How Young People Get Caught In The Student Debt Matrix [Infographic]
By Heather Huhman
For many types of jobs, higher education is extremely important. However, for many young adults, the price of a college degree has become a deterrent. It won’t be too long before that means fewer skilled employees for employers.
As the following infographic from Gradvisor, an employee benefit that helps parents enroll in and manage 529 college savings plans, shows, 36% of millennial graduates say they wouldn’t have gone to college if they had known how much it really was going to cost.
If employers want to continue to have a fresh crop of college graduates year after year, it’s time for them to consider the impact student loans are having on young adults. The infographic looks into how the cost of college has negatively affected millennials and how the issue can be avoided in the future. Some highlights include:
- 63% of young graduates have educational debt.
- 1 in 10 owe more than $50,000 in loans.
- 25% of millennials still live with their parents because of their student debt.
- Only 11% of companies offer 529 plans to their employees.
- However, 66% of employees without a 529 plan would enroll in one if their employer offered it through automatic payroll deduction.
Check out the full infographic and find out more facts about how 529 plans can help end the cycle of student debt.
What are some other important considerations employers need to think about when it comes to student debt? Share in the comments below!
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