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  • Hope you had a great weekend.

  • I`m Carl Azuz and I`m pumped to welcome you to this special edition of CNN Student News.

  • April is Financial Literacy Month in the US. It`s an event that aims to improve Americans financial awareness.

  • How they can better manage their money, how they can better plan for their financial future.

  • We're taking an in-depth look at the country's young labor force, its financial picture, its student loan debt, advice for when it comes time to look for a job in the online era.

  • We've teamed up with CNNMoney to focus today's show on some of the financial challenges facing this newest generation of American workers.

  • A good place to start is to define it. We're talking about people born in the 1980s and 1990s.

  • It`s time to meet the millennials.

  • Hey, millennials, what makes you so special anyway?

  • Well, for starters, that generation is the biggest in American history. There are at least 80 million people aged 18 to 35.

  • They're the most educated generation ever and they have the student loan debt to show for it.

  • The average student loan balance for someone under 30 years old, more than $21,000.

  • I currently have $46,000 in debt.

  • I have about $54,000.

  • $95,000 in student debt.

  • Scarred by the Great Recession, millennials have been reluctant to buy a house.

  • I don`t think I plan to buy a home at any point.

  • It never occurred to me that I would purchase a home.

  • I really believe in a sharing economy.

  • Thirty percent still living with their parents, but most millennials say they want to buy and some are starting to take the plunge.

  • My goal for a down payment is $20,000. And I`m actually achieving that goal and I`m going to get there quicker than I actually thought.

  • Living in mom and dad`s basement means fewer millennials are tying the knot.

  • Their parents probably got married in their early 20s.

  • This generation, 30 is the new normal. And they`re waiting to have kids, too.

  • I don`t want to bring a child into the world until, you know, I know that I can afford that.

  • Millennials are the first generation born online.

  • They`re tech savvy, which makes them quick learners and smart shoppers, but they care about much more than just the bottom line.

  • So companies have to adjust to make their products more sustainable, higher quality and customizable.

  • That`s what millennials want.

  • The ethics are very important to me. I`m looking for authenticity. It`s good to know that it will go to a good cause, if it goes to a good company.

  • Ready or not, millennials are dramatically changing expectations and shaping the world.

  • OK, you just heard it, the average student loan balance for millennials, savings lost in the Great Recession,

  • a weak job market for young people, the costs of college, these are some reasons why students have loan debt.

  • According to The College Board, the average tuition and fees for a public four year college in America,

  • more than $9,000 a year for in-state students, $23,000 a year for out-of-state students.

  • Average tuition at a private school, more than $31,000 a year.

  • How much money college students borrow depends, but they are expected to pay it back.

  • Generation Y, Generation Debt.

  • For grad school, I probably have about $10,000.

  • Ninety-five thousand dollars.

  • For undergrad, I have probably less than $2,000.

  • It`s probably not a good thing that I don`t know how much student debt I have.

  • Today, I have about $75,000.

  • Fifty-four thousand.

  • I went for four years.

  • Forty thousand dollars-ish.

  • And I took summer class.

  • Forty-six thousand dollars.

  • I started taking math in ninth grade.

  • Over $100,000.

  • One hundred and fourteen thousand dollars.

  • What that leaves me with in the end, I don`t know.

  • Millennials have the most student debt in history. Here are the five biggest mistakes you can make.

  • Number one, borrowing as much as you can, not just what you need. Take it from the student loan guru.

  • Well, the first thing is to just live like a student while you`re in school, so you don`t have to live like a student after you graduate.

  • The time to reduce your debt is before you borrow, not afterwards.

  • Mistake number two, not graduating in four years.

  • Only 39 percent of you graduate on time. That extra victory lap or two is expensive.

  • Mistake number three, being unrealistic about future earnings. Apply this rule of thumb --

  • your student loan debt at graduation should not be greater than your annual starting salary when you graduate.

  • Well, I should be paying about $350 a month. And that`s about half my check.

  • I studied to be an actress and that is a job that requires a lot of financial flexibility.

  • And that`s not something I`ve been able to really pursue.

  • Mistake number four, overlooking public in-state colleges.

  • A lot of times, those schools offer the best return on investment.

  • Going to an in-state public college as opposed to a private non-profit college can save you about half the cost.

  • Mistake number five, missing student loan payments.

  • Once you`re in default, it's next to impossible to discharge those loans in bankruptcy and harder to qualify for student loan forgiveness programs.

  • Because the debt is there, a lot of my plans have been on hold until that`s more under control.

  • I can`t plan ahead anymore than like a month.

  • It`s a pretty heavy burden.

  • I can like see the end of the month, and I`m like if I can get there, than I have another month to set up what I`m doing with my -- with my life.

  • The bottom line, borrow less, budget more.

  • The Badger State, The Prairie State, The Tarheel State -- what do they all have in common?

  • Roll Call.

  • North Fond Du Lac is a village in Wisconsin. It`s home to Optimist Park and The Orioles of Horace Mann High School.

  • The city of Champagne, Illinois is home to The Virginia Theater; also, Jefferson Middle School, The Jaguars online there.

  • And Thomasville is a city in North Carolina where you`ll find The Big Chair and, of course,

  • The Golden Eagles are there at East Davidson High School.

  • In a non-competitive job market, when employers are aching to have people on their payroll, the interview tips are pretty simple --

  • be on time, practice answers to common questions, highlight how your skills can help the company you`re interviewing for.

  • This is a competitive market and it seems millennials in particular have to do homework to nail their interviews.

  • Now, the bad reputation is probably undeserved, but rule number one,

  • anyone walking into a job interview should take special care not to reinforce that stereotype of being lazy, spoiled and conceited.

  • No, I`m actually pretty good at job interviews.

  • Every time I think of an interview, I don`t really worry about it, because I assume that I will get the job.

  • Number two, clean up your social profile.

  • I recently discovered that my Twitter account from like 2011 that I haven`t accessed in years was somehow public.

  • I try to keep my Facebook pretty clean. Also, I`m friends with my parents.

  • Get on LinkedIn. Google yourself. Your prospective new boss will.

  • Number three, be ready for the background check.

  • Many employers look at credit history when they run pre-employment background checks on potential new employees.

  • If you`re not paying your student loans or you`re carrying big credit card balances,

  • the hiring manager can see it, especially in positions that require some financial responsibility, this could be a big red flag.

  • Number four, don`t lie.

  • I have -- I have lied on a job interview. I have told jobs that I`m not going back to school to pursue my degree.

  • A Career Builder poll found an astonishing 58 percent of employers say they have caught lies on resumes.

  • It`s too easy to get caught and if you get away with it at first, you can expect to lose your job down the road when it`s uncovered.

  • Number five, know the company.

  • Is it a public company?

  • Where is it based?

  • What are the lines of business and who are the bosses in those lines of business?

  • And most important, who do you know at that company who can vouch for you?

  • It`s not always what you know but it`s who you know and just making these personal connections when people can go further than, you know, the best resume.

  • You`ll be hearing "you`re hired" before you know it.

  • Well, that concludes today`s special edition of CNN STUDENT NEWS.

  • We hope we got it right on the money that you`re able to cash in on your new-found knowledge,

  • that everything made sense and that you`ll invest another 10 minutes of commercial-free coverage tomorrow.

  • I`m Carl Azuz.

Hope you had a great weekend.

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CNN Student News April 6, 2015

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    Kuo Cheng Lin posted on 2015/04/08
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