Our generation is scared of investing. Most of us remember the Great Recession, which led to the loss of 2.6 million American jobs in 2008 alone.
It was the most jobs lost in more than six decades. The stock market had the biggest single-day drop in history. Investors panicked, withdrawing a staggering $151.4 billion from stock market mutual funds.
Those numbers may be hard to comprehend. But they were very real for the people – and families – affected.
By most measures, it was the worst stock market crash since the Great Depression. So it’s no wonder that our generation is hesitant to invest.
In fact, only 28% of people between the ages of 21 and 36 think that long-term investing is important to success, according to a UBS Investor Watch survey.
The cost of a college education has risen in the past few years, causing some to question the true value of their secondary education. According to collegecalc.com, the University of Maryland was ranked 16th of all national universities in Best College Value.
The cost of attendance for 2014-15, including fees, at UMD was approximately $21,290 for in-state students and $41,483 for non-residents of Maryland, and the university’s Board of Regents voted this spring to raise tuition costs for the current academic year by five percent. The board also approved proposals to increase the tuition of students majoring in certain studies such as business, engineering and computer science.
Although America is working to rebuild from the economic recession of 2007-08, paying for college has not gotten easier for some parents of University of Maryland students.
UMD has followed the trend of making up for income losses in recent years, raising tuition by up to five percent this fall. The school also decided to gradually increase tuition for business, engineering and computer science majors in addition to the overall tuition increase.
At the University of Maryland, students are eligible to apply for many forms of financial aid. The university offers federal work study, scholarships and grants, but most often, students take out loans to pay for school.
According to the U.S. News and World Report, “42.5 percent of full-time undergraduates receive some kind of need-based financial aid and the average need-based scholarship or grant award is $9,213.”