Millennials are entering the workforce with more student loan debt than ever before. They may be earning more in terms of income, but a large percentage of their paychecks are dedicated to their student loan payments. After making those required monthly payments, all they have left goes towards daily living, healthcare and rent. They end up having less to spend on discretionary items, such as travel, eating out or clothing.
In fact, Americans ages 18 to 29 are spending $20 less daily than this same age group did ten years ago. The reason for this difference in spending is the amount of debt Millennials carry.
According to a recent Bankrate study, Millennials are spending more on bills and less on discretionary items than other generations. On average, Millennials spend 15 percent more than older generations on necessities, such as gas, food or other utility bills.
Here are some tips for millennials struggling with student loan debt:
- Know what you owe.
- Millennials who have graduated and have jobs often qualify for better rates than when they had little to no income at the start of school.
- Get help at work. Certain companies offer student loan repayment assistance, including Fidelity, Aetna and PwC, and others.
- Seek forgiveness. Certain professions, such as public service jobs, offer student loan forgiveness. Others include public defenders, law enforcement officers, doctors, nurses and some teachers. For example, teachers who work in low-income school districts and teach certain subjects may qualify for complete cancellation of their student loans.
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For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken, P.A. has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade & Garcia website at www.miamibankruptcy.com.