AUSTIN, Texas - Millennials are facing increasing debt, largely because of their student loans. According to the New York Federal Reserve Consumer Credit Panel, 19- to 29-year-olds in America have exceeded $1 trillion in debt. A recent Lending Tree report shows that two of the top three cities when it comes to millennials in debt are San Antonio and Austin.
- American millennial debt has exceeded $1 trillion
- Much of the debt due to student loans
- Austin, San Antonio among cities with most debt
Balancing the budget is something Texas State grad student Brooke Brown thinks about all the time.
“That’s the concern going forward. I have my education, I’m doing what I love, but how do I not drown in debt?” Brown asked.
Brown is in school to become a school counselor. It’s a long path to get all the necessary education. She has a plan now to pay off her student loans moving forward but wishes she knew more when she first headed off to college.
“As a first generation college student I had no idea what kind of debt I was signing on to,” Brown says. “You don’t understand how quickly those numbers can add up.”
This is a problem that Garrett Prom has heard before. Prom works as a financial advisor, helping those try to get out from under their student loans.
“Most clients don’t really know what they have,” said Prom CFP, EA, CPRC, and founder of Prominent Financial Planning. “They know a dollar amount but they don’t really know if they have federal student loans or private student loans.”
One of his recommendations is that people visit studentloans.gov to research some of the help available for those trying to pay off their student loans and avoid further debt.