Many college graduates staying at home

[lovuian]

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Big News Network.com Monday 25th April, 2005 (UPI)

Many of this year's U.S. college graduates plan to return home to live with their parents, despite the best entry-level job market in several years.

It is a decision undoubtedly being influenced by the growing mountain of debt many college graduates face, according to a report released Monday by Challenger, Gray & Christmas, Inc., a global outplacement firm.

In a recent online survey by MonsterTRAK.com, an employment Web site for entry-level job seekers, 62 percent of the 6,933 respondents said they planned to live with their parents for at least one month, while 22 percent expected to live at home more than a year.

In recent years, college graduates were compelled to return home primarily due to weakness in the job market, said John Challenger, chief executive officer of Challenger, Gray & Christmas. This year the biggest factor could be cumbersome debt.

more...

The results of the Bush Administration's cuts in student loans and high prices for college and the economy...

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[kcwayne]

1. Mountain of debt AND low wages

Other than the life experience of going to college, it is hard to justify spending 200K on education and coming out to an 18K per year job, where you will get laid off in 2 years.

[caligirl]

2. and their PLUS loans aren't even at the 7.9% rate Bush

imposed in 2002, it goes into effect July 2006, just in time for my sons first year of college.

[The_Casual_Observer]

3. Imagine trying to buy a 600,000 house (low end) in LA

on a $50,000/ yr job - if you can find a job like that. It's almost impossible to imagine how horrible the situation is.

[NEOBuckeye]

8. I honestly don't know how people can make it these days.

If you aren't holding onto some sort of cushy executive job from a path you started on 20 years ago, you're screwed. Even a decent apartment is barely within the reach of many graduates -- if they've got roommates. And that's not even factoring in higher heating bills during winter (in the North, anyway) and rising costs of food and gas.

As for all of that debt, the wages and salaries just aren't there in this so-called "Service Economy". How many Wal-Mart associates do you see buying homes and luxury sports cars? Hell, Wal-Mart is actually encouraging them to go on Welfare!

Sooner or later, even the "disaffected" members of Gens X and Y have got to grow tired of leeching off their families and watching their lives slip by, while they find themselves going nowhere.

[Tux]

4. Mmmmm

Been there, done that. I do have a job interview soon but hey, it's Bush's economy. People wanted this. It keeps families together and all. Makes me wonder how stupid our society has gotten.

[jwirr]

6. Our family is certainly together! There are

four generations living "peacefully" in our house and bushie has that big house with all those rooms to live in. He should take in the homeless!

[ramapo]

5. Friggin' expensive

I can't imagine many new grads would have the means to set out on their own. My daighter graduated in December and is happy to be making $30K. It's a crap job through a temp agency and the benefits are so bad it would be funny if it wasn't so serious. I guess I should be happily surprised that she can even get benefits but a $45K LIFETIME max? Guess who'll be paying $400+/month to insure her?

Anyway, prices of houses are beyond absurd and rents are pretty damn high too. Add in car expenses, food, etc. and living at home looks mighty good.

It's a shame...

[Indykatie]

7. Health Care Option for Young Folks

If your daughter is healthy look into a high deductible health plan (HDHP) with a $2650 deductible. These are great plans for the young and healthy but not for every one else. The monthly premiums will be significantly less than the $400 you face and you can save the extra bucks in an HSA in the event there is a large medical expense. The Bushies are pushing these plans but don't tell you they are only ideal for either the very healthy or very rich.

[Ilsa]

9. One of my friend's daughters will be graduating soon, and she

hopes to either live at home or very close to it. They can afford to do whatever she wants, but frankly, she's nervous about being very far away or out of pocket from her family. She doesn't trust the stability of anything right now and wants to stay close to home.