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Baby boomers may die with college debt
MSN Money ^ | April 16, 2013 | Aimee Picchi

Posted on 04/16/2013 3:22:15 PM PDT by rightwingintelligentsia

Baby boomers are easing into retirement, but some may find their golden years are haunted by student loan debt that could follow them until they die.

It's not their children's debt, however -- it's their own. Many boomers returned to graduate school during the recession to bolster their skills, reports the Chronicle of Higher Education.

Student loan debt is actually growing fastest among people over 60, the report notes. More than 2 million Americans over 60 owe student loan debt, with the average balance standing at about $19,500, up from just under $11,000 in 2005, according to the Federal Reserve Bank of New York.

In all, that amounts to $44 billion in student loan debt carried by people who often qualify for senior discounts.

"I fully expect to die with this debt," a former meteorologist told the Chronicle. After going back to school at 58 to become a mental health counselor, he's now $70,000 in debt and unemployed at 65.

(Excerpt) Read more at money.msn.com ...


TOPICS: Business/Economy; Miscellaneous
KEYWORDS: boomers; college; collegeloans; loans
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1 posted on 04/16/2013 3:22:15 PM PDT by rightwingintelligentsia
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To: rightwingintelligentsia

Basically, you’d have to pass a law, and limit each kid to only $8k a year in loans...to stop the madness. They will bankrupt not only themselves, but the nation.


2 posted on 04/16/2013 3:25:25 PM PDT by pepsionice
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To: rightwingintelligentsia

I though Obama had already nationalized, er, socialized this debt?


3 posted on 04/16/2013 3:25:44 PM PDT by Jim Robinson (Resistance to tyrants is obedience to God!!n)
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Comment #4 Removed by Moderator

To: rightwingintelligentsia

They’re too old to hire, so too bad.


5 posted on 04/16/2013 3:31:03 PM PDT by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the planet.)
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To: rightwingintelligentsia

I decided against grad school and retired my student loan over a decade ago. I plan on entering retirement with everything paid off, including my house. I want to enjoy retirement, not stress over it.


6 posted on 04/16/2013 3:35:04 PM PDT by AlaskaErik (I served and protected my country for 31 years. Progressives spent that time trying to destroy it.)
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To: rightwingintelligentsia
Another older student, 63-year-old Joan Roberts, told the publication that she's living in subsidized housing and getting by on food stamps, after enrolling in a PhD program for art education.

Sounds like more evidence that student loans are just a tax on Stupid.

Who, on God's Green Earth, would in the last 10 years find themselves out of the job market would look at the job landscape and conclude: "I see it! There is a HUGE demand for ART EDUCATION DOCTORS!"

Justice would dictate she is found frozen in her apartment one cold winter day soon, in her living room, being eaten by her 6 cats. In the meantime we must hope she hasn't passed her stupid gene on...

7 posted on 04/16/2013 3:35:52 PM PDT by freedumb2003 (LBJ declared war on poverty and lost. Barack Obama declared war on prosperity and won. /csmusaret)
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To: rightwingintelligentsia
It's not their children's debt, however -- it's their own

No, it's yours and my debt. It's our money going out and not coming back. More government waste.

8 posted on 04/16/2013 3:37:22 PM PDT by bgill
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To: rightwingintelligentsia

I took out a college loan for one of my kids, and the contract said that it would be forgiven if I died before it was paid off—I presume if I kept up the payments till that point.

I don’t know if that still applies or not. Or for that matter whether my own loan still carries that presumption. The gubbermint has a way of changing these things ex post facto and not telling you.

But that was the contract condition at the time.


9 posted on 04/16/2013 3:38:21 PM PDT by Cicero (Marcus Tullius)
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To: F15Eagle

What a LOSER DUMBASS with LOSER DUMBASS PARENTS!!!


10 posted on 04/16/2013 3:40:21 PM PDT by Ann Archy (Abortion.....the HUMAN Sacrifice to the god of Convenience.)
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To: rightwingintelligentsia

The “Big Education” cycle:

1) make unlimited taxpayer subsidized loans available
2) schools increase tuition and fees to absorb available funds
3) schools use income to pay profs and admins massive salaries
4) profs and admins donate heavily to Democrats

and repeat


11 posted on 04/16/2013 3:40:34 PM PDT by nascarnation (Baraq's economic policy: trickle up poverty)
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To: AlaskaErik

Pay as you go. I paid for all of mine except for my first degree. My employer decided I’d make a better lab grunt if he covered half my expenses for extra training.

When peasant children treat college like four or five extra years of high school, they get into trouble like this.

Upper-class just live off mommy and daddy.


12 posted on 04/16/2013 3:41:57 PM PDT by warchild9
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Comment #13 Removed by Moderator

To: rightwingintelligentsia

Any Boomer that still owes money for college loans should be ashamed of themselves.

.


14 posted on 04/16/2013 3:43:46 PM PDT by Mears
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To: F15Eagle

She’s a STUPID gal.....what was her Major in....European Art History or Women’s History?? I would LOVE to know!


15 posted on 04/16/2013 3:45:08 PM PDT by Ann Archy (Abortion.....the HUMAN Sacrifice to the god of Convenience.)
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To: rightwingintelligentsia
Baby boomers are easing into retirement...

I stopped right there. That is a misrepresentation of the truth. Obama has fundamentally transformed the definition of retirement.

16 posted on 04/16/2013 3:45:46 PM PDT by VRW Conspirator (Cyprus - the beginning)
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Comment #17 Removed by Moderator

To: F15Eagle

“met a girl in the last two years who has $150,000 in college debt”

Let me be a ‘one-upper’. A co-worker’s wife is around $240k in debt...still working on her PHD...42 years old...and just had a baby.

I don’t think she’ll pay them off anytime soon.


18 posted on 04/16/2013 3:46:25 PM PDT by lacrew (Mr. Soetoro, we regret to inform you that your race card is over the credit limit.)
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To: rightwingintelligentsia
“After going back to school at 58 to become a mental health counselor, he's now $70,000 in debt and unemployed at 65.”

He was 58 and going into debt for a mental health degree? How many years of work did he think he had ahead of him? What salary did he think he was gonging to earn to pay off this debt? We sure have a bunch of stupid people going to stupid leftwing universities learning absolutely useless crap.

19 posted on 04/16/2013 3:47:47 PM PDT by Chgogal (Obama murdered the SEALs.They "were hung out to dry, basically exposed like a set of dog balls,...")
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To: rightwingintelligentsia

Hopefully, the last check I write will be to the IRS. (And that sucker will BOUNCE!)


20 posted on 04/16/2013 3:48:40 PM PDT by Slump Tester (What if I'm pregnant Teddy? Errr-ahh -Calm down Mary Jo, we'll cross that bridge when we come to it)
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