The recent explosion in student debt—now held by one in five U.S. households—coincided with the Great Recession’s awful job market. Millennials have come of age amid stagnant wages, high unemployment, a lack of quality jobs (44 percent of recent graduates work in positions that don’t require a college degree), and, for those fortunate enough to attend college, an average of nearly $30,000 in debt.
All this has led to what we can call the Great Delay.
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