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Michelle Singletary: When it’s time to pay off college debt, there’s no place like home

MICHAEL ZHANG, DepositPhotos

Michelle Singletary advocates for graduating young adults with debt to move back home if possible.

WASHINGTON — How long is too long for young adults to live at home after college?

Responding to a recent survey by TD Ameritrade, teenagers on average said it would become embarrassing to still be living at home at age 26. Young adults ages 20 to 26 — probably because they’ve already been out in the real world — thought the cutoff should be 28.

But 27 percent of those surveyed said they wouldn’t be ashamed to be living at home even in their early 30s.

Here’s the reality: Nearly half of post-college millennials have boomeranged back home.

Wages are stagnant, and many graduates with debt find it’s hard to live on their own. Survey participants said their debt is causing them to delay saving for retirement, buying a home, getting married and having children. Twenty percent said the education they received wasn’t worth the debt they accumulated.

“In many cases, people view young adults moving back home as a sign that they were lazy or not doing things ‘right,'” said JJ Kinahan, chief strategist at TD Ameritrade. “But many people doing it are being fiscally responsible.”

I’ve long advocated for young adults graduating with burdensome debt to move back home if they can.

I’ll go…

Read the full article from the Source…

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