Over 60 and still paying student loans reports that $36 billion, or 4.2%, of student loans are owed by people 60 and older. Another 11.3% of the student loan debt is owed by people 50-59. The article does not share the exact causes of people still having student loans at these ages. The potential reasons include not paying enough on loans, going back to school later, or co-signing a child's or grandchild's student loan.
When I graduated from college over thirty years ago, loans were a great way to help pay for a college eduction. I doubt many seniors were paying off student debt. For my spouse and me, we were able to pay off our student loans in 10 years or less, as many of our peers did, with little difficult.
Nowadays, the data show student loans may be more of a detriment than a help.
For more on Crossing Generations, check back every Thursday for a new segment.
This is not financial or education advice. Please consult a professional advisor.
Copyright © 2012 Achievement Catalyst, LLC
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