Students graduating in these states are drowning in loan debt


All right if you are new to the show this by the way is the most popular segment of the show with Tony saw on the news and much like Chris as I scour the news throughout the course of the week I try and put aside couple articles that pertain to what we do here on the radio show or that I think would be of interest to folks and this is something near kinda sort of that we've talked about before on the show in various forms Chris yeah but this comes from USA today this was just the other day you not you Chris but you of you listening may have seen this yourself if you get USA today or USA today online about one fifth of millennials and we talk about millennials a lot here on the program and not necessarily in a negative way like some people do but just because they're the next generation to save up for retirement and it's a big you know get to where we are absolutely one fifth of millennials expect to be financially reliant on of their parents into their thirties ally and the other reason we talk about millennials a lot is because Chris and I have millennials yes we do all right now the second half of this is about us so one fifth of millennials expect to be financially reliant on their parents into their thirties and most parents say it's embarrassing if their kids are still on their payroll at the age of twenty seven twenty seven now you and I were actually talking a little bit about this during the break and we came to the conclusion that maybe twenty seven is like the new twenty one yeah well it's only six years difference right when we were growing up it was like twenty one that's it your twenty one year man you're on your own you know right so at twenty one I was still in college so my parents like paid for my car insurance and helped out of course but we didn't have cell phones we don't have all the stuff right so you I I guess you look at it and you say you know sixteen driver's license eighteen can you drink when you're eighteen no not a twenty one twenty one right you can drink right twenty seven you have to stop taking money from mom right that's just the way life works that's crazy if your kids yeah I gotta pay for your kids Stiller twenty seven if they're not in school if they're in school and I get it well and that's where parents a cutting them off because a lot of the millennials think they'll be living with their parents into their thirties but a lot of parents are saying no no no twenty seven that's it the study examines the state of young adults money habits and attitudes in the United States the data suggests that young Americans are powering through a series of financial challenges including a lack of budgeting and decreasing savings tied to mounting student loan debt you know you keep hearing about student loan debt all over the place and Mike my question is at what point do we have a break even situation where we say you know what it cost so much to go to school the same worth it to go to school anymore but and not only that but you have options to this is something else we've talked about on the show when you know planning Hey Chris I both have kids in college right planning for your children to go to college is a major major financial undertaking sure you know and you keep hearing about all this mounting debt college loans and everything but you have a choice I'll use myself as an example okay you know my son is going to a different school than we thought it was going to go to just because I was a lot more financially advantageous sure you know so people do have the option like yeah this is a great school but it cost sixty thousand dollars a year if you go to a state school in state school at least for us here in Florida maybe it costs twenty thousand a year right and guess what if you go to community college or whatever they call it now state schools state college you know it costs maybe five thousand a year right you know so so there's ways to do it you're saying without unnecessarily bankrupting the whole family right right yeah and I that's right but I also think that there you got to focus on now some people are gonna hate me for this but you gotta focus on majors that have potential of paying you in the future I agree with what you're saying to at what point like if you're going to go to a school the cost forty or fifty thousand dollars a year to be water want to single anyone out an engineer but now if let's say you go to a really expensive school and you major in something that you know is not necessarily going to pay a lot of money right like you go to a some big some some big school you pay fifty thousand dollars you're going to be a social worker or something right you know and as social workers are important yeah yeah yeah nothing against the socially organised but you're sixty thousand dollars to become a social worker you're gonna make twenty seven thousand dollars a year in your tech companies fifteen top right then you got a problem as far as trying to pay that back and that's why you're living in mom and dad's basement right right but we don't have basements here in Florida so that means that they have to live on the main level which became all the more paying fifty sixty thousand dollars a year for you know a political science major and then you're going to figure out what you're going to do with that degree right you know general studies I mean you know maybe you shouldn't go to a school that's that expensive unless you have a real specific high paying career that you focused on right so we got people graduating from college that are on the payroll of the parents but then also we have situations now where the parents are having to take care of their parents right right right that's the other side of this story there is actually a generation people around our age that they called the sandwich generation now huh which means you're sandwiched in between taking care of your adult kids and taking care of your elderly parents while but there's a lot of people listening there in that situation yeah that is a rough rough situation to be in yeah hi I wonder if if it would make sense you know I I have seen things like I I have a son at UCF and I get all of these announcements Sir notifications of these things that they have boot camps coding boot camps have you seen these yes so if for like ten grand they're going to teach you how to code in certain languages and then they say with that information you can just go off and get a job doing that which is a pretty cool deal but they're kind of St you don't need that I guess you're not saying this but they're giving you an opportunity to get a skill that will allow you to get into the work force and you don't have to take classes in history and yelled language and all of those are the kinds of things that some people just don't really want to do right and that can really reduce your costs there but when you think about somebody that is is trying to figure out how to generate an income but doesn't know Sir I want to spend fifty or sixty thousand dollars on college maybe a boot camp you should think about this a great segue is is trading I mean what if what if up a parent and their child came trial I see child adult adult child right actually came to the academy and figured out how to treat together that's a great idea right let's say you're a millennial I don't know I just pick ace let's say your twenty six years old you still living at home you're at a school you living at home with your parents you hate it you want to get out on your own and now you parents hate the fact that your twenty six years old

Coming up next