My mom took out a student loan in the early 80's, my parents proceeded to go bankrupt in 84. After all these years my mother started getting her wages garnished 6 months ago. The debt has gone from 1600 to 14900.

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Posted by Teddy Ruxpin

Member since Oct 2006

39628 posts

Posted on 3/3/14 at 1:49 pm to shaqtaw

Surprised that debt wasn't prescribed, but i have no details to work with

This post was edited on 3/3/14 at 1:50 pm

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Posted by Johnny4lsu

Opelousas, LA

Member since Apr 2008

5143 posts

Posted on 3/3/14 at 1:50 pm to shaqtaw

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Posted by TheCaterpillar

Member since Jan 2004

76774 posts

Posted on 3/3/14 at 1:52 pm to shaqtaw

There are more than 37 million people in this country that have outstanding student loan debt.

The total is over $1 TRILLION dollars now.

$900 Billion is federal student loan debt. AND YOU CANNOT DEFAULT ON FEDERAL STUDENT LOANS. You're fricked. It will never leave you until you pay it and it grows.

$90 Billion is considered past due.

Average person owes $25,000 (the AVERAGE).

This is going to get scary.

LINK

quote:
Who borrows/has borrowed?
Among all 2007-08 bachelor's degree recipients:
• 66% graduated with some education debt, while 10% had borrowed $40,000 or more.
• 62% at public four-year institutions borrowed.
• 72% at private nonprofit four-year institutions borrowed.
• 96% at private for-profit institutions borrowed.

Associate’s degree and certificate recipients, 2007-08:
• 38% of associate’s degree recipients at public institutions borrowed.
• 98% of associate’s degree recipients at private for-profit institutions borrowed.
• 30% of certificate recipients at public institutions borrowed.
• 90% of certificate recipients at private for-profit institutions borrowed.

Among students who earned graduate degrees in 2007-08:
• 26% had no education debt at all.
• 14% had undergraduate debt but no graduate school debt.
• 7% had borrowed $80,000 or more for graduate school.
• 5% had borrowed between $60,000 and $79,999.
(Source: The College Board)

The majority of borrowers still paying back their loans are in their 30s or older. Of the 37 million Americans with outstanding student loan debt:
• Almost 40% of these borrowers are under the age of 30.
• Nearly 42% are between the ages of 30 and 50.
• 17% are older than 50.
• Borrowers age 30-39 carry $307 billion in student loans, followed by those under 30 at $292 billion, $154 billion in the 40-49 age group, 50-59 at $106 billion and the over 60 category carrying $43 billion, for a total outstanding debt of $902 billion.