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Started By
Message
re: Highest rate of student loan delinquencies is for people 50+ years old
Posted on 11/9/25 at 11:57 am to Powerman
Posted on 11/9/25 at 11:57 am to Powerman
quote:Damn - I retired at 54 and there are people with student loan debt in their 50s?
Highest rate of student loan delinquencies is for people 50+ years old
1
Posted on 11/9/25 at 11:59 am to Powerman
Individual colleges should be the only entities allowed to underwrite student loans.
If the loans go delinquent, the college fricked itself.
The colleges don’t care whether the students learn skills that will lead to a government loan being paid in full. They only mark their cost to what the government will loan a student for ANY degree- most of which are fricking worthless.
If the loans go delinquent, the college fricked itself.
The colleges don’t care whether the students learn skills that will lead to a government loan being paid in full. They only mark their cost to what the government will loan a student for ANY degree- most of which are fricking worthless.
Posted on 11/9/25 at 12:09 pm to CDawson
quote:
FIFY
While agreeing our system is messed up, we have to ensure we send young people to college for the fields we need.
Otherwise companies are going to H1B or offshore.
I would recommend simply looking at the job demand and openings per field.
Determine how much each state school needs to cover the cost of those students, take the average.
Then give loans for that, only in the fields we need.
It will drive schools to try to get cheaper, it will get rid of useless degrees.
Posted on 11/9/25 at 12:41 pm to Powerman
Well, to be fair, they’ve probably long paid back what they borrowed. Student loans are predatory
Posted on 11/9/25 at 1:08 pm to Powerman
Over 50 and still paying!?!?!
Posted on 11/9/25 at 1:13 pm to Old Character
quote:
Student loans are predatory
Yep, they sure are. Those loans slinked around the underbush, just waiting to pounce on some prey and force that prey to take the loan.
Do you "predatory loan" people actually think before you speak? No one approached you and talked you into taking the loan. You searched it out. You read the terms prior to signing the dotted line. There was no predation there. Never was. Just the stupidity of the person willing to take it.
This post was edited on 11/9/25 at 1:14 pm
Posted on 11/9/25 at 1:17 pm to Diamondawg
quote:
Damn - I retired at 54 and there are people with student loan debt in their 50s?
There are people who have died of old age with student loan balances. Tt used to be a game to pay as little back as possible. Obviously that hasn't changed. The difference these days is people are open about their financial incompetence.
Posted on 11/9/25 at 1:21 pm to Powerman
A friend of my wife:
54 years old
Makes 300k a year
Never married, no kids
Originally borrowed $150,000 for bachelor's degree/masters
Now owes $275,000 because she didnt pay anything for ten years
54 years old
Makes 300k a year
Never married, no kids
Originally borrowed $150,000 for bachelor's degree/masters
Now owes $275,000 because she didnt pay anything for ten years
Posted on 11/9/25 at 1:32 pm to GRTiger
quote:
Most boomers and Gen Xers were raised financially illiterate
Ridiculously ignorant statement. The cause of these delinquent loans needs more background information or facts before one could reasonably make any attributions as to cause. Could it be the parents that co-signed a loan are being identified by this data as the “delinquent “ person? Could it be that when the 1992 changes for student loans allowed for these types of loans to become a money making scam (as opposed to true “student” loans) that many unscrupulous older people took advantage of the system ?
All of these seem more likely to me. I know that I am older and myself and my friends that took out student loans (because our families could not afford to pay for college for us) ALL paid off our loans as soon as we could afford to.
However, I will refrain from making sweeping generalizations about people in your age group that want to dump on “boomers” to explain the ills of the world.
Posted on 11/9/25 at 1:37 pm to FlyDownTheField83
quote:
However, I will refrain from making sweeping generalizations about people in your age group
I have no emotional attachment to people just because they are around my age. Maybe you should give it a shot and try again.
