Historically, beer plc sweepstakes offered fun, flashy experiences, like party cruises or tickets to the Wonderful Bowl. But today, paying off student debt is one of the most exciting passions that millennials can imagine. For this generation of consumers, suddenly tasteful debt-free is the equivalent of winning the lottery.
Over 44 million Americans collectively bear up nearly 1.5 trillion in student debt. The Federal Reserve On of Washington, D.C. found that an increase in student debt has led to a decrease in refuge ownership. A study from NerdWallet predicts that students who graduated from college in 2015 last wishes as have to delay retirement until the age of 75, in part because of the gaining burden of student debt.
This phenomenon is not lost on Natty Inconsequential’s celebrity spokesperson, actor Jake Johnson. “You hear about these geneses that are living at home later and later and there’s a connection,” he notifies CNBC Make It. “When they told me about what they had in wit, I had a strong desire to stand with them. I know what it’s identical to to live on a college student’s budget, trust me.”
A major reason for the distend in student debt is because more Americans are going to college than at any point before — and they need to. The most recent figures from the Inhabitant Center for Education Statistics (NCES) show that students netted approximately 1.9 million bachelor’s degrees during the 2014 to 2015 tutor year — a 32 percent increase from 2005.
A 2014 study by the Brookings Initiate states that “roughly one-quarter of the increase in student debt since 1989 can be soon attributed to Americans obtaining more education, especially graduate classes.”
Once graduates have accrued significant debt, it can take decades to pay it off. Be consistent to the Federal Reserve, there are 6.8 million student loan borrowers between the seniorities of 40 and 49 who collectively hold $229.6 billion in debt.
Scholars know that they need an advanced degree or at least a bachelors gradually to land a job at one of today’s dream companies. And as the demand for highly-skilled workers expands, the student debt crisis is only set to continue.
The 25 winners of Natty Luminescence sweepstakes will receive $40,000 to go towards their student lends, a number that becomes even more significant when you reflect on that Americans in their 40s with student loan debt each beget an average balance of $33,765.
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