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Young Adults Face Increasingly Costly Education As Their Economic Prospects Diminish Under Obama

RNC Communications - March 20, 2014

Young Adults Have Seen Their Economic Situation Deteriorate Under Obama, With Falling Incomes, Rising Unemployment, And More Living At Home

In February, The Unemployment Rate For 16-To-24-Year Olds Increased For The Second Month In A Row To 14.4 Percent. (Current Population Survey, Bureau of Labor Statistics, Accessed 3/20/14)

In February, The Unemployment Rate Was 7 Percent For 25-To-34-Year Olds. (Current Population Survey, Bureau of Labor Statistics, Accessed 3/20/14)

In 2013,16.6 Million 18-To-24-Year Olds, 55.3 Percent, Were Living With Their Parents (Current Population Survey, U.S. Census Bureau, Accessed 3/20/14)

  • 14.8 Million 18-To-24-Year Olds, 52 Percent , Were Living With Their Parents In 2008. (Current Population Survey, U.S. Census Bureau, Accessed 3/20/14)

In 2013, 5.8 Million 25-To-34-Year Olds, 13.9 Percent, Were Living With Their Parents In 2013 – 700,000 More Than Before Obama Became President. (Current Population Survey, U.S. Census Bureau, Accessed 3/20/14)

  • 5.1 Million 25-To-34-Year Olds, 12.7 Percent, Were Living With Their Parents In 2008. (Current Population Survey, U.S. Census Bureau, Accessed 3/20/14)

By 2012, Income For 25-To-34-Year Olds Had Fallen By $1,684 Since Obama Became President. (Current Population Survey, U.S. Census Bureau, Accessed 3/20/14)

By 2012, Income For 15-To-24-Year Olds Had Fallen By $273 Since Obama Became President. (Current Population Survey, U.S. Census Bureau, Accessed 3/20/14)

College Costs Continue To Grow Under Obama, As Young Adults Are Finding It Harder To Pay For It

According To A Recent Harvard University Survey, 57 Percent Of Millennials Believe Student Debt To Be A Major Problem While Only 41 Percent Now Approve Of Obama. (“Survey Of Young Americans’ Attitude Toward Politics And Public Service: 24th Edition,” Harvard Institute Of Politics, 12/4/13)

70 Percent Of College Graduates Had Student Loan Debt, Which Averaged $29,400 In 2012. “Seven in 10 college seniors who graduated in 2012 had student loan debt, with an average of $29,400 for those with loans.” (“Student Debt And The Class Of 2012,” Project On Student Debt,” 12/4/13)

About 11.5 Percent Of Student-Loan Balances Were Delinquent In Fourth Quarter Of 2013, Up From 8.5 Percent Two Years Earlier.  “Roughly 11.5% of student-loan balances were delinquent in the fourth quarter of 2013, meaning a payment hadn't been made in at least 90 days, the New York Fed said. That's up from a delinquency rate of about 8.5% two years earlier. The New York Fed doesn't break down the delinquency rate on student loans among borrowers of different credit scores.” (Josh Mitchell, “Proliferation In Student Debt Driven By Weakest Borrowers, Fed Finds,” The Wall Street Journal, 2/18/14)

  • Student Loans Have Highest Delinquency Rate Among Any Form Of Household Debt. “Student loans have the highest delinquency rate among any form of household debt. And the official delinquency rate likely understates the problem because many borrowers are still in school and thus don't have to make payments yet. Excluding those borrowers from the overall pool of student debt likely would increase the delinquency rate.” (Josh Mitchell, “Proliferation In Student Debt Driven By Weakest Borrowers, Fed Finds,” The Wall Street Journal, 2/18/14)

At Public Colleges, College Tuition And Fees Have Increased By $1,036 Since Obama Became President, A 21 Percent Increase. (“Digest Of Education Statistics,” National Center For Education Statistics, Accessed 3/20/14)

  • At Public Colleges, The Average Total Cost Of College, Including Room And Board, Increased By $1,813 Since Obama Became President, A 13.7 Percent Increase. (“Digest Of Education Statistics,” National Center For Education Statistics, Accessed 3/20/14)

By The End Of 2013, Student Loan Debt Was $1.08 Trillion Dollars, A 68 Percent Increase Since Obama Was Elected. (“Household Debt & Credit,” Federal Reserve Bank of New York, Accessed 3/20/14)

  • Student Loan Debt Increased By 12 Percent In 2013 And Is The Second Largest Form Of Household Debt. (“Household Debt & Credit,” Federal Reserve Bank of New York, Accessed 3/20/14)

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