MADE Magazine Issue 6 - English January / February 2016 | Page 15

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“Millennials are more than twice as likely as the average consumer
to have student loan debt, and roughly 26 percent of millennials
use their extra money to pay off these debts.”- 2015 Nielsen Report

In a 2007 study published by the

Focusing

is

the second quarter of 2014, making

Higher Education Research Institute

not exclusively millennial; nor is it

it the second-largest category of

of

applicable to the entire generation.

household debt,” the White House

University

of

California,

Los

on

one’s

education

Angeles, it was noted that students

report revealed.

within the overall population of

Rev. Dr. Alexander G. Houston, 36,

first-time, full-time entering college

Senior Pastor of The Christian Church

According

freshmen at four-year institutions

in Philadelphia, notes, “I played

financial study from Nielsen, “After

has steadily declined since 1971. The

football as an undergraduate, and was

covering

institute said this change reflects

fortunate to receive a scholarship.

millennials are most likely to put

“increasing

I did my Master of Divinity program

money

over four years, and worked full time.

are more than twice as likely as the

The last church I served included

average consumer to have student

According to a report released by the

continuing education as part of my

loan debt, and roughly 26 percent of

White House Council of Economic

compensation package, allowing me

millennials use their extra money to

Advisers in October 2014, about 61

to graduate from Drew University with

pay off these debts.”

percent of millennials have attended

my Doctor of Ministry in 2015. Over

college.

the years, I did take out loans, but

“While student loan payments have

not as large of an amount as I could

definitely been prioritized, I’ve placed

have.”

a bit more emphasis on longer-term

levels

of

education

among the U.S. population.”

In

many

ways,

higher

education has become a norm.
The White House report showed that

to

an

their
into

October

living

savings.

2015

expenses,
Millennials

investments, savings and emergency

labor market participation for 16 to

Yet, for those millennials facing

24 year-olds has been declining since

student loan debt, it is more than just

the 1970s, “as students have become

an elephant in the room.

funds,” Gatewood says.

more likely to focus on school alone
rather than combining school and

“Total student outstanding loan debt

work.”

surpassed $1 trillion by the end of

POP
CULTURE
CULTURE

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