According to a new report by FICO, the percentage of Americans ages 65 and older with student loan dues increased 300% from 2006 to 2016, compared to 100% for Americans ages 35-64. This statistic will continue to rise as the population ages and older employees turn to workforce retraining programs to learn new labor skills, the data analytics company estimates.
As previously reported by FOX Business, outstanding student loan debt has increased by more than 457% since 2003.
Correspondingly, average loan balances have grown among individuals. The FICO data shows that retirement-aged Americans, 65 and older, owed $28,268 on average in 2016 – a 40% increase over the past 10 years. Individuals between the ages of 55 and 64 owed $33,915 last year, a 42% jump since 2006.
http://www.foxbusiness.com/markets/2017/08/18/student-loan-debt-crushing-older-americans-too.html
7 comments:
Time to see more jobs brought back home to America.
Saddling older people with student loans as part of their "retraining" is just evil.
If Trump keeps focus on deregulation and ending fraud in gov't programs much will be restored.
wow. had no idea older Americans still under this crushing debt...my question would be Why? older Americans have been working for many years. really don't understand this debt for them...
Absolutely! Just look at a recent graph showing growth of various forms of debt... student loans FAR outpace credit cards, car loans and mortgages.
Our liberal university presidents convinced our gullible liberal politicians that every kid needs a college education (like Bill Clinton said everyone needs a house) and tried to make it as easy as possible to put the burden on the students by making it so easy to get a loan.
It's a giant Ponzi scheme that no one ever questioned. Now, like the mortgage/CDO debacle, it's slowly crippling our economy.
Why has the cost of college education gone up 4 times faster than normal inflation?? think about it... the only way you can push the price higher is making it easier to purchase in the first place. Think homes, cars, Rent-A-Center, etc. Make people believe there is an endless supply of cash, and they will spend.
It's a sham and a shame.
Make people believe??? Oh great Caesar's ghost!!!
My wife/I thought we saved enough for both kids when they were born. Unfortunately when we had our children over 40 years ago, we were not making as much money as we were when they graduated high school so the savings only equated to the 1st two years of schooling. Their last 2-3 years were via student loans that they would have to pay back once they graduated. They graduated, got good jobs, made payments and once they started their families, we finished any loan payments AND gave each an additional investment towards their childrens' future college fund. Pay it forward before that term became popular.
Eye opener today how college costs have skyrocketed - makes one wonder if its even worth it anymore - i.e., is the education worth it or are we just lining the pockets of the colleges/universities.
I saved for both my sons when they were born and bought U.S. savings bonds for both of them and contributed to it until they started college. Unfortunately it was only enough to cover books and the first year of school. High tuition costs and books exhausted everything in the first year. Even with my son working and living at home, his college tuition bill will be for 40K. It's outrageous and the degree in the job my son is working in, in Civil Engineering, will take years to pay off for what little money his employer will be paying him. Companies need skilled workers with an minimum of a Bachelors degree, but they don't want to pay what the degree is worth.
1037 something to think about once your Civil Engineer graduates. Working for the Federal Gov't - i.e., US Army Corps of Engineers. They ALWAYS are looking for entry level engineers - sometimes offering incentives like "recruitment bonuses" or better yet "student loan repayment". Private industry also hires at the entry level and some even wipe clean any student loans. There could be service agreements tied to incentives like 2-3 years working for that organization - but it beats having school debt at a younger age!!!!
Key to any type of employment is the willingness (and ability) of the candidate to move to where the job is located. If one's area of consideration is a single location - opportunities could be drastically limited.
Post a Comment