Boomerang Kid Essay

In today’s society, a college degree has become a requirement in order to obtain a well occupied profession. Prior to the recession, which the study defines as the period between December 2007 and June 2009, bachelor's graduates were already more likely to be employed than were associate degree holders, who were more likely to be employed than those without any postsecondary degree. After the recession, employment of college graduates dropped 7 percent, while associate degree holders experienced an 11 percent drop, and employment of high school graduates fell 16 percent. The percent of people excluded from the workforce, meaning they were seeking work but couldn’t find it, rose 31 percent for college graduates, 37 percent for high school graduates, and 50 percent for associate degree graduates, though associate degree holders were still excluded at a lower rate than high school graduates (Tilsley, 2013).

After graduation, students find themselves in the daunting situation of how to pay their loans. Students accept jobs they dislike, they begin to depend on their parents, or resort to dropping out (Hart). Many student find themselves unable to continue their education so they decide either to drop out or transferred to cheaper schools, such as a community college, consequently placing themselves at a disadvantage in the careers they desire to enter. In fact, per an article written by Rachel Beckstead, “those without a college degree are twice as likely to be unemployed as those with one.” Loan debts are a steadfast threat; however, it goes beyond the present

Supporters of getting a college degree often point to the statistics that college graduates earn more than their high school educated peers over a lifetime. Statistics by the U.S. Census Bureau reports that since 1977, “Adults with bachelor's degrees in the late 1970s earned 55 percent more than adults who had not advanced beyond high school. That gap grew to 75 percent by 1990 -- and is now at 85 percent.” A gap of an 85% pay difference is a huge figure and a clear reason why college is a great option for some people. But there are problems with that figure because when the number of college graduates who are either unemployed or underemployed is taken into account it changes the value of the statistic. In an article by Businessweek’s Richard Vedder we get statistics to counter that argument. He tells of how the number of new college graduates far exceeds job growth in technical, managerial, and professional jobs where graduates traditionally have searched for employment. As a consequence, we have underemployed college graduates doing jobs historically performed by those with just a highschool education. He says we have “more than 100,000 janitors with

Attention-getter: The increasing trend of college students graduating with significant more student loan debt than job prospects is both alarming and detrimental to the future growth of the nation. The cost of education and the widespread of federal student loans have created an education bubble to rival the housing boom that sparked the recession of

Many young people think that obtaining a college degree is the best way—perhaps the only way—to get a good job anymore. So is it still possible to get a good job without one? According to Professor Blanche D. Blank, attaining a college degree doesn’t always guarantee success. In his published article “Degrees: Who Needs Them?”, he argues that American college is not teaching young adults the actual skills they need for the workforce, instead the education system is becoming a jumble of generalized credits that amount to a degree. College is becoming a mold for one to fit in the technological culture, rather than to release one to actively engage in the pursuit of knowledge. Blank begins building his credibility with personal experiences and

Problems in the student loan market are not just harming students but are also exacerbating problems with the United States’ recovery from the Great Recession. New York Federal Reserve Bank data has found that outstanding student debt topped $1 trillion in the third quarter of 2013, and the share of loans delinquent 90 days or more rose to 11.8 percent. Furthermore, the share of 25-year-old Americans with student debt increased to 43 percent in 2012 from 25 percent in 2003, while the average loan balance rose 91 percent, to $20,326 from $10,649 (Gage and Lorin). More than 40 million Americans are in student loan debt and because of this, more than 40 million Americans are not able to stimulate the economy as they are not able to buy houses or cars, or start businesses or families (Applebaum). In Wisconsin alone, student loan debt has resulted in a loss of over $200 million annually from new car purchases, while also resulting in middle class households with student loan debt overwhelmingly renting homes instead of owning them (Vanegeren).

In the article, "Should the Obama Generation Drop Out?" by Charles Murray, Murray discusses why college students do not need to go to college just to get a bachelor degree in a job that they could do without a bachelor degree. Murray point to this article is to express that it isnt fair for these students to be judged when applying for a job on if they have a degree or if they dont have a degree because some simply just cant afford college and some just dont try their hardest because like he says, "most 18-year-olds are not from families with plenty of money, not top students, and not drawn toward academics." I do think Murray is making a credible argument because he pretty much says just because you take all these courses with some having

Economic impact from rising student loan debt is being felt throughout the United States. According to research performed by the Pew Research Center and Rutgers, between 25-40% of 20- and 30-year-olds are delaying large purchases such as homes and cars (Daniels). The delay of such

