Outta College, Money Spent

They’re out of college, unemployed, owe an average of $23,000 in student loans, and are entering a work force in New Jersey that leans more on low paying service jobs than high paying factory or corporate.

They’re the millennials. While U.S. unemployment is 8.3 per cent, unemployment for 18-24 years olds is 13.8 per cent, the highest rate for any group in America. In fact, in the last 2 years, just 54 per cent of young adults ages 18-24 have been employed, that’s the lowest level since 1948.

This from philly.com

It gets worse, thanks to their elders living longer in a tightened economy they’re not going to inherit as much either. Most are still living with their parents because they can’t get out from under the nut they start out with if they went to college.

The idea instilled from youth of go to college then get a high paying job has become go to college just to get in the game. If you are going to borrow all that money for an education, you might as well graduate. If we really want to help this generation, we need to design a plan that resonates to today’s economy and not how it’s been.

Jill Biden , wife of the Vice President and 18 year community college teacher was in New Jersey touting President Obama’s Community College to Career fund, an 8 billion dollar investment in the budget that would train 2 million workers with skills that will lead directly to jobs.

Most of these jobs will probably be applied for by these graduates with 4 year degrees that simply can’t find work. Perhaps the colleges can make it easier by not forcing you to take expensive electives that you will never use in your field. Do you really need “basket weaving” for your degree in physical therapy. It would also be nice if the text books and supplies were a little cheaper as well. Unfortunately the colleges are in the great situation of knowing that they can charge whatever they want and you’ll just put it on your credit card. Now that the student loan debt has grown bigger than the credit card debt. That option may not be there for long. ,