Students Expect Less Money - More Happiness

College students, or individuals of that same age group, believe that they’ll be just as happy as their parents however expect to earn less over their lifetimes. The AP found that people aged 18 to 24 expected greater levels of debt and higher costs in their life than their parents, but were still generally positive about their futures. Resource for this article – Students optimistic about the future, despite expecting less cash by MoneyBlogNewz.
Younger generation expects less money, more happiness
MSNBC reports that several in college feel like they won’t be making any money although they’ll be happy nevertheless. A poll conducted by the AP and Viacom of 18- to 24-year-old individuals found that 40 percent of survey subjects thought that traditional goals like raising a family and purchasing a home would be more difficult than it was for their parents. When it comes to life, 25 percent believed they’d have it simple. They assumed it would be easier than their parents’ lives were. There were 90 percent that still expected to find an excellent career. They planned on it be fulfilling as well.
Problems with money start with student debt
The individuals in the AP survey indicated that they believed making a living would be harder due to increased costs. Among costs steadily increasing for individuals in that age group is student debt. The average college graduate has about $24,000 in loan debt, according to the New York Times, which at a rate of interest of 6.8 percent demands a payment of $276 per month, and student loans can’t be discharged in bankruptcy. The Department of Education reports that 65.6 percent of all undergraduates from 2007 to 2008 received some sort of financial aid, and 38.5 percent of all undergraduates had student loans of some sort. The Department of Education found that 30 percent of all undergraduates took out subsidized Stafford loans and 22 percent borrowed non-subsidized Stafford loans.
The right investment
The bureau of Labor Statistics states that the average earnings with a college degree are $53,000 a year. Hardly anyone gets it quickly though. A guarantee of income is unlikely with a college degree. Rather, the likelihood an individual will end up in the middle class eventually with the degree is higher. Individuals with college degrees also tend to have lower rates of joblessness; Americans with bachelor’s degrees had a 4 percent lower rate of joblessness than those with only a high school diploma in 2009. The cost of a degree is increasing though.
Information from
MSNBC
msnbc.msn.com/id/42643248/ns/business-your_retirement/
Department of Education
nces.ed.gov/fastfacts/display.asp?id=31
New York Times
economix.blogs.nytimes.com/2011/04/15/how-worrisome-is-student-debt/?partner=rss&emc=rss
Bureau of Labor Statistics
bls.gov/emp/ep_chart_001.htm