I DON'T CARE, PAY THEM!!!
Posted on 03/02/2020 6:37:58 PM PST by Libloather
**SNIP**
It’s a dilemma more American retirees can relate to: While most borrowers are 18 to 39 years old, people over 60 are the fastest-growing segment of the population with student loan debt, according to a report by the Consumer Financial Protection Bureau.
In all, more than 2.8 million Americans over 60 are contending with student debt, a number that has quadrupled from 700,000 in 2005, according to the bureau. The cost is swelling, too: Between 2012 and 2017, for those age 60 and older, the average amount of student loan debt almost doubled, ballooning to $23,500 from $12,100.
The Donohues’ situation is typical. According to that 2017 report, which uses the most recently available figures, 73 percent of borrowers over 60 are paying off student loans they either took out or co-signed to help children and grandchildren through college. Only 27 percent are chipping away at their own or their spouse’s education.
**SNIP**
The kind of issues Kimberly Weihl, 55, of Midland, Mich., is facing, for instance. When Ms. Weihl took out a loan for her daughter to attend Saginaw Valley State University in 2007, she was already paying down $60,000 of her own student debt. Now she owes $77,000. Her daughter, who dropped out after two years at Saginaw State and is living at home, is working as a waitress and not yet able to help with payments, which come to $500 a month.
(Excerpt) Read more at nytimes.com ...
Absolute stupidity.
Have college cosign on the loans.
“73 percent of borrowers over 60 are paying off student loans they either took out or co-signed to help children and grandchildren through college.”
Go bankrupt! Oh wait...
These 2.8 million over 60 with student loan debt have to be some of the most stupid people in the whole US if not the world. They probably work at McDonalds too.
Stuff like this is why I have no sympathy for the folks who suffer from the debt. They were stupid. Stupid is supposed to hurt.
Most Americans carry a mortgage. The average mortgage is $309,000. Way more than the average student loan. Yet you never hear any big fuss about that. People with mortgages are just expected to shut up and pay them down.
McDonald’s pays $2500 a year toward tuition if one works 15 hours a week. Community college is about $4500 a year.
I think your average McDonald’s worker is a lot smarter than these people.
My younger brother (61 y/o) and his wife are both PHD’s, they still owe north of $300K.
I went to school on the GI Bill. Of course, I’m no PHD.
I attended the School of Hard Knocks. There was no tuition, but it wasn’t free.
So what? They owe money for a loan. This is news why, NYT?
A person should not pursue a Ph.D. unless they have secured some sort of assistantship that covers tuition and pays a stipend.
I DON'T CARE, PAY THEM!!!
If they acquired such high student loans, they must have figured they will earn big bucks with the PhD’s, right?
What happened?
A waitress living at home can make some or all of that loan payment
Sorry not buying it
Holy crap. Do they make a bunch of money?
They didn’t earn big bucks with a PhD.
I was lucky. I used my contacts to help my children get decent-paying part time jobs. They made more than enough money to go to a good community college and at the same time save cash.
When they graduated community college with their Associates degrees they had enough cash saved up to pay for their final two years at very good state universities. My wife and I let them stay at home and gave them free room and board as well as the use of a car.
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