A close friend, "Sam," and his girlfriend, "Emily," are doing something truly terrible. She has a lot of student debt to pay off, so they have come up with a plan. She will date and marry someone rich, and he will pay off her student loans, and then she will break up with him to be with Sam after a few years.
According to the 2025 National Association of Realtors' Home Buyers and Sellers Generational Trends Report, 43% of younger millennials carry a median student debt of $30,000 with around 29% of older millennials having a median debt of $35,000. That's on top of the average millennial's credit card debt of $6,691, per Experian. Retirement? Seventy-five is optimistic. The American dream we were promised is behind us, and millennials, also known
Student loan balances have ballooned over the past 20 years, growing from $260 billion in 2004 to $1.6 trillion by 2025. According to a recent Point survey, 42% of American homeowners are currently paying student debt for themselves or a family member. Another 37% plan to take on student debt in the future including 10% who don't currently have any student debt.
A typical student graduating from high school in 2025 could take on an estimated $40,000 in student loan debt before completing their college education, amidst rising interest rates.
"So here we are at a time in which the cost of college is already too high for millions of students," said Senator Elizabeth Warren. "Donald Trump and his Republican buddies in Congress are not lowering them. They are adding $400 a month on average to the family's costs."
