Office of the NYS Comptroller Thomas P. DiNapoli’s Post

After $7.7 billion more worth of student loans were forgiven this week, let's take a look at student loan debt per age group: Many Americans are starting to doubt the value of a college degree. In 2013, 70% of U.S. adults said a college education was "very important."  Today, 49% of Americans say that having a four-year college degree is "not important" for landing a high-paying job. Trades are up: Last year, data showed that skilled trade jobs saw double-digit growth in demand. Source: Market Briefs for 05/24/2024 In Your Opinion Are college degrees worth it nowadays?

🌟 Top 5 Big Cities for Young Adults 🌟 Looking to start your career or buy your first home? Phoenix is the top city for Gen Z, with a hot job market and a low student loan burden. But the other top five are all in Texas, where young adults can find great opportunities and affordable living with an average student loan burden of $12,933. #TexasLiving #YoungProfessionals #GenZ #RealEstate #JobOpportunities

I see a lot of credit reports for younger potential home buyers, and the amount of student loan debt is oftentimes sizable. What compounds the problem is the fact that they either cannot find a job in their field of study or the job that they have does not pay very well, and in many cases their college major plays a role in that. Below is a chart from the New York Federal Reserve Bank with data through February 2024 showing the U.S. College Majors with the 10 Highest Unemployment and Underemployment rates. Compelling arguments can be made for reconsidering the typical 4-year college track and instead looking at studying a trade or skipping college all-together and heading in an entrepreneurial direction. I don't know what the answer is, but I do know of many individuals - both personally and in the course of my job - who have a boat-load of student loan debt and earn far below what they need to be able to purchase a home.

$1.76 TRILLION and 43.2 MILLION borrowers, with 45% in the Parents' Age Range The student loan debt statistics from 2023 are staggering. Out of the 43.2 million borrowers, we might expect the majority to be under 30, yet only 23% fall into that category. Surprisingly, 45% of borrowers are over 40, indicating that more parents are shouldering the cost of tuition and the accompanying debt. With average monthly payments at $503, it's likely these parents expect their children to repay the loans after graduation. However, this can be challenging if students graduate unprepared for the workforce. The University of Alabama recently shared a link in their Parents' newsletter (provided by CampusESP) about a Fresh Start Program for Defaulted Student Loan Borrowers. This initiative is critical for those struggling with debt. The job market remains robust, and many companies are eager to hire. It's never too early for students to begin career planning, especially if they are expected to contribute to their college expenses. Preparing for a successful career can help ease the burden of student loan debt and set the foundation for financial stability. #StudentLoans #CareerPlanning #HigherEducation #FinancialLiteracy #WorkforceDevelopment #925plan #EarlyInvestor #CollegeParents #FlownandGrown https://lnkd.in/eDsAzs5C

It’s easy to get stressed about college and student loans. When you know how much you’ll need to spend on tuition expenses, it makes it easier to create a budget. The benefit to attending Illinois Health Careers College is that you will graduate without a large student loan. What's your biggest concern about starting classes? Let us know in the comments! #Illinoishealthcareers #tuition #Career

Student loan servicing companies are awful. I had an attorney client call theirs in order to find out which income-driven plan he's on and it took 3 calls to get an accurate answer. The scary part is most attorneys trust these companies to help them decide which student loan plan is best. That's like calling a 1-800 number for financial advice. Picking a strategy to pay off your student loans is likely one of the most important financial decisions you will ever make. That's why it's critical to work with a student loan expert, not a customer service representative.

Student loans can have a major impact on post-graduate careers. Arm students with these tips to minimize effects and maximize future goals! #college #highered #careers #postgradcareers #studentloans #financialaid #studentdebt

Student loans can have a major impact on post-graduate careers. Arm students with these tips to minimize effects and maximize future goals! #college #highered #careers #postgradcareers #studentloans #financialaid #studentdebt

In a world of variety, what is one of the biggest scams that you can think of? -College student loans- Why?? Is it because people know exactly what they will be doing for the rest of their life? While students are in college, the rest of the world (mostly) is getting work experience. When a student graduates and has some sort of collegiate advantage, the cost of living and repaying their unknown future, is not always realistic. The average person changes professions 5-7 times. (stats) What is one of the biggest scams you can think of? I think college is great, but the student loan equations misrepresents many who started something, and then finished, with unknown futures.

Attention University of Pittsburgh Staff, Faculty, Graduate Students, Postdocs, Residents & Fellows: TIAA has joined forces with the student loan experts at Savi to help you navigate the complexities of federal student loan programs such as Public Service Loan Forgiveness (PSLF). Join this free online webinar to find out how you can explore lowering your student loan payments and working toward forgiveness. #universityofpittsburgh #pslf #savi #officeofhumanresources #ohr #PittPslf