There is a critical financial trend in the United States: student debt is at an all-time high. For the first time in mid- 2013, student debt rose to 830 billion, surpassing the credit-card debt (Clemmitt). Many economists and scholars compare the student debt crisis to the housing bubble, which resulted in a nationwide recession 2008. In a senate hearing regarding the current student debt crisis, Illinois Attorney General Lisa Madigan said, “The warning signs are there, just like they were before the housing crisis, and congress needs to act before it is too late” (Bidwell). After graduation, many students find it difficult to repay their debt, due to the bleak job market. According to a report published on the financial website Smart money, ten percent student loans borrowers defaulted in 2010 (Clemmitt). The percent was larger for students that attended a for-profit educational institution, like a career college; fifteen percent of these students defaulted (Clemmitt). Although the default rates do not contribute to the increasing student debt, one can compare it to the mortgage crisis when people stopped paying their mortgages and the American economy crashed. This exemplifies the critical problem that the student debt bubble if burst; it can have devastating impacts on the vulnerable American economy. Three causes for the increase in student debt are due to recent trends in college attendance, the increase of for-profit colleges and the rise of tuition due to spending

Dunn suggests that young adults are experiencing failure to launch because of the financial difficulties of living alone during a recession (Dunn, 2012). According to Dunn, High school and college grads have a hard time trying to find a meaningful job due to the fact of fewer jobs to choose from and more competition to fill them and even a harder time transitioning from an entry-level job to a career (Dunn, 2012). About 13% of adult children between 18 and 29 move back in with their parents after an attempt to live alone, majority of them are females that state that the economy cause they to move back home (Dunn, 2012). Going to college has become very popular these day but the degrees don’t seem to have a positive effect as far as leading to a job as it once did and living on minimal wage is impossible (Dunn, 2012) Living back home also enables a young adults to reduce their expenses and focus on saving money. Rather than struggling to make ends meet, they can put money in their savings accounts or investments and begin growing a nest egg (Dunn, 2012). People who use their parents as a safety net with no greater financial goal in mind are doomed to never launch away from home; those who use it as a carefully-calculated stepping-stone to a more successful life are much more likely to launch successfully and stay independent ( Dunn, 2012).

Rising college prices have made in nearly impossible for young americans to live without debt for most of their lifes.

Contrary to popular belief “boomerang kids “or kids who fail to leave home, as they are called did not start during the “great recession” as numbers show. Research shows that this phenomenon has been increasing in number between the years of 1980 to 2008 (Adams, 2012). There can be several reasons that can be attributes to this. The go to

This article was on a study that compared developmental trajectories of non-students, versus college-educated young adults, on the aspects of Arnett’s theory of emerging adulthood (Mitchell & Syed, 2015). However, there is a large group that literature has not been explored, and that category is on the young teen/adults who choose to not attend college, or are unable to because of socio economic status (Mitchell & Syed, 2015). The emerging adulthood theory has been controversial. The controversial topic has been brought up by researchers questioning how non-students may not experience the development of other emerging adults based on their interests to pursue adulthood without attending postsecondary education. The aim of the study was intended to compare emerging adulthood among individuals with college degrees, some college, and no college (Mitchell & Syed, 2015). Arnett’s development tasks for emerging adulthood include: finding a reliable and satisfying career, choosing a partner and starting a family, and establishing financial independence (Mitchell & Syed, 2015).

Clearly, minimal has been done to help the issue. As a result, there will be likely consequences of this sometime within the next few decades to come. For one, a bachelor’s degree will diminish in value within the next couple of years. Additionally, since a bachelor’s degree is currently deprecating in value, more students will have to look into either Graduate, Law or Medical school- schools in which the average tuition is nearly triple that of an undergraduate degree. Due to the high price of attaining either a Masters or a Doctorate, student debt will increase substantially as many students don’t have the money to cover the steep $100,000 cost. With higher unemployment and underemployment rates along with a student debt, there will be higher rates of depression amongst young adults and that might in turn contribute to a higher suicide rate. Along with the overwhelming emotional consequences debt holds, many recent college graduates will hold off on buying a house, getting married, and having children- thus, reducing the United State’s population and real GDP. If there is a decrease in our nation’s birth rate, many jobs such as those in education, might soon be out of work due to a decrease in demand for them. Eventually overtime, many prospering students might not see the benefit in going to

The average debt suffered by every 2013 college graduate was a staggering $35,200 (Roos p. 2 par 1). According to experts, this is the worst the economy has been in 80 years (Thompson, par 4). There are so many things working against the generation of today from an economical standpoint. The housing market crash of 2007-2008 took a toll on the economy as a whole, but in turn managed to affect millenials more so than any other generation. Throughout American history, every generation has had one of the same major goals; get rich quickly and be more prosperous than the generation before. Even today as the country has grown richer, Generations X and Y (people up to the age of about 50) have amassed less wealth than their parents had when they were the same age. If this is not harrowing enough, the average net worth of a person aged 29-37 has been lowered by 21% since 1983 while the average net worth of a person aged 56-64 has more than doubled since the same year. It is depressing to think that millenials will almost indefinitely suffer more instability in their retirements than their parents or even their grandparents (Lowrey, p. 2 par 5). Someone at the age of 30 in 2013 was worth 21% less than someone at the age of 30 in 1983, meanwhile the net worth of an average 60 year old in 2013 was more than twice as high as a 60 year old in 1983. In other words, young people are getting poorer as older people becoming richer