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Why Senior Student Loan Debt Is More Complicated

Source Date: 
Monday, May 6, 2013

With more sources of debt and fewer repayment options, seniors are nowthe fastest-growing age group for student

loan debt.

We’ve all heard about the dire straits today’s college students face

upon graduation: tens of thousands of dollars in student loan debt that

they may never be able to fully repay. But what about senior citizens?

The truth is, Americans aged 60 and over are in a financial situation

just as alarming.

According to the Federal Reserve Bank of New York, by the end of

2012 older Americans owed a staggering $43 billion in college debt,

making them the fastest-growing age group for student loan debt.

Even more frightening, 12.5 percent of those indebted seniors are 90

days delinquent or more. Why are our parents saddled with so much education debt they can’t pay back? Current

students, of course, can blame rising tuition and fewer job opportunities, but for seniors, the answer is more complex.

“This would be a much better world if more married couples were as deeply in love as they are in debt.”
– Earl Wilson
"There is scarcely anything that drags a person down like debt."
– P. T. Barnum
"Nothing in life is to be feared. It is only to be understood."
– Marie Curie
"If we don't change direction soon, we'll end up where we're going."
– Irwin "Professor" Corey
The road to success is always under construction
– Lily Tomlin
"Bankruptcy laws allow companies to smoothly reorganize, but not college graduates burdened by student loans."
– Robert Reich
“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.”
– Mike Quigley