Fresh out of college and new to New York City, young people arrive with the expectation of "Sex in the City" and "Glee"-style adventures, guided solely by the hot lights of the city and a sense of whimsy. Instead, they are confronted with the high cost of NYC's living and unshakable college student loan debt, which often forces them to pit financial obligations against one another.

In the last 10 years, education debt has tripled, reaching over $1 trillion, forcing graduates in expensive cities to carry the weight of that debt as they work their underpaid positions, unpaid internships, and pay for their overpriced hovels on the Upper West Side or in Brooklyn. To alleviate some of the economic burden, President Barack Obama signed an executive order to allow borrowers to pay no more than 10 percent of their monthly income in student loan payments.

Economically, in the long run, college graduates benefit from their time spent on campus, averaging almost twice the pay as someone without a degree. However, in the short term, as a young person dwelling in a large city like New York City, there appears to be little benefit to four years spent at a private institution. Spending your days working as a barista and evenings nannying children -- just to make ends meet and pay student loans while waiting to win a high-paying position -- isn't ideal. Faced with student loans, many have considered leaving the city; some have opted to couch surf while saving; and some have moved into crowded apartments as they become deflated by attempts to be responsible for current financial obligations and financial agreements that they consented to while they were clueless teenagers.

The Federal Reserve Bank of New York's data reveals that a tumultuous relationship has manifested between student loan debt and the housing market. Student loan debtors once bought homes at a higher rate, because of increased earning, but for the first time in a decade, homeownership is not a priority for student loan debtors who are unlikely to take out home mortgages. Unable to move toward real estate maturity due to burdens bestowed as soon as they exited the classroom, former students are experiencing what Nobel laureate Joseph Stiglitz called "an education crisis." There are 600,000 students across the country, or 15 percent of recent borrowers, who have defaulted on their loans within recent years because of an inability to pay. The defaulted loans then affect credit rating, employment offers, home financing, opening a bank account, apartment-hunting, and financial confidence.

"Many student loan borrowers are working and trying to responsibly make their monthly payments, but are nonetheless struggling with burdensome debt," a White House official said. "The challenges of managing student loan debt can lead some borrowers to fall behind on their loan payments and in some cases even default on their debt obligation, with such consequences as a damaged credit rating, losing their tax refund, or garnished wages."

The executive order, which Obama signed during a live-streamed appearance in the White House Rose Garden, expands on a 2010 law that protects those who borrowed after October 2007 and continued to borrow after October 2011. The order allows those who borrowed earlier to participate, potentially easing financial panic for millions of borrowers. During the same appearance, Obama called for the passing of more sweeping legislation, which would allow college graduates with heavy debts to refinance their loans. With the financial leniency, debtors would gain time to shop for better positions, and they wouldn't feel pressed to pay student loans rather than eat. While the action will help more than 5 million additional borrowers, it will not be available until December 2015.

"Just like you can refinance your mortgage at a lower interest rate, this bill would let you refinance your student loans. And we'd pay for it by closing loopholes that allow some millionaires to pay a lower tax rate than the middle class," Obama previously stated.

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