Once You See It You Can't Unsee It

Once you see this you can't unsee this. This is the reality a recent college grad with student loan debt faces in a DMA Top 50 market (Louisville, Memphis, NOLA) if degreed in Journalism, Social Work, or Teaching.

My takeaways based on the 'dirty cocktail math' budget below are:

- It's critical to live within our means and we can still go backwards.

- Student loan debt is the deal breaker without wage increases over time.

- Lending institutions need to be looking at outcomes before lending.

- Making skills and experience transferable to other careers is essential.

Couple other relevant points:

- In many cases, starting salaries are significantly below $30,000/year.

- Many use agents to secure work at a cost of 6-8% of the Gross Salary

pay after taxes, in effect an actual 8-10% of the Gross making the year

end balance nearly a negative ($4,050)

- You will pay an agent over the life of the contract more than you

spend on food and dining out.

I'm hopeful that we as parents, educators, lenders, and employers will realize we are bankrupting our future if we let this continue. Be clear, I'm not suggesting young professional skirt accountability or responsibility. On the contrary, they will be living with this for decades ......

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