Student debt in America is around $2 Trillion Dollars with the bulk of it being federal student loans. This has had an enormous effect on the Millennial generation when it comes to purchasing a home. In fact, in many cases, students are leaving school with a student loan payment the size of a mortgage. This is flat out nonsensical.
We all know that college tuition is way too high, but that's for another blog post, however I think it's safe to say that we need to find a solution to deal with this rising issue.
As it pertains to homeownership, many Millennials are finding themselves being left out of the picture of being able to create wealth through homeownership. For many Americans, much of their wealth tends to be found inside the equity of their personal residence.
I'm anxious to listen to presidential candidates address this issue specifically. Should there be some sort of student loan relief program that will allow for Millennials to pay on their loan consistently up to a certain number of years and then the rest of the debt is forgiven? At what point is tuition cost too much before there needs to be a cap placed on state institutions to prevent sky high tuition cost for the consumer?
There are many questions that have been raised and debated, and I'm certainly listening for the best and most responsible solutions. However, as more Millennials start to get into the market and look to buy into the American dream, for many, the likelihood of purchasing is becoming unrealistic. This is one issue that cannot get kicked down the road.
If you found this to be valuable it would mean a lot if you shared it with someone you know. Thanks for Reading!