Paying off student debt is Millennials’ biggest life milestone
- As the country’s total student debt exceeds $ 1.5 trillion, many millennials have delayed home buying or marriage to repay their loans.
- Yet some Americans make the time to pay off their loans a step in itself. Viral music videos, parties and other celebrations show people celebrating their loan repayments.
- Business Insider spoke to six people who threw parties, made music videos, or booked vacations after they finished paying off student loans about why they think the moment has become “the milestone of this year. generation”.
- Visit the Business Insider homepage for more stories.
Guen Garrido threw a balloon-filled party this spring. Afterward, she booked a well-deserved massage.
It wasn’t the 34-year-old San Diego resident’s birthday or anniversary, and the celebration didn’t match anything you might find on a Hallmark map.
She had just paid off the last of the $ 45,000 in student loan debt she had accumulated after attending UCLA.
Garrido is not alone – around 35% of millennials say pay off student loans is the most important stage of life they think they can reach. Recently, Mandy Velez made headlines for hosting a funeral-themed photoshoot celebrating the “death” of his $ 100,000 student loan.
Across the country, people who have paid the last of their installments are throwing parties, posting videos, and go on vacation to celebrate the feat.
“I truly believe that paying off student loans has become a milestone in the millennium,” Garrido told Business Insider via email. “Paying them off, especially under 40, I think that’s a big deal.”
Business Insider spoke to six people who celebrated paying off their student loans in a big way – and they say it’s as important to them as getting married, having kids, or buying a first home .