Lets face it the way Americas economy is looking right now the job market is in the dumpster. Millennials are working harder then ever to try and stand out from the rest of their peers so they can land a good job to support them on their own. This is putting millennials in between a rock and a hard place. In these day and age it’s almost required to have a college degree to have any chance of landing a good job to support you on your own. But these degrees come at a price and as the job market is failing and loans are pilling up on are college graduates. This bad economy is crushing the millennial generation and their futures.
Millennials also know as generation Y, are people born from 1980s to the 2000s. They’re the first generation to be raised using digital technology, social media, and mass media. People born in this generation are now college students, and college graduates that are struggling in this tough economy. The millennial generation has limitless information at the tip of there fingers. Millennial are “always connected” with social networks like facebook and twitter they always know what friends are doing. People have said millennials are parent dependent and don’t know what reasonability is, which I think could go either way. Some millennials are very parent dependent but I see others very independent going to school and working without the guidance of parents. Its unfair to generalize millenials as slackers that don’t know how to work for something, it all depend on the person.
Previous generations were able to go colleges get a degree and start working and living on their own immediately after graduation. “Not so long ago, the average American man in his 20s had achieved most of the milestones of adulthood: a high-school diploma, financial independent, marriage and children.” (Hymowitz 477). “In 1970, just 16 percent of Americans ages 25 to 29 had never been married: today that’s true of an astonishing 55 percent of the age group.” (Hymowitz 477). The way millennials are living there lives are different from other generations most because aren’t thinking about marriage or kids there more focused on there finical future. Millennials could be one of the first generations that will not achieve the same stander of living that their parents did.
During this bad economy I believe the main thing crushing the millennial generation is the education system and student loans. The Institute for College Access & Success says that the average borrower from student loans owes about 27,000 dollars upon graduation. So when millennials graduate they already are in debt 27,000 dollars with interest rates. With the decrease in jobs millennials are graduating with this debt and no way to pay it back. “Research shows that young people who graduate from college in a dismal economy typically suffer long-term consequences, with effects on their careers and earnings which linger for about 15 years.”(Demirdjian). Some colleges are starting to be run like businesses, which is really destroying America’s education system. For-profit colleges like university of phoenix spend 20 to 25 percent on advertising and 10 to 20 percent on teaching. Which means their spending more money to try and get you to the college then, the service they are providing you.
These for-profit schools attract millennials because of there flexible class schedule, online classes, and easy enrollment. But the debt load in student loans for for-profit colleges are nearly double the average debt, for-profit schools have graduation debts that about 32,000 dollars with interest rates. For-profit students are only 10% of are student population but they use 25% federal finical aid and they default 47% of student loans in America, which is from Senator Tom Harkin report. “The report finds that 62.9 percent of students who enrolled in an associate degree program at a for-profit college in the 2008-09 school year left before earning a degree, and that the median student lasted only four months.”(Haynes). They are killing the value of and education and millennials are paying the price.
Millennials are going to suffer the worse from the economy. Millennials were told there hold life education was key to succeed and now it’s failing them. After gradation millennials are stuck dragging around these loans for years. Even if the economy does turn around to many millennials are already in debt over their heads. Millennials are going to have to work harder than ever to land good jobs but, I do see millennials succeeding later in their lives
when the economy turns around because of the hard work ethic they are learning in there early adulthood years.
Hayes, Dianne. “The for-Profit Conundrum.” Diverse Issues in Higher Education 29.14 (2012): 10-1. Ethnic NewsWatch. Web. 7 Nov. 2012.
Z, S. Demirdjian. “The Millennial Generation’s Mindset: Susceptibility to Economic Crisis.” The Business Review, Cambridge 19.2 (2012): 2,I,II. ABI/INFORM Complete. Web. 7 Nov. 2012.
Hymowitz, Kay S. “Where Have the Good Men Gone.” Wall Street Journal (February 19, 2011): 477-81. Print.