The Student Debt Albatross: NY Millennials Owe $90 Billion, 50% Work In Restaurants To Pay

….nearly one in two millennials in New York are now reportedly tending bar or waiting tables to help pay off their student loan debt, as well. new analysis shows that thousands of borrowers work as bartenders and waiters while paying down their student debts and seeking “more gainful employment” in their chosen field…….New York state’s outstanding student debt now totals $90.6 billion: 45% of adults 18 to 35 in New York state owe student loan debt.; and 20% of New York state consumers have outstanding student debt.

www.zerohedge.com/news/2019-02-04/one-two-new-york-millennials-work-restaurants-repay-student-debt

Half of New York’s millennials are waiting tables to pay off student loans

Student debt is at a record high statewide. According to federal and state figures:

  • New York state’s outstanding student debt now totals $90.6 billion.
  • 45 percent of adults 18 to 35 in New York state owe student loan debt.
  • 20 percent of New York state consumers have outstanding student debt.

“Many young people in New York who work in local bars and restaurants are paying off student loans and paying for college — and they don’t want to see the tip credit eliminated,” Tezra Bryant, a veteran of the New York hospitality scene, told The Post. “They don’t want to see a decline in their incomes.”

While employers can hold back on base pay under the present arrangement, many workers say it’s a win-win because a lot of customers regularly compensate with generous tips of as much as 20 percent or more of the pretax bill.

nypost.com/2019/02/02/new-yorks-millennials-are-waiting-tables-to-pay-off-student-loans/

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