Homeward Bound: More Students Heading Home After Graduation | 10.21.11

Posted in College Life, News, Student Loans By Student Loan Network Staff

Graduate pondering futureStudent loan debt in this country has not only surpassed credit card debt, but by the end of the year is expected to hit $1 Trillion! News sources nation-wide have picked up the story this week, calling attention to this outrageous number. It’s no wonder more and more graduates are moving back in with mom and dad.

In a recent article from the San Francisco Chronicle, Staff Writer Kevin Fagan assesses the current state of living for graduates. In the article he writes,

“The U.S. Census Bureau says that from 2007, just before the recession hit, to 2010, a year after the recession officially ended, the number of adults ages 25 to 34 living with their parents shot up 26 percent, from 4.7 million to 5.9 million.”


26% is a huge number, but it makes a lot of sense when put into context of Trillion dollar student loan debt. If you’re like many recent college students, you might have to adjust your post-grad expectations. Students tend to expect that they will graduate, get a job, and get an apartment right away then live happily ever after. This has been the idealized version of adulthood for many young graduates. Unfortunately, this may not be an option for many. After experiencing the freedom of college, living with mom and dad might not be your top choice, but it can have some benefits. Here are some advantages of living with parents again.

  • Free Housing- This is a no-brainer. That is, if you’re lucky enough to live at home rent-free. Some graduates move away from home too soon, only to realize they can’t afford the lifestyle they imagine; between rent, cable, car insurance, gas, electricity, and heat, living expenses can eat up your paycheck and fast!
  • Eat for Free- Well free for you, not your parents. Feeding yourself can add up; if you have parents willing to foot the bill while you’re at home, enjoy it while it lasts!
  • Learn Financial Responsibility (before it’s to late)- Going from the carefree life in college to paying all your bills at once can be a huge shock to many graduates. If you move back home, talk with your parents about managing finances, from bank accounts, to 401Ks. Take this time at home to get your finances in a good place, that way, when you are able to move out, you’ll have all of your ducks in a row. Plus, putting some money away for unexpected expenses is a smart move, it’s always good to have some backup!

For many students, living at home is not an option for a variety of reasons. For those who can move back home, make the most of it! While it may be straining at times, your eventual move-out will be that much easier!

How do you feel about living at home after graduation? Leave a comment and let us know!


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16 Responses to “Homeward Bound: More Students Heading Home After Graduation”

  1. Islive says on January 22, 2012 at 3:49 pm:

    I think it is unbelievable that in the USA it’s so easy to pay everything with a creditcard. And apllying for one. In Europe this is different en students only have they studentloan to pay off and then can go buy a house or something. Your goverement should make it more difficult to get a creditcard. Only give it to people that can afford one… And not 5 card with different banks, but just one at one bank.
    This should help a lot.
    Great article by the way.

    Reply To This Comment
  2. Jeff says on October 26, 2011 at 12:35 pm:

    Moving back with the parents is great, and it’s good timing because they’re not getting any younger. However, if any person had the economic means to do so, moving out would be in any young person’s best interest. It’s great to see your parents, but we don’t want to be slackers and dependent on mommy and daddy. I disagree that living at home will teach financial responsibility. If you live on your own and you manage your own money and resources, that’s the real learning experience that young people seek. You can only live off your parents for so long because they’re not getting any younger. Right now jobs are scarce and it’s really bad to be a young person, even those who don’t go to college. We’re usually the least likely to be hired and the first ones to be laid off.

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  3. Kayla says on October 25, 2011 at 6:01 pm:

    Wow

    Reply To This Comment
  4. Danielle says on October 25, 2011 at 1:25 pm:

    This happened to me…it’s very sad.

    Reply To This Comment
  5. Kristin says on October 25, 2011 at 12:25 am:

    I moved away from home for two years only to work 40 hours per week and take 20 units of online course work through school, it was not as fun as I ever expected. It frustrated me thinking that I spent SO much money on rent, utilities, food, etc. when I could have spent that money on my loans. Recently I finally gave in and moved back home, i’m trying to save up money to pay off my loans by graduation this june, however it looks a bit impossible at times. I think that we have created this problem for ourselves since we are all so obsessed with living the “American Dream”…maybe if we all learned to manage our money a bit better and we were not trying to always keep up with the Jones’s our economy would not be in such a negative state.

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  6. Kristina says on October 23, 2011 at 3:39 pm:

    I think its a great way to get started with a job and not have as many bills.

    Reply To This Comment
  7. Larissa says on October 23, 2011 at 1:42 pm:

    I have been living on my own since my jr year of college, and after graduation moving back home absolutely is not an option. Sure it is expensive but I am managing paying rent with a part time job while going to school full time.

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  8. Michael Mutukwa says on October 23, 2011 at 1:20 pm:

    what a great deal where everything is given on a silver plate,all you have to do is concertrate on your studies and get great results at the end of the course.

    Reply To This Comment
  9. Megan says on October 22, 2011 at 11:33 pm:

    I don’t believe that moving back home would be the right choice for me. I would sooner find a roommate(or roommates), because I don’t want to put any financial pressure on my parents. Between food and taking up extra space in the house, I would not feel comfortable or be welcome. In essence, I would gain more by learning to be fiscally responsible as well as show my younger siblings that no matter how hard it gets, there is always a way to live life on your own terms.

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  10. Alyssa says on October 22, 2011 at 7:56 pm:

    I started up at UF but decided to come back home and attend USF by commuting. I live at home for free, eat for free, and have a decent amount of my “bills” paid for. The money I make from working goes towards saving for Nursing school and my life after I move out. Best decision I have ever made!

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  11. Matthew says on October 22, 2011 at 12:06 pm:

    I love it! I am in my gap year between college and vet school.

    Reply To This Comment
  12. Judy says on October 22, 2011 at 11:08 am:

    I refuse to move home after I graduate this coming June. I’m already looking for jobs for after I graduate, and I have a decent amount saved up that I should be able to cover a few months rent+other necessities, after my current apartment’s lease expires at the end of August.

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  13. Oladele Aina says on October 22, 2011 at 1:55 am:

    Staying at home after graduation could be bored,after all the stress and study loan debt,job should be the next thing but government are not even ready to employ graduates only if they’ve got some year experience in their study field.i wouldn’t feel happy staying home upon graduation.

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  14. vivianne says on October 21, 2011 at 11:33 pm:

    I see this happen quite a lot. people move back to familiar territory

    Reply To This Comment
  15. CMEL says on October 21, 2011 at 12:31 pm:

    I know exactly what they are talking about. My first year of grad school and lets just say …. :/

    Reply To This Comment
  16. Brittany says on October 21, 2011 at 11:12 am:

    Just yesterday I heard from a friend about the trillion dollar student loan debt. I have been fortunate enough to live at home for a couple years after high school but before going off to live on my own. Its definitely the way to go when you want to save up some cash and learn how to budget your spending.

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