A very sad article from the New York Times, but I can’t say I’m really surprised. In the ultimate irony, in many cases throughout America it is actually parents that are forced to move in with their kids due to the piles of student loans taken out on their behalf. We are officially a nation of unemployed debt slaves. Aren’t you glad we bailed out Wall Street?
From the New York Times:
It has been six years since Ms. Fitzgerald — broke, unemployed and in default on the $18,000 in loans she took out for Jenni’s college education — became a boomerang mom, moving into her daughter’s townhouse apartment in Hingham, Mass.
In the first three months of this year, the number of borrowers of student loans age 60 and older was 2.2 million, a figure that has tripled since 2005.That makes them the fastest-growing age group for college debt. All told, those borrowers owed $43 billion, up from $8 billion seven years ago, according to the Federal Reserve Bank of New York.
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