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 ...
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.
I though Obama had already nationalized, er, socialized this debt?
They’re too old to hire, so too bad.
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.
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...
No, it's yours and my debt. It's our money going out and not coming back. More government waste.
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.
What a LOSER DUMBASS with LOSER DUMBASS PARENTS!!!
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
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.
Any Boomer that still owes money for college loans should be ashamed of themselves.
.
She’s a STUPID gal.....what was her Major in....European Art History or Women’s History?? I would LOVE to know!
I stopped right there. That is a misrepresentation of the truth. Obama has fundamentally transformed the definition of retirement.
“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.
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.
Hopefully, the last check I write will be to the IRS. (And that sucker will BOUNCE!)
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