Senior Citizens Strapped With Student Loan Debt

Monday, 02 Apr 2012 11:30 AM

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink
Senior citizens owe some $36 billion in student loans and more than 10 percent of those loans are delinquent, according to research from the Federal Reserve Bank of New York. As a result, it is not uncommon for Social Security checks to be garnished, The Washington Post reported.

Some of the loans for those over 60 are from their initial student loans, while others stem from loans taken out when they returned to school to be more competitive in the job market. Seniors also incurred student-loan debt when co-signing for loans for children or grandchildren, the Post reported.

“A student loan can be a debt that’s kind of like a ball and chain that you can drag to the grave,” William Brewer, president of the National Association of Consumer Bankruptcy Attorneys, told the Post. “You can unhook it when they lay you in the coffin.”

The Federal Reserve estimates that Americans owed $870 billion in student loans during the third quarter of last year and that those 60 or older accounted for 5 percent of that debt. Americans age 50 and older represent 17 percent of the debt, the Post reported.

“Many parents who thought they were headed to retirement with a college-educated child end up continuing to work because of student debt that can’t be paid,” Sen. Richard Durbin, D-Ill., said at a recent hearing. He has introduced a bill that would allow private student loan debt to be discharged in bankruptcy, the Post reported.

© 2014 Newsmax. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Ex-Romney Adviser: Americans Don't Appreciate Foreign Policy

Thursday, 31 Jul 2014 21:00 PM

Americans are woefully underinformed on the need for strong foreign policy, but that doesn't mean their leaders should a . . .

Obamacare Gives Some Young Adults Incentive to Stay Uninsured

Thursday, 31 Jul 2014 20:42 PM

Despite its intended goal to provide health insurance to everyone, Obamacare actually gives some young adults a strong f . . .

CNN Anchor Tweets Insult About Fox News Climate Story

Thursday, 31 Jul 2014 19:26 PM

CNN anchor Bill Weir went on a mini-Twitter tirade Thursday, crudely slamming a Fox News blog for its post on former Vic . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved