Student loan debt and the older generation

[Slater]

Doesn't get quite as much publicity as student loan issues with younger folks, but it seems to be a substantial problem. Looks like a lot of these people will die still owing a lot of money for these debts. Getting your Social Security benefits garnished would be the icing on the cake, I guess. Of course, there's the opposing viewpoint of "You took out these loans willingly. So you can't really complain too much".

"Over 8 million borrowers over age 50 hold 22% of the federal student-debt load, or $336.1 billion.

Insider spoke with borrowers with debt burdens they fear won't be paid in their lifetimes.

One borrower started with $79,000 in debt, paid $175,000, but still has a balance of over $200,000."


https://www.yahoo.com/news/older-peo...123000078.html

[Averageman]

I would submit to you that from what I have seen a lot of folks have no clue when they take this money, that it has to be repaid.
Yeah, I know, that's pretty stupid, but that is essentially the long and short of it. I have a cousin who is buried in student debt, she's going to be paying it off forever.
I guess those Spring break trips to St Pete's with her Sorority Sisters were fun at the time, but had she just stayed home and worked, ya know?

When I mentioned that I had gotten two degree's while serving in the Army and did it all debt free, I'm just kind of a "Party Pooper" and I'm told that just wasn't an alternative. I mentioned that I invested for College for my Son since he was born and he's working on his second degree and owes nothing, well, it's kind of time to leave the Party, dontcha know.

If someone decides to "Pay off Students Loans", they need to rebate me a bit of cash, I didn't cause it, didn't participate and found my own way, and yet you want to pay off loans for people too stupid to read the fine print?

[eightmillimeter]

It all starts with the FAFSA bullshit. They hound and hound to fill that crap out then when you actually finally see numbers many people think they are getting aid not loans.

[Swstock]

Borrowing money to pay for an education that will pay enormous returns via a well paying job is 1 thing.

Borrowing money to fund a gender studies degree from a private institution is blatantly irresponsible.

Your quality of life depends on the choices you make. IDGAF how old you are. Pay your loans back.

You either did the right thing and can easily afford them now, or your a losser who deserves the misery of being broke.

[GH41]

What would tuition cost if the f---ing government didn't underwrite the loans? I wonder what percentage of the kids enrolled are there without loans? Probably the same percentage people that would be driving new cars if the manufactures didn't finance them.

[Slater]

Back in the 1970's and 80's (and even before) this didn't seem to be an issue. So what changed?

[SteyrAUG]

Older people are vulnerable to scams.

Most student loans are the equivalent of a home mortgage and at the same time a mostly worthless degree at the end of the road. People of a certain age group were told their entire life that a college degree is the golden ticket to success. Unless you are getting a specific degree required for a specific occupation it's almost a waste of time and in most cases a huge waste of money.

[SteyrAUG]

Back in the 1970's and 80's (and even before) this didn't seem to be an issue. So what changed?

People didn't borrow $80,000 with a payment plan that results in 240,000 in payments to get a degree in gender studies.

[Slater]

I would agree that there's jobs out there requiring a college degree that a reasonably tuned-in high school graduate could probably perform.

[FromMyColdDeadHand]

Back in the 1970's and 80's (and even before) this didn't seem to be an issue. So what changed?

People didn't borrow $80,000 with a payment plan that results in 240,000 in payments to get a degree in gender studies.

I was just looking at my university from the early 90s until now looking at room and board and tuition. Room and board is about four times as much, tuition is 12 times as much. Midsize, in a Midwestern city, private school. When I started, room and board and tuition were about the same. About 4000 to 5000 per year. While I was there tuition went up $1000 a year every year. So it almost doubled while I was there. Luckily some scholarships helped. I paid room and board, my parents paid tuition. I never went on spring break because I had always run out of money and my part-time job was feeding me at that point of the year.

Halfway through getting my MBA I did take student loans mainly to manage cash flow. Think I borrowed a total of about $3000 and paid it off within three years or something like that?

I would agree that there's jobs out there requiring a college degree that a reasonably tuned-in high school graduate could probably perform.

I definitely agree with the statement, since most people that go to college don’t learn very much. At the very same time when I got out with the technical degree there were old guys who had been doing the job I had for 40 years. They definitely had an interesting set of skills. Their holes in basic technical knowledge were always kind of interesting. It held them back from understanding the big picture.

It’s all about adding value and doing jobs that other people don’t want to or can’t do. .It’s also about management being comfortable with you in that position, and reducing risk.