The Multifaceted Wretchedness of Millennials in the US: The Case of Student Loan Debt

Abstract

The present dissertation explores the financial difficulties facing Millennials in the US with special focus on the ripple effect of student loan debt on their lives. The Great Recession affected Millennials badly causing them to become financially disadvantaged compared with earlier generations. Consequently, Millennials found themselves pushed to take more student loan debt as the tuition fees rapidly increased. However, the fulfillment of higher education by debt came at the expense of delaying major life and financial milestones for this generation due to the difficulty of repayment. This research considers two avenues for Millennials to confront the financial burden of student loan debt. First, there is the financial knowledge required to deal with student loan debt on the personal level. Second, there are major proposals decision makers in the US must consider to solve the crisis at the national lev