Millennials Have A Debt To Pay

Tru Pettigrew, Founder of Tru Access

It’s no secret that there is a student loan problem in this country. That problem is not just the problem of the current millennial generation student body though. It affects all of us.

A member of my Twitter fam shared an article from Forbes.com with me yesterday that mentioned that 1/3 of millennials regret going to college. This regret stems from the enormous debt that they find themselves in from student loans at the end of their four years in college. The frustration is then compounded with a nearly five-year stretch of double-digit unemployment for millennials. Not only have they racked up an enormous student loan bill, they are also at a loss for where and how to land a job to make any money to start paying that bill.

This affects us all because of the negative impact this has on our economy. We’re at a point where total student loan debt in this country has exceeded $1 Trillion according to the Forbes.com article. When you graduate college in debt and aren’t able to land a job right away, this obviously impacts your ability and/or desire to purchase a car, a home, start a family or many of the other expected behaviors to drive our economy and our society forward.

There are a host of unthinkable “pink elephant in-the-room” alternatives that this can lead to and/or has led to for some of our nations gifted and talented future leaders. According to the names listed on the student loan documents, I guess it’s safe to say that “millennials” have a debt to pay! The reality is, that we will all end up paying the cost. The onus is not just on the millennials themselves to be more prudent and discerning in the decisions they make, but it is on all of us, especially the older generations. Those of us who have been down this road before, have a responsibility to share our insight, knowledge and wisdom with our millennial counterparts.

I encourage my millennial crew to evaluate the ROI on all the financial choices you are making. This includes what college you go to, or if you even go to college. I strongly encourage higher education for everyone and to continue learning for as long as you have the capacity to do so. Evaluating the proper resources and what makes the most sense for you is critical though.

A few tips I have for my millennial crew to help avoid and/or minimize overwhelming student loan debt.

1.     Don’t choose schools strictly by name, status or prestige. Factor in costs, ROI and postgraduate job/career assistance programs.

2.     Conduct research or work with organizations that can help you identify grants, scholarships and financial aid that you qualify for to cover part or ALL of your tuition.

3.     Strongly evaluate whether or not a four-year college or university is for you. There are great entrepreneur courses and programs that are available such as Network For Teaching Entrepreneurship (NFTE) that is yielding incredible ROI for its students.

4.     Consider vocational or trade school if you believe this is a better fit for you. Learn to enhance or build upon the gifts and skills you already have. Vocational training allows those that choose this path to start working sooner while giving you the experience and transferable skills you need to increase your value at a rapid rate.

5.     Never stop learning. Consult with your parents, leverage your mentors, align yourself with financial experts for expert financial advice, and take advantage of available courses and programs that are designed to help you succeed.  The older generations have a responsibility to prepare you, but you have a responsibility to seek us out and listen.

*** The article previously mentioned in the post was shared by @NomikiKonst

By Tru Pettigrew founder of Tru Access (www.tru-access.com)

Tru Pettigrew is the founder of Tru Access (www.tru-access.com), the nation’s fastest growing Inspiration and Empowerment resource for Multicultural Millennials and the brands looking to employ and connect with them. Pettigrew spent 20 years  making it in Corporate America as a high level marketing executive at advertising and marketing agencies helping brands understand how to make money off of the millennial generation. He now help brands understand how to make money with this generation. Tru Access bridges the cultural and generational gaps that exist between corporate America and the millennial generation through Culturational Chemistry – aka blending of multicultural and generational gaps in the workplace and in life.