From our Migration Issue: The Financial Exiles
Molly McCloskey is weighing her options for chipping away at $20,000 of student loan debt. The way she sees it, she can put her degree to use (easier said than done), apply to grad school, or wait tables—the kind of gig many of her former classmates have. Others don’t have a job at all. Nationwide last year, more than half of bachelor’s degree holders under 25 were jobless or underemployed, the highest rate for young college graduates in more than a decade.
As they’re confronted with crushing debt and few job prospects, many young Americans like McCloskey have suspended their plans to succeed in their own backyards. Instead, they’re biding their time abroad, working in countries where decent pay, a prestigious title, a pension, and affordable health care aren’t just wistful aspirations. Often, there’s no experience needed.
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