By Nyesha Stone
It’s no surprise that Milwaukee is on yet another list that we don’t want to be on. A study commissioned by MagnifyMoney, found that 7.06 percent of Milwaukee residents owe more on their student loans than their mortgages, which places them a 13 on the list of cities with more student loans than mortgages.
Milwaukee suffers from many disparities and over-pricing our higher education is becoming an even bigger issue in the city.
The lead research expert on the study Kali McFadden said the editorial team came up with the idea for the study. She said montage is usually the biggest loan (debt), Americans think of that they’ll ever take out in their lifetime. Well, student loans will soon be replacing that debt, according to the study.
McFadden said student loans are inhibiting the life of young people and adults who take out loans to pay for their children’s education.
“What’s going to happen to individuals who took out $30,000 for their children?” she asked. “[But,] people who are the most hit are people who’ve taken on a debt and don’t finish [school].”
She stated that its time we start questioning these institutions. McFadden says we need to question what are the faculty being paid and where the tuition is going for this constant rise in tuition cost.
This issue effects everyone in a variety of ways she said. She used an example of an older individual who wants to sell their home eventually. If a young person is so bogged down in tuition debt, they won’t be able to pay for a mortgage later down the line. Then that older individual has no market to sell to.
If Milwaukee is always going to be on someone’s list for something than it should be for something worthwhile.
McFadden said it’s the small things that can make a difference to a student dealing with extreme debt, such as providing rides, helping with the process of attaining scholarships/grants, amongst other things.
To find out more information about the study and how it was conducted visit https://www.magnifymoney.com/blog/news/student-loans-vs-mortgages-weigh-heaviest/
This article originally appeared in the Milwaukee Courier.