Student debt may hurt chances at full-time employment:
A recently published study led by The University of Texas at Arlington says that student debt may hurt students' chances of securing full-time employment due to added pressure in their job search.
[...] The researchers say that having student loan debt is a financial stressor to students that leads to additional stress during their job search, which in turn can harm their chances of securing a full-time job.
"Student loan debt creates an anticipated loss of financial resources, which brings higher levels of stress to student job-seekers," said Froidevaux, who is a fellow of the Eunice and James L. West Distinguished Professorship. Her research interests include career transitions, retirement and aging in the workplace, and identity negotiation.
The more financially strained individuals are, the less likely they are to have sufficient energy and motivation to invest in their search for a successful job placement, she said. Results from the study also suggest that students who are more stressed about their student loans were likelier to work more hours in part-time jobs. This stress in searching for a job reduced the likelihood of securing full-time employment upon graduation from college. The research team used data from 1,248 graduating seniors from four different American universities.
The current level of student loan debt in the USA is $1.6 trillion, above credit card debt and auto loans, and second only to mortgage debt.
Journal Reference:
Ariane Froidevaux et al, Is student loan debt good or bad for full-time employment upon graduation from college?, Journal of Applied Psychology (2020). DOI: 10.1037/apl0000487
(Score: 5, Insightful) by Rosco P. Coltrane on Thursday August 27 2020, @06:41AM (2 children)
That is in fact the very mechanism that keeps capitalist slavery working: people are kept poor and indebted, but left to maintain their head just above the water and give them just enough hope that things will get better.
As long as they have something to lose, they won't rebel. The day they have nothing left to lose, the slave will rise and overthrow the rent seekers.
(Score: 4, Interesting) by Immerman on Thursday August 27 2020, @02:07PM
Makes the old Hebrew concept of Jubilee a bit more appealing doesn't it? Every seven years all debt is forgiven, so you can never get perpetually trapped.
Of course, I assume it'd be nearly impossible to get a large loan during the last few years of a cycle, which would bring its own challenges.
(Score: 2) by ilsa on Thursday August 27 2020, @05:31PM
Which makes the US situation that much more interesting, seeing as how millions of people are now in the process of becoming homeless. Will we see a US civil war break out in earnest this fall?
If Trump/GOP doesn't chill TF down, I think there will be. And I'm afraid of the ramifications thereof, especially in how badly this will impact US' neighbours and whether we'll be dragged into their shit.