The experience of being crushed by student debt is no longer limited to the young. New federal data shows millions of Americans who are retired or nearing retirement face this burden, as well as the possibility of having their Social Security benefits garnished to make payments.
Over the years I have seen many retirement plans ruined, simply because substantial amounts of investment dollars, originally allocated for retirement, were used to pay for college education.
It's no secret that student loans are a hot topic in the United States nowadays. They are mentioned in the news, both in a positive and negative light, almost every day.
With all of this news circulating around the internet, television, and in print - it is natural to become curious about the numbers behind student loan debt.
Want to go to college but wish you could avoid tuition? It's possible. Schools throughout the country offer free tuition to admitted students. But read the fine print. Students may have to hail from a certain state or region or come from a low-income background. Some schools require on-campus work or service after graduation.
Updated on Sept. 10, 2018: This list has been updated to reflect information for the 2018-2019 school year.
Whether or not you believe the allegations, the jaw-dropping dossier of sins that the Consumer Financial Protection Bureau accuses the nation’s largest student loan servicer of committing is useful for two crucial reasons.
Q. To assist our son in fulling his dream of becoming an Air Force pilot, we took out a Parent Plus loan to cover his tuition. We borrowed $90,000 over four years. Is there any write-off we can take? It's tough paying $1,200 per month and almost $1,100 goes to interest. It's killing my retirement.
-- Retirement-poor
A. You son is very lucky that you took out loans on his behalf.
Hopefully the day will come when he can help you with the payments.
HUG is NOT refinancing, consolidation, settlement or bankruptcy. It will not damage or freeze your credit. Our typical client will be debt-free in half the time or less, including mortgage, credit cards, student loans and other types of debt obligations, compared to their current schedule. Most clients will pay less than 3% interest over all.
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"If we don't change direction soon, we'll end up where we're going."
– Irwin "Professor" Corey
"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
– Robert Reich
"Nothing in life is to be feared. It is only to be understood."
– Marie Curie
"There is scarcely anything that drags a person down like debt."
– P. T. Barnum
The road to success is always under construction
– Lily Tomlin
“This would be a much better world if more married couples were as deeply in love as they are in debt.”
– Earl Wilson
“What I would like to do... once I take care of all my kids' student loans, is buy a red 1965 Mustang and fully restore it.”
