Parents, there will be no empty nests for you. Young Money Survey of TD Ameritrade showed that 26% of the Millennial Generation who are in college are planning to go back home after their education.
The surveyalso shows that young Americans look at a college degree as a good investment. New graduates believe that their college education is worth it. They have cited that moving back home is something they need to do in order to save more money.
Paying off student debt requires a lot of saving and sacrifice. It may take quite a long time to be student debt free. This pushes millennials to sacrifice some of the other essential things in life such as living independently, building their own family, and considering homeownership.
Millennials Expect to Pay Off Debt by 35
The average of these millennials expects to completely rid themselves of their student loan debts at 35 years old.
40 percent of these young individuals predict that they will be student debt free around the age of 30 to 39 years old. 32 percent of them think that they can pay it off earlier between the ages 20 to 29.
How Old is ‘Too Old’ to be Living with Mom and Dad?
Young millennials say that someone would be too old to be living with parents at the age of 26. It would be embarrassing but they’re willing to live with their old folks for a couple more years until they have paid against the college debt significantly.
The average college loan debt a new college graduate has is $10,205. And, even when they believe that their education is essential to the careers they want in the future, it still won’t be worth the debt they are burdened to pay.