Very interesting post Bill Polack. I'm obviously in the affected age group and know many, many more. Student loan debt is definitely a realistic concern for lenders. Too many young people have a lot of debt that will stay with them for a long time (whether this debt is "worth it" is a complicated discussion) and when lower credit score and low bank balances are paired with it I would hesitate to lend without a letter from an employer to assure me of significant earnings on the way.
I know that is common in the rental process in some major cities now (I just submitted a virtual truckload of documents to a landlord in Brooklyn to prove I can pay my future rent).
I think this is a very important topic and I hope more people keep reading.
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Bill Polack
Suwanee, GA
Very interesting reading; I wonder why these students' families did not teach them anything about finances while they were growing up? My parents guided me very carefully throughout the years so that by the time I started college, I had a substantial nest egg from a part time job, and had already established credit.
Perhaps we need to add high school courses that would do the same thing where parents are unable or unwilling to educate their children properly.
Thanks for your comment Susan. I believe it's a generational thing. I'm over 50 and my parents taught me about money. However, people my age aren't teaching it to their kids. Not sure what happened along the way. I agree that educating kids before they graduate is a good idea. Unfortunately, most public (government run) schools won't allow kids to learn about money. I've been teaching finance to middle school kids for several years now (on Saturday's) and they really enjoy the information that their parents never mentioned.