Student Loan Debt For Senior Citizens And Second Graders?

Student Loan Debt For Senior Citizens And Second Graders?

Recent college graduates dealing with student loan debt: think you got it bad?

Wait until you’re 60. Or the parent of an elementary school student.

In an article posted today, the Washington Post reports that Americans over the age of 60 account for $36 billion of the current total loan balance and 10 percent of those loans are past due payment.  According to the article, older citizens have taken out loans to help children and grandchildren pay for college, while still grappling with payments from their own education.  Payments have come out of social security checks, and have extended even into the final years of some peoples’ lives.

Despite all this, perhaps you are a parent with young children who has paid off your student loans.  You’re exempt from this debt circus, right?  Not necessarily. Smart Money recently reported that pre-college loans to pay for private K-12 schools are growing more prevalent, and increasing in amount.  One pre-college loan company said in the last year they saw an increase of 10 percent in loan amount requested. And this only in middle or lower-income families: 20 percent of K-12 debt is in families making $150,000 per year or more.  With CPS closing local schools and admissions for the best high schools in the city getting increasingly competitive, this may be a trend to keep an eye on in Chicago.

One Illinois policymaker is working against the financial ruin that can come from student debt.  Senator Dick Durbin introduced legislation last May that would discharge private student loans in the case of bankruptcy. In a recent Senate judiciary subcommittee hearing he said private loans are riskier than federal loans, and are the most pressing concern in the issue of student debt.

The current total loan balance is $870 billion.  Those under 30 account for about 33 percent of the balance with approximately $294 billion dollars of debt.  More statistics can be found at the Federal Reserve Bank of New York’s website.

What is your stand on education debt? Is it inescapable?  Are you still paying for loans over 60, or do you have loans for your children age 6?  How are you financing your loan payments?  Let us know!  Comment below or send us a tweet @Chicago_U.


Leave a comment
  • my co-worker's step-mother makes $75/hr on the computer. She has been without work for 8 months but last month her paycheck was $15598 just working on the computer for a few hours. Go to this web site and read more

  • fb_avatar

    This post contains all latest information about federal or student grants. This post is giving more focus on student loan debt for senior citizen issues. Thank you for this informative post.

  • Well it was pretty twisting thing to understand that how the student loan of your young children helps make in paying off your student loan.
    California cash advance

  • fb_avatar

    I suppose this info is completely unique.

  • Thanks guys, for sharing this conductive collected data at one place.
    lexingtonlaw reviews

  • I suppose I've selected an unbelievable and interesting blog.
    Prescott Financial

  • Guys I have really come on the right place, & got a lot about federal or student grants.
    Prescott Financial

  • congratulations guys, quality information you have given!!!
    auto insurance companies

  • While the admin of the web site is working, no question soon it will likely be famous, due to its feature direct payday loans

  • Great blog post! I don’t understand how long it will require me to obtain through all of them!
    auto insurance prices

  • I'm also visiting this site regularly, this web site is really nice and the users are genuinely sharing good thoughts.
    compare auto insurance rates

  • auto insurance quotesThank you so much for such a great blog.

  • The information in this blog is extremely useful for the people. low cost payday loans

  • The complete blogs are really inconceivable and definitely everyone will share this information.
    auto insurance massachusetts

  • Great blog post! I don’t understand how long it will require me to obtain through all of them!

    car liability insurance

  • Fastidious blog you’ve got here. I’ve ever been seeing you just about many blogs recently.
    auto body repair

  • car insurance quotes comparisonExcellent quality articles are here. This is good site with useful info.

  • The complete blogs are really inconceivable and definitely everyone will share this information. car insurance requirements washington

  • Wonderful, just what a blog it is! This blog has provided the helpful data to us continue the good work. liability vs full coverage

  • Great post guys, you have done the nice job, and solved my problem I was in trouble. Thanks a lot. car insurance

  • This is wonderful and quite informative blog I have learnt so many things from here. public adjuster

  • Thank you so much guys for providing such a good stuff, it will mostly educate the students.

  • Absolutely exceptional, brilliant stuff, I am much pleased while reading this. pay day loan

  • Hi guys, I really enjoyed your blog it was quite inspirational, keep posting! payday loans

  • You’ve put enormous insights about the topic here, continue the good work! payday loans

  • fb_avatar

    It’s really such nice information to get advantage from.
    online payday loans

Leave a comment