A recent report by Generations United have found that college students and 80-something year olds living together are beneficial for both parties.
There has been an increase of integrational house sharing that brings students to a nursing or private home to live with older Americans. The students are allowed to live rent free in exchange for their services, including grocery shopping or shoveling snow. Students also have the option to rent at below market rates with no formal exchange of services.
"These shared arrangements confront ageism, provide a barrier against isolation and create long-lasting and life-changing intergenerational bonds, adding purpose and meaning to the lives of young and old,” said Tom Knickerbocker, Executive Vice President of Ameritech Financial in a press release.
Aside from the living arrangements promoting a healthy lifestyle for both students and seniors, it also helps students with the financial burdens of attending college. Colleges are also adapting to this new living arrangement and matching their graduate students studying social work, with older Americans in the program Integrational Housing Solutions in Housing that will begin next Fall.
"When generations are more closely connected rather than separated, resources are more wisely utilized," said Knickerbocker. "And instead of student debt, student wealth is created in the form of increased understanding and appreciation. But even these 'wealthy' students may have to take out loans which need to be repaid. We assist borrowers by helping them apply for federal programs such as income-driven repayment plans to possibly lower payments so that even more wealth, both in the bank account and the heart, can be created."
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