With the moratorium on student loan payments set to end with the summer, the American media is once again reckoning with the fact that the US has a hidden crisis with older borrowers weighed down by student debt. In many cases, these borrowers have been paying off student loans for decades.
At the very least, it’s a depressing image of what might lie in store for millions of millennials, as individual student debt burdens have only grown more unmanageable as the cost of college accelerated beyond all control.
But with President Biden considering forgiving $10K per borrower, and the aggregate sum of delinquent student loan debt surpassing $435 billion (roughly one-third of the $1.7 trillion total), it’s important to remember that repaying debt doesn’t get any easier once borrowers pass their prime employment years. In fact, it gets much more difficult once you start living on a fixed income.
There are now about 8.7 million Americans aged over 50 who are still paying off college loans, and their debt has increased by about half since 2017. Since then, they’ve represented the fastest growing group of borrowers as more older workers have gone back to school to try and change careers.
Confused here….. In less than 12 months Congress could approve $6 TRILLION in relief.
Whats another $1.7 TRILLION anyways?
We all will be living in tents eventually!
Older, younger, whatever – when you accept a loan, it means you have to pay it back!
What a shocker when the millennials realize they actually have to work to pay off their loans. Woopsie……… unfortunately those millennials who fail to pay their loans subject their parents who likely have co-signed for them, and as they skip off without a care, their parents assume their debt.
How many of those degrees have actual practical applications, i.e., lead to jobs with living wages? High school guidance counselors should be all over this, as should parents, teachers and boards of education.
I dumped my student loan off in bankruptcy court. I just did the credit card cash draws and paid off the loan then bankrupted the credit card debt. Burnt the banks for $45,000 in just student loan and another $22,000 in medical debt.
8:24 – Classy – your generation is all about yourselves, rather than being honest and responsible. You are the perfect example of why our world is so screwed up.
Over Taxed Americans Live a Lifetime in Debt !!! FACT Thank Your Communist GOVT You NOT Free !!!!
Should be NO Taxes anywhere in this country !!! The Govts can PRINT their own $$$$ & Leave OURS alone !!!!
You give over Half your money to the Govt every year if you are Middle class & not Rich !! So HOW do you get by ???? on Half your income !!!!