The weight of debt on university students may keep students from graduating. In Florida, the rate of graduates, graduates who are also in debt by loans, and unemployed graduates among America and the District of Columbia are very concerning. The levels of debt and loans have become high and income by minimum wage is relatively low in Florida, a state that can be expensive to reside in.
Due to the heavy weight of debt, contributions to the economy are lowering due to residents not being able to afford things such as homes, big investments, and starting a family- all of which feed the economy.
After research found on a site called WalletHub, it was concluded that on a scale of highest to lowest on how much of a burden debt can be, states such as Mississippi, Rhode Island and Connecticut carry most of that burden. On the other hand, Utah, Wyoming and North Dakota live comfortably and rank lowest on that scale.
“This is the first time in U.S. history that student loan debt exceeds credit card debt. Students should be cautious about their student loan debt because it can become a lifelong issue.” says Timothy Wolfe. Wolfe is the director of student financial aid and scholarships at the Reno campus of University of Nevada.
Young adults living in Florida may look elsewhere for work and living, somewhere where the cost of living is less than their own. This takes away from Florida’s job industry of young, skilled and knowledgeable workers, not to mention, it’s economy.WalletHub states, just the fact that between the ages of 25-34, Florida ranked at 43rd in homeowners says a lot about how pressing this issue is.
