One out of three 18 to 24 year-olds live with their parents. Some continue into their 40s. They are often burdened with student loan debt that outpaces their ability to pay. They can’t buy houses, can’t start families, buy cars, or support economic growth.
This is bad for them and bad for the economy and for our future.
We are already seeing dire economic changes from unaffordable student loan debt.
- New household formation is down!
- The national birth rate is down in the last two years!
- Parents and grandparents who co-signed for students are carrying that debt into retirement!
There is a mis-match between incomes to be received and debt to be shouldered. What can we do?
First, we need to keep students away from unaccredited schools! Second, find out what average earnings are in your intended field. How much will you need to borrow? Can you afford to pay back your debt at that average salary?
What can I do in Albany?
- Collection agents for student debt should be licensed by New York State.
- Eliminate abusive behaviors against borrowers.
- Advice and counseling for borrowers must be objective sources of information, not allow advice from debt collectors looking to increase profits!
Allocate money to market SUNY opportunities! and expand SUNY funding!
Give our students the information they need to make smart decisions!
Let’s counteract advertising from unaccredited schools that have lots of money for advertising, for convincing students to buy their limited-value offerings.