Survey shows that One-Third of College graduates will Move Home after Graduation


According to a recent poll done by The Dolphin, 28 percent of seniors at Le Moyne will be returning home after graduation to either look for a job or to attend graduate school. This is consistent with a recent press release from Business Wire where students say one-third of all college graduates are moving home after graduation in order to offset the cost of student loans.

The survey released by Business Wire was conducted by the American Institute of CPAs(AICPA) among 751 college students who enrolled in fall of 2015.

Due to the amount students will face in their student loans, many have decided that moving back in with parents after they graduate would be the best option in order to pay off student loans quickly.

Of Le Moyne students surveyed, 13 percent of students say that they will be moving home after graduation in order to look for a job and 15 percent say that they will move home after graduation in order to attend graduate school.

Jessica Walter, who is graduating in 2016 moved home after living for two years on campus at Le Moyne in order to save money, and will continue to live at home after graduation.

“My parents work really hard and make good money, and because of that I start out behind because I get no financial aid,” said Walter. “Living on campus is fun but if I didn’t live at home I wouldn’t even have a car to drive to a potential job when I graduate. I’m pretty lucky my parents allow me to live at home to save money but if they didn’t I don’t know if I would have picked Le Moyne.”

Walter also said that those pursuing graduate degrees may also live at home in order to save up money.

“In most jobs with just a bachelor’s degree you don’t make enough to live much less pay off debt, so you’d have to get a masters/PhD and gather up more debt just to be able to feel comfortable,” said Walter.

The survey released by the AICPA also found that 59 percent of students say their loans will take less than a decade to pay off, with 18 percent saying that they believe it will take them more than 10 years to pay off their loans. 36 percent say that they have little to no idea what the total amount their loans will come to after graduation.

Additionally, 29 percent of students said that they believed their student loans would make it difficult to save for retirement and 37 percents say that they may need to take a job outside of their field of study.

According to the press release, Chair of the AICPA, Greg Anton, says that in order to make a plan to pay off students debts, knowing how many loans are being accrued after each semester is crucial.

While some students are unsure how much their debt actually is, 75 percent acknowledged that the cost of their education will require sacrifices in their post graduate life.

“While a college education is increasingly essential in today’s economy, student loans take years to pay off and can cause individuals to put their life’s ambitions on hold,” Anton said, according to Business Wire. “It’s encouraging that students seem to understand that the decisions they make about how to fund their education have the potential to stick with them throughout their post-graduation life.”

While 28 percent of Le Moyne students say they will move home after graduation, 31 percent of students say that they will look for a job away from home and 26 percent say that they will be attending a graduate school, law school, or medical university away from home.