Posted on 03/13/2017 4:00:22 PM PDT by Lorianne
It’s no secret that student debt can challenge millennials looking to start careers and launch into young adulthood. Increasingly, however, college loans are also making it harder for their parents to wind down their working lives.
Take Harlan Crider, of Elverson, Pa.: He’s 79, and he’s still putting in about 40 hours a week doing property assessments. He’d rather retire, but he owes $400 a month on loans he took out to help pay for his son’s college.
Stories like Crider’s are becoming more common as families seek ways to finance school amid rising college costs and federal loan limits that have remained relatively flat for students. The dollar volume of Parent Plus loans — the loan the government offers parents — has doubled in the past decade, according to an analysis of federal student loan data by Mark Kantrowitz, publisher of college scholarship and search site Cappex.com.
Crider stretched out the loan’s repayment term to 30 years to make the payments more manageable, but that means the loan term doesn’t run out until about 2030.
“I’m going to be paying until I’m dead,” he told MarketWatch.
(Excerpt) Read more at marketwatch.com ...
gee maybe the kids should pay off their own debts?
but i guess if 80 year old parents wanna keep flipping burgers at McD’s until they drop dead at the grill.....
its okay
These moron lib parents are getting just what they deserved...” I never promised you a rose garden...or a college ed, either!”
Harder?
The misspelled “impossible”.
For the only three human beings on the planet that I would gladly do it for, in spite of the obvious fraud involved...
My daughters.
How old is the deadbeat son? 50?, 60?
I’d move to Texas and tell the lender and the deadbeat that I’d follow up (shortened to f/u) later.
I'll remember this scam next time around.
More need cheaper degrees from state colleges.
Yes. Really. With few exceptions employers do not care where you got your degree.
His fault for enabling moochers instead of independent adults.
Ummm...no. That’s why God made 529’s. College....paid.
Agree, but here’s something that makes it a bit more complicated: try telling middle class people their high school kids should wait, rather than go to college straight from high school...in 90% of the cases, the responses will be adamantly negative. The same thing happens when the kids themselves try to tell their parents they ate not ready to go to college: they are told, “ You are going to college next year. No matter what.”
Never agreed with the notion of exposing all I have worked for, for school loans of a child.
In 2030, he’ll be 92. What bank would stretch out a loan this far, unless their goal is to create debt slaves?
Try Costa Rica. No extradition.
I know...they tug at your heartstrings...then at your purse strings...next thing you know...you’re bankrupt!
I agree no Parent should have delay retirement because a child is in school. The child could work and go to school. That didn’t used to be a new idea.
When my boys graduated from college I gave the their loan books as a gift. I have never paid a single payment.
Tough love...we need more of it.
Pa was 62 when he started paying off loan.
What’s the ‘kid’ doing?
Ten bucks says that Sonny is 60 and makes 20K/yr teaching Women's Studies at East Central Community College.
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