U.S. student loan debt has crossed the $1 trillion mark as the millennial generation faces unemployment and a stagnant economy, according to an NPR interview with writer Joel Kotkin.
Kotkin, author of The Next Hundred Million: American in 2050, says it will be hard for recent college graduates to make payments on their student loans because the baby boomers are not leaving the work force, and that means fewer jobs are available.
He also suggests that many students should have reconsidered college for tech training or apprenticeships, two alternatives that often offer better employment opportunities than a bachelor’s degree in today's degree-saturated economy.
How to localize:
Talk with local colleges and lending institutions to substantiate the debt load of students in the community. Are students turning to banks and loan companies for help or are they relying on traditional government loans?
Find millennials who have graduated from college with the help of student loans. Have they found employment? Are they forced to work more than one job? What options are they considering short of filing for bankruptcy?
How valued is a bachelor's degree in today's economy? Are there tech and trade schools in your community? If so, have the institutions seen a growth in enrollment?