Retirees With Student Debt

[Cnon20]

Older Americans with student debt are the fastest growing segment of borrowers, with the number of borrowers who are 62 and older surging 60% since 2017.

https://money.com/student-loan-debt-social-security-garnishment/?xid=mcclatchy&utm_source=mcclatchy&utm_medium=rss_synd&utm_content=tms_issue118

[Tabs]

The idea of going into retirement with unnecessary debt hanging over me would absolutely horrify me. Being debt-free is instrumental to the success of my monthly budget.

[Jluke]

I didn’t read the article but is this people who took student loans for themselves or their children/grandchildren.

also people who complain they have been paying for many years. I think it’s all in the math. You have to know what monthly payment is required to pay the loan off in 10 years.

example
you cant pay 200/month and expect to have the loan paid off. Bad math skills and predatory lender at its finest.

[Fishindude77]

I spoke with a guy who is about 55 the other day, he said they are still paying on his wife's student loans.
She hasn't been in school for 20+ years. They are a high income family too, just making bad choices. Vacations and new cars instead of paying off debt.

If you're going to borrow the money, you need