Tag: College

The best US cities for millennials who have student debt
Unemployment

The best US cities for millennials who have student debt

But according to a new analysis from financial consultancy RewardExpert, these cities might not be the best places for young people with student loans, since living costs are relatively high.
Housing and transportation costs (as compared to the median income for the area) are also lower than 95% of all cities and metro areas in the analysis.
Mankato’s unemployment rate of 2.4% is among the lowest in the nation, and the region’s young residents have considerably low debt loads and high credit scores.
Those under 23 years old have just $8,875 in average total debt with $1,340 on cards ($13,812 and $1,401 nationally).
And while the median rent here is $1,163, renters have a relatively high median income of $48,981.
Combined housing and transportation costs amount to only 58.6% of annual income, which is much lower than the national average of 75.4%.
Commutes in this metro region average just 13 miles, and unemployment stands at a low 2.85%.
About a third of jobs are in industries that typically require a college education.
Plus, median student debt here is $1,072 lower than the national average, and younger residents have lower than average total debt burdens and lower credit card balances than those living elsewhere in the US.
Millennials living here also have 33% less credit card debt than the Midwest’s average.

African-American college graduation rates hit all-time high, but economic outcomes lag
Unemployment

African-American college graduation rates hit all-time high, but economic outcomes lag

Getty Images After the Rev.
Martin Luther King Jr.’s 1968 assassination sparked riots across the U.S., President Lyndon B. Johnson commissioned a report to examine the roots of unrest in black communities.
“White racism” leading to discrimination in unemployment, education and housing, the report found.
Here’s what else the EPI report found: • Only 40% of black Americans own homes in the U.S., virtually unchanged since 1968 and a full 30 percentage points lower than the home-ownership rate among white Americans.
• The rate of incarceration for black Americans is more than six times that of white Americans today, and it tripled between 1968 and 2016.
• In 1968, more than one-third (34.7%) of black Americans lived in poverty, and today the share is just one in five (21.4%).
There has also been substantial progress in high school degree attainment for African-Americans, the EPI study found: In 1968, only 54% of black Americans graduated high school while today 92% get a high school diploma.
Public schools are underfunded, college tuition has soared Although there have been gains in education, many high schools are not setting African-American students up for success in college, John Taylor, chief executive officer of the National Community Reinvestment Coalition, a non-profit that promotes economic fairness for underserved communities said.
“It is ridiculous we do not have a commitment nationally to educate our young people — that doesn’t bode well for our country as a whole.” African-Americans were targeted with predatory loans White families are also ahead in the housing market.
Non-white Americans are more likely to be unemployed or underemployed, have the most difficulty paying unexpected bills, and are “far less likely” than white Americans to have established financial tools like bank accounts and credit cards.

Boston-area nonprofit will pay gang members who want to go to college and get off the street, with a goal of improving communities.
Welfare

Boston-area nonprofit will pay gang members who want to go to college and get off the street, with a goal of improving communities.

Author: Ashley A. Smith / Source: Inside Higher Ed College Bound Dorchester If college is a key to improving one’s life, one Boston-based nonprofit organization is hoping it’s a key to improving an entire community. College Bound Dorchester, an organization that works with at-risk youth to encourage them to pursue college, on […]

This Year’s College Grads Are The Luckiest In A Decade
Unemployment

This Year’s College Grads Are The Luckiest In A Decade

New graduates’ wages are rising faster than those of most other groups; the typical recent college graduate earned $13 an hour in the first three months of this year, up 50 cents an hour from a year earlier.
Those who did find jobs were often stuck working part-time or in low-wage positions that didn’t require a college degree.
Worse, the slow improvement of the labor market meant many young graduates remained underemployed for years; research from the Federal Reserve Bank of New York has found that the underemployment rate among recent graduates has only recently begun to improve.
The typical recession-era graduate with a full-time job — one of the lucky few, in other words — earned approximately $7,000 less in the first six years of work than someone who graduated just a few years earlier.2 This is a rough estimate.
The Current Population Survey doesn’t ask respondents the year they graduated, so instead I identified three cohorts of college graduates: those who were age 21 to 24 in 2005 (and therefore graduated before the recession began), those who were 21 to 24 in 2009 (meaning most of them graduated during the recession) and those who were in that age range in 2012 (and thus graduated after the recession and its immediate aftermath had ended).
Americans who graduated in the recession earned as much in 2015 as their older peers did at an equivalent point in their careers (albeit in part because for the older group, those years were during the recession).
Those who graduated a few years after the recession ended are earning as much, adjusted for inflation, as those who graduated before the downturn began.
Oh, right, the debt One more note on the class of 2016: It’s a good thing they’ll have jobs, because they’ll also have a record amount of student debt.
(That figure is the average among those who borrowed, as seven out of 10 did.)
A separate analysis from the Brookings Institution this week showed that college graduates with debt still have a much higher homeownership rate than young people without college degrees.