Eighty-five percent of college graduates move back in with their family following graduation, according to a recent poll by Twentysomething Inc. That means many of alums may be returning to the nest very soon.
With the unemployment rate as high as 54 percent for those under age 25, it’s no wonder why college graduates may opt to move back in with mom and dad, since doing so may help alleviate financial burdens, such as staggering student loan payments.
Becoming a “boomerang kid” may be good not only for the recent graduate but also for parents because it gives them the chance to reconnect with their children. But, boomeranging young adults need boundaries, too. That means discussing a time limit on how long they’ll stay back at the nest—this will help them set their sights on landing a good-paying first post-college job so they can buy a first car and move out on their own; and considering a contract setting out the amount of rent they’ll pay or other terms on how they’ll contribute to the household.
Recent college graduates may feel a bit overwhelmed by real-world obligations, like car, student loan and insurance payments. To alleviate their concerns, become educated on low-interest automobile loans or leasing options. Many vehicles may be available for lease with little or no money down, and affordable monthly payments. Right now, Westboro Toyota is offering $0 money down leasing options on a number of brand-new Toyotas—from the gas-sipping Corolla to the Rav4 and the Matrix.
Also, recent college graduates may be eligible for one-time rebates on new car purchases, which can result in substantial savings. For example, now through Jan. 2, 2013, eligible college graduates may get $1,000 off the purchase of a brand-new Toyota. Westboro Toyota’s recommendation to new graduates: Start thinking now about buying your first new car so you can take advantage of one-time savings like these.
Right now, Toyota Financial Services is also running a contest where new graduates can enter to win a brand-new 2012 Toyota Corolla S. Talk about a great graduation gift to kick off the return to their roots. The contest ends May 8, 2012, so get cracking!