Seniors still paying for school

I can’t even imagine what a burden this must be:

New research from the Federal Reserve Bank of New York shows that Americans 60 and older still owe about $36 billion in student loans, providing a rare window into the dynamics of student debt. More than 10 percent of those loans are delinquent. As a result, consumer advocates say, it is not uncommon for Social Security checks to be garnished or for debt collectors to harass borrowers in their 80s over student loans that are decades old.

That even seniors remain saddled with student loans highlights what a growing chorus of lawmakers, economists and financial experts say has become a central conflict in the nation’s higher education system: The long-touted benefits of a college degree are being diluted by rising tuition rates and the longevity of debt.

3 Responses to Seniors still paying for school

  1. Ten Bears April 2, 2012 at 9:28 am #

    I can. Effectively retired, I’m not looking forward to waiting five more years for an income again – SS – only to find it garnished. That’s not what I paid into it for. And I can appreciate the apparent futility of it all, in the long run it really didn’t improve much – twenty years down the road I’m pretty much where I was when I started down that road. Had a good run at it, but hell, I had a good run helicopter logging.

  2. Pragmatic Realist April 2, 2012 at 12:29 pm #

    The worst part of it is that people got in trouble by believing the lies they were told about education and the future of our country. They were tricked and swindled into borrowing to buy a worthless product, wasting years of effort struggling through school, and the swindlers are the ones now protected by the law.

  3. Boohunney April 2, 2012 at 1:16 pm #

    WTF???? Boggles my mind. It is all tricking up and now they are pulling up the ladders …… Geez.

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