Holiday gift shopping have you stumped? Wracking your brain for a thoughtful, last-minute gift?
Are you shopping for a millenial?
Chances are, they still have student debt.
In a recent survey, 1,000 student loan borrowers were asked if they preferred a hot gift — such as a year’s Netflix subscription, an ounce of marijuana or $1,000 in Bitcoin — or an equal payment toward their student loan debt.
Never miss a local story.
In 12 of 13 gift ideas, they preferred the student loan payment, according to the survey by lendedu.com. The only gift they preferred over a student loan payment was a $100 bill.
Tickets to “Hamilton” on Broadway? Use that $400 toward a student loan payment. The iPhone X? Now you know what to do with that $1,000.
About 45 million people have student loans in the United States. Collectively they owe $1.45 trillion, lendedu.com says.
Student loan debt has doubled on average since 2003, according to the website College Investor. Those who graduated this year will have on average nearly $40,000 in such debt.
The average millenial, born between 1982 and 2004, will have a negative net worth until age 31, according to College Investor.
Student loan debt can be crippling, including delaying homeownership by seven years, according to a study by the National Association of Realtors and the nonprofit America Student Assistance.
That study shows only one in five millenials — the oldest of whom are 35 — owns a home. More than half said they delayed starting a family or getting married because of their student debt.
Think about that the next time you’re asking why your niece or nephew isn’t getting married or having children.