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Started By
Message
Senior citizens owe $18 billion in student loans
Posted on 9/10/14 at 6:56 pm
Posted on 9/10/14 at 6:56 pm
quote:
Between 2005 and 2013, student loan debt among seniors 65 and older rose by more than 600% from $2.8 billion to $18 billion, according to a new report from the Government Accountability Office.
Holy shite
What a mess we've made.
This post was edited on 9/10/14 at 6:58 pm
6
Posted on 9/10/14 at 6:59 pm to Teddy Ruxpin
That's funny...I don't remember any of those senior citizens hanging out at the Occupy camps asking that their loans be forgiven. They missed an opportunity there.
Posted on 9/10/14 at 7:06 pm to DonChowder
I honestly have no idea what that has to do with the topic.
Posted on 9/10/14 at 7:08 pm to Teddy Ruxpin
but the millennials...
Posted on 9/10/14 at 7:09 pm to WinnPtiger
quote:
but the millennials
It's only going to get worse
Posted on 9/10/14 at 7:12 pm to Teddy Ruxpin
fricking baby boomers, the gift that just keeps on giving.
Posted on 9/10/14 at 7:12 pm to Teddy Ruxpin
well yes it will, when the senior citizens with debt die, it falls onto their kids. so yeah, it's going to get worse
Posted on 9/10/14 at 7:14 pm to WinnPtiger
I just put in my deferment for another year this year. It's only 13k and I plan on paying it much later in life with inheritance.
Right now I'm investing in retirement and growing my family.
Right now I'm investing in retirement and growing my family.
Posted on 9/10/14 at 7:17 pm to Teddy Ruxpin
Add about a billion in 2 years when my mom turns 65. I honestly don't know where I got my ardent desire to pay off my debts, because it didn't come from my parents. My brother is the same way, saying "If you end up paying off your student loans, you did something wrong." He is a very smart and well off attorney. I'll have mine paid off before my mom or him (he's 40). 
to my family.
to my family.
Posted on 9/10/14 at 7:19 pm to WinnPtiger
pretty sure there are ways to limit your kid's liability for your loan debts, even outside of no co-signee ... a few years ago, some articles came out about sr citizens dying with large credit card debts for which their kids were not liable ... i'd imagine there'll be some legislation to restrict that at some point ...
Posted on 9/10/14 at 7:19 pm to WinnPtiger
These threads usually devolve into "personal responsibility" tirades, but they usually ignore the macro issues the whole higher education circle jerk apparatus is causing.
We're creating a situation where we I can only imagine; those that "should" be in college start opting out, heading into less debt burdened careers at lesser pay, however, their entrance further depressing those wages as supply increases. If the career is well paying, again, worker supply should push wages down.
Those that take the chance are playing with fire, but on a larger level we see shortages across the board in those careers. Plus I'm not sure this will appreciably lower college costs due to falling demand, since the feds guarantee payment, the schools will up tuition further to make up for who opted out.
It's bad news, outside of the whole "Pay your debts" crowd.
We're creating a situation where we I can only imagine; those that "should" be in college start opting out, heading into less debt burdened careers at lesser pay, however, their entrance further depressing those wages as supply increases. If the career is well paying, again, worker supply should push wages down.
Those that take the chance are playing with fire, but on a larger level we see shortages across the board in those careers. Plus I'm not sure this will appreciably lower college costs due to falling demand, since the feds guarantee payment, the schools will up tuition further to make up for who opted out.
It's bad news, outside of the whole "Pay your debts" crowd.
This post was edited on 9/10/14 at 7:23 pm
Posted on 9/10/14 at 8:51 pm to tiderider
quote:
pretty sure there are ways to limit your kid's liability for your loan debts, even outside of no co-signee ... a few years ago, some articles came out about sr citizens dying with large credit card debts for which their kids were not liable ... i'd imagine there'll be some legislation to restrict that at some point ...
Are you under the impression that debts are passed on to your children?
Posted on 9/10/14 at 8:55 pm to Teddy Ruxpin
quote:
These threads usually devolve into "personal responsibility" tirades, but they usually ignore the macro issues the whole higher education circle jerk apparatus is causing.
Yep. All I have to say is I am paying back the loans I took out for my education for my second career path, on time and not crying about making the payments or how much they are. I had the opportunity to use the loan process to better my life, I took it and can afford to pay them back because I was smarter than those Liberal Artsy Fartsy idiots who did 0 research into what jobs are out there and pay well enough that you can have a quality work/life balance and pay YOUR Debts.
Posted on 9/10/14 at 9:01 pm to Teddy Ruxpin
quote:
but they usually ignore the macro issues the whole higher education circle jerk apparatus is causing.
cost of attendance across the board certainly needs to be looked at. not including private schools obviously
Posted on 9/10/14 at 9:02 pm to moneyg
quote:
Are you under the impression that debts are passed on to your children?
are you under the impression that they entirely disappear?
Posted on 9/10/14 at 9:40 pm to WinnPtiger
quote:
are you under the impression that they entirely disappear?
You mean, beyond the estate paying debts?
Posted on 9/10/14 at 10:13 pm to WinnPtiger
quote:
are you under the impression that they entirely disappear?
they do from a personal standpoint.
Posted on 9/11/14 at 4:53 am to joeleblanc
They may disappear from a personal standpoint and like someone said, it may flow to the estate but it doesn't stop there. If the estate doesn't cover, which is going to be the case in many instances, someone will have to write down those assets and absorb the loss. That will be banks, lending institutions, insurance companies, loan guarantors and ultimately tax payers. The size of the ballooning UNSECURED debt is going to be a big issue.
Posted on 9/11/14 at 5:00 am to Teddy Ruxpin
I'm paying close to 300% per month of the minimum on mine because of the interest being so horrible. I must be doing it wrong 
Posted on 9/11/14 at 5:40 am to Teddy Ruxpin
quote:
Last year, 156,000 Americans had their Social Security benefits garnished because they had student loans that were in default, according to analysis conducted by the U.S. Treasury for CNNMoney. That's triple the 47,500 people who had payments garnished in 2006.
This is what happens to the stupid. I'm a senior and I know a lot of stupid seniors. The stupid seniors will wind up living with their kids. Learn from their stupidity and don't borrow what you can't pay or borrow on things that don't pay off.
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