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 ...
Waitress can earn good money.
They are enabling the daughter.
+10
:)
“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.”
I’m one of those “stupid people” you are referring to. My work paid for some of my bachelors degree, but I had to take loans to finish. For my MBA, I am on the 5 year plan where my company will pay the entire nut. Taking the loan was my only chance to receive my degree.
As far as working at McDonalds, when I got my Bachelors, my next job paid $35k more a year and my MBA will add another $25k. I’m 59 years old and working in IT. Was ore than worth it.
Mortgages are a secured debt. Bi-sexual under water basket weaving degrees have no intrinsic value.
Stupid is as Stupid does.
I got my Doctorate there.
The thing I wonder is after 10 years of listening to people whine, why do people STILL sign on the line?
They must be stupid.
Me too and I got an excellent education.
I believe the Poster was referring to those who co signed for their irresponsible kids and grandkids.
Shup.
Dey's smarter dan you, cause PhDs and all.
No obviously you are not one of the stupid people mentioned.Reading incomprehension is a sad thing.
Good for you but that does not excuse the other ignorant people who think we should forgive their stupidity.
I had a friend who had to sell her house to pay down the debt which she had mortgaged her beautiful home for her kids education.
neither of the kids earns more than 30K after high end educations.
One is now sick with a debilitating progressive disease and on disability.
My friend now lives in a trailer. and still sucking air.
sad.
>>“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.”<<
73 percent of borrowers are idiots
1. College isn’t for everyone. 2. Too many majors do not pay for themselves. 3. When the vast majority of tuition is paid via loans, it makes it very easy for colleges to increase tuition because students do not immediately feel the increase. 4. Why in the hell would you have someone indoctrinate you, and then pay for it for years to come.
“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.”
Mom needs to have a talk with daughter. You either pay rent, pay your loans or find another place to live.
kid debt
I know of a woman 80 years old that is still paying on a student loan.
I don’t understand the lack of fear of debt. I would rather wear 30 year old clothes, and eat mac and cheese every week night than go to sleep worrying about what I owe. I am fully aware that some people do that, and still owe money, and they deserve better. That said, because that’s a possibility for most people if things go wrong, we all need to be vigilant. That includes not enriching educational institutions that are not going to improve our lives.
If you incur a debt, you pay it back, for honor's sake, if you have any. Otherwise you're no better than a thief.
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