to live off the grid with the kid. Hire a nanny if you need help. Teach the child your ways and leave them your pile of wealth, or let them fend for themselves - Buffett style.