Impacts of Millennial Student Loan Debt on Transportation Choices
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Impacts of Millennial Student Loan Debt on Transportation Choices

Filetype[PDF-2.49 MB]


English
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Details:

  • Creators:
  • Corporate Creators:
    United States. Federal Highway Administration. Office of Policy
  • Corporate Contributors:
    Booz Allen Hamilton
  • Subject/TRT Terms:
  • Publication/ Report Number:
    FHWA-PL-17-015
  • Resource Type:
    Tech Report
  • Geographical Coverage:
    United States
  • Corporate Publisher:
    United States. Federal Highway Administration. Office of Policy
  • Abstract:
    There are many perceptions about the decline in vehicle miles traveled (VMT). Some speculate that decline in VMT is related to the economy. But it was not until 2008 that gas prices rose dramatically and the recession hit the United States. It was in 2005 vehicle miles traveled began to drop. Coincidentally, 2005 was the time the millennial generation began to enter the workforce. Now the largest generation in America, the Millennials are not driving at the same rates of their predecessor generations, the Baby Boomers and Generation X. There have been plenty of studies about the millennial generation's lack of interest in driving. Many conclude that Millennials are fascinated by technology or urban culture. However, there may be another economic reason to the change in transportation mode choice by Millennials. According to AAA's findings of the 2013 'Your Driving Costs' study, annual automobile spending for an average sedan owner are $9,122 (Based on 15,000 miles annual usage). For someone newly out of college with student loan debt, automobile ownership may feel out of reach. Millennial student loan debt is a widely discussed topic. Approximately 40 million Americans hold student loan debt. Currently more than 70 percent of U.S. students who graduate with a bachelor's degree leave with debt, averaging $28,400. According to the White House Council of Economic advisors, 61% of adult Millennials attended college, compared to 46% of their Baby Boomer parents. In 2014, the total outstanding student loan debt in the U.S. surpassed $1 trillion. The purpose of this study is to be a qualitative and quantitative analysis of millennial student loan debt and the relationship to transportation expenditures. For the purpose of this report, the millennial generation is defined as those born between the years 1981-2000. Generation X is defined as those born between the years 1962-1980. The Baby Boomers are defined as the generation born between the years 1946-1961.
  • Format:
    PDF
  • Funding:
    DTFH6113D00013-5003
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