Posted on 11/9/25 at 1:38 pm to FlyDownTheField83
Stupid numbers are stupid. Most older people already paid their loans off decades ago. Whoever has loans now is the highest risk pool in the age group.
None of you halfwits have ever really worked with stats have you?
None of you halfwits have ever really worked with stats have you?
Posted on 11/9/25 at 2:59 pm to Powerman
Anecdotal, but I have a SIL who was a teacher, and has been borrowing money since undergraduate school to obtain advanced degrees. Apparently you don’t need to pay anything back while in school getting an advanced degree. She’s still going to school. She’s a guidance counselor in an elementary school. She has degrees in education, philosophy, sociology, psychology, and MBA, and God knows what else. Only God knows how much she owes. My brother doesn’t even know. Don’t get me started on him, because that’s another story.
Both brother and SIL are terminally ill with an incurable case of TDS.
By the way my SIL is 62.
Both brother and SIL are terminally ill with an incurable case of TDS.
By the way my SIL is 62.
This post was edited on 11/9/25 at 3:20 pm
Posted on 11/9/25 at 3:15 pm to GRTiger
quote:
Most boomers and Gen Xers were raised largely financially illiterate. Some
Boomers were so financially illiterate that they became the wealthiest generation in US history
Posted on 11/9/25 at 4:06 pm to Powerman
If you're 50 and still paying student loans, I'd expect you've made some poor life choices. How is this surprising?
What % of people that owe on student loans are 50+? That's gotta be very low.
What % of people that owe on student loans are 50+? That's gotta be very low.
Posted on 11/9/25 at 4:21 pm to weadjust
Your average boomer is woefully unprepared for retirement and wouldn't survive without social security. They simply lacked the education, at least early on, that younger gens were exposed to. That's not to say there aren't plenty of financially brilliant boomers.
You don't have to be financially literate to make a lot of money. Especially when you add up the wealth of evedy baby born in a BABY BOOM.
If I said most boomers were largely technologically illiterate, would that trigger the same emotional response?
You don't have to be financially literate to make a lot of money. Especially when you add up the wealth of evedy baby born in a BABY BOOM.
If I said most boomers were largely technologically illiterate, would that trigger the same emotional response?
Posted on 11/9/25 at 4:22 pm to Narax
quote:
Should be zero government loans for students
Could have stopped right there. Let the institutions finance the poor education they are selling. As is, all profit no risk.
Posted on 11/9/25 at 4:23 pm to dalefla
quote:
Let the institutions finance the poor education they are selling.
Posted on 11/9/25 at 4:29 pm to Powerman
quote:
Presumably some of these people took out the loans well before age 50
It's the scam of college loans. They were supposed to be paid in 10 years, tops. They should be capped at 1% interest and 10 years of payments, if they're offered at all. I'd be willing to accept lower interest caps.
Conservatives are missing the boat on this issue. There's nothing conservative about making people into government debt slaves. There are solutions other than forgiveness, but forgiveness is the "solution" the left gives. If the right doesn't have an answer, forgiveness will be the eventual result because the reality is no one wants to be forced into paying off government loans for 20-30 years. Understandably.
This post was edited on 11/9/25 at 5:54 pm
Posted on 11/10/25 at 1:47 pm to Narax
quote:
While agreeing our system is messed up, we have to ensure we send young people to college for the fields we need.
Otherwise companies are going to H1B or offshore.
I would recommend simply looking at the job demand and openings per field.
Determine how much each state school needs to cover the cost of those students, take the average.
Then give loans for that, only in the fields we need.
It will drive schools to try to get cheaper, it will get rid of useless degrees.
Great, but this has nothing to do with government. Let the schools and or the banks decide if he investment in the student is worth the risk of the pay back.
Posted on 11/10/25 at 2:35 pm to ChatGPT of LA
quote:Student loans are non-dischargeable. Any other deep thoughts for us?
couldn't care less about a charge off on your credit. So yeah, those loans are 1st on things to not pay
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