It’s spring and along with warmer weather, blossoming flowers and pollen-induced allergies, the season brings college graduation! Whether you’re coming out of a swanky Ivy League college that will score a celebrity keynote speaker for your commencement or a public university that will be lucky to swing an ex-governor to inspire you, graduation marks both a beginning and an end.
Graduating means the end of your college career and the beginning of the rest of your life. It’s the end of your life as a full-time student and the countdown to the first of your student loan payments. As you pack up your dorm room, student apartment or frat house digs, do you know where you’re headed? Increasingly, for many graduates, that answer is back to Mom and Dad’s.
Here are four great reasons to collect your sheepskin and head right back to the family fold after graduating:
1. You’re Totally Broke It’s hard to save up money when you’re constantly shelling out all your spare cash for textbooks, pizza runs and the crucial cpmponents for beer pong. Most college students graduate with very few pennies in their piggy banks. Unless you can score a good paying job right away, you’re likely to continue to be broke. Kind of makes free room and board with your progenitors sound like a great deal!
2. You Can’t Find a Job If you’re one of the lucky, you already have a job lined up in the field of your major. But for most, it’s hard to find work. 50% of recent Bachelor’s degree holding graduates are unemployed or underemployed. You may find it hard to even score a job flipping burgers in this tough economy. No job equals no way to pay bills or support yourself. Kind of makes living with the folks a little more appealing, right?
3. Your Student Loans Are Killing You Most graduates walk the stage in cap and gown having accumulated over $25,000 in student loan debt. Some may owe less (and some much more), but either way, that’s a big chunk of change to owe. If you can’t find a job (see #2 above) or can only find a low-paying placeholder job, your debt will soon become unmanageable. If this is the case, going back home to mom and dad and mooching gas and fast food money seems like a fine idea.
4. It’s Cool – All the Kids Are Doing It More college grads are headed back home than any time since 1950. Over half of 18-24 year olds still live with their parents. And 85% of college students said they plan to move back home. The good news about these statistics is it means none of your friends should be mocking you when they’re all in the same boat (that’s taking on water). The old homestead is looking better all the time…
You know the saying, you can‘t go home again? Turns out, that may be the very best place for you to go if you’re broke, jobless and drowning in student loan debt. If you want to get a leg up on managing your student loan debt whether you’re in your first apartment or back home in the spare bedroom your parents wanted to convert to a home gym, try Tuition.io’s free app!