The University of Memphis’ graduating class will face a variety of concerns this spring, including where to live after graduation.
For many students, living at home with their parents is a viable option. The pros of living at home include substantial cost savings while looking for work, stability in an unfamiliar world and the ability to save or invest money.
For other students, living at home may not be as practical. The cons include a lack of personal freedom, an inability to mature as quickly and the added stress put on the parents’ household.
Josh Tipton, U of M graduate, said in his opinion, it might be more practical for single women to live at home if they remain in the Memphis area due to the amount of violence present. He said the decision of whether or not to live at home usually depends on the particulars of the parental relationship, however.
SGA President Laura Pevahouse agreed. “I think it completely depends on the person and their situation.
“If you have lived away from home for a while, it will be difficult to go back to living at home. But if you have lived at home throughout college, I would think it wouldn’t be much of a change.”
Debra Brown, U of M financial aid counselor, said she believes from a financial aid perspective, students attending graduate school might not have to take out as many loans if they live with their parents.
However, she also said she believes graduate students should not be living with their parents after receiving their first degrees.
From an economic perspective, students who opt to live with their parents after graduation will enjoy cost savings while looking for work.
“I think it’s a good idea (to live with parents),” Brown said. “In this economy, at this time, yes. They can help contribute to the household.”
However, Brown said the potential for added stress on the parents’ home, given the presence of other siblings, might outweigh the positive gains and should be taken into consideration.
On the other hand, students will be able to save or invest money if they decide to stay at home or move back home after graduating.
Pevahouse, who graduates May 11 along with approximately 1,500 other graduates, said she knew several students who moved back home after graduation and managed to save quite a bit of money.
She said in one instance, a student was able to save enough money while living at home to put a down payment on a new house.
“This may be a wise thing if the person responsibly saves their money, especially in an economy like today’s,” Pevahouse said.
