Irvine, California, June 20, 2019 (GLOBE NEWSWIRE) -- The phenomenon of student debt in the US has all but reached the status of an epidemic. More than one third of all the students in the US who have obtained any advanced or higher education degree in the last three years are struggling to come to terms with their outstanding student debt. Even those who have been fortunate enough to land relatively lucrative jobs are still having a hard time of it gaining total financial independence. This is why Financial Preparation Services, a private company primarily focusing on providing practical and viable solutions to people for paying off their outstanding student loan debt, has recently expanded its area of operations and is looking to offer help to millennial homebuyers who are finding it hard to cope with a number of different issues related to their present financial situation.
Carrying off an outstanding debt for an extended period of time can have extremely woeful repercussions on both financial and the general well-being of individuals. You have completed your studies, you have started on your job already, like as not you already have your own family to look after. And yet that leviathan of a student debt is still weighing heavy on your mind and is posing itself as the biggest threat to your achieving complete financial freedom anytime in the near future.
In fact, the reality is that today's millennials are already receiving a lot of flak from different quarters for failing to become financially independent. Many millennials of today are being forced to come back and live with their parents once they finish college. And this practice is being frowned upon by a good part of the society. The reason behind this tendency is not difficult to grasp either.
We need only compare the relatively stress-free financial lives led by the members of the Baby Boomers generation with those of the present day millennials. According to one statistics, more than 75% of the baby boomers were able to acquire their own homes not long after they started earning their own keep. And this was merely a generation ago and now, 12 to 15 years down the line, even millennials in their mid-30s are having a hard time of it buying their own house. Living with parents is probably the worst solution, since then on top of all your worries, you would have to face the societal pressure as well.
Of course, a better solution is to rent an apartment and a lot of people are indeed resorting to this solution, especially those with families of their own. However, renting means additional financial burden on you. And especially if you are living in one of the major US cities, the rent is anything but easy---to put it mildly, that is!
However, that is not all. For renting can never be a satisfactory solution for people who earnestly look forward to homeownership. However, getting a home of your own without the aid of home loan is pretty much out of the question. And therein lies the rub. Since it is so much more difficult getting approved for a loan if you are already carrying other debts, be it student loan or anything else, of a considerable amount. And if you do secure to acquire a loan in such a situation, you can count on it that you'll be handed anything but what we may call proper terms. Exorbitant is more the word for the terms you will have to agree upon for acquiring a home loan in such a situation.
All in all, the situation looks pretty grim, doesn't it? And here's where Financial Preparation Services is trying to step in and see what they can do, leveraging their vast experience of the loan market, to help the millennials achieve at least relative financial freedom. At this point, we can only hope that the company, by tapping on their vast expertise, will be able to hit upon some viable solution that will make it easier for the millennials to get a home of their own sooner than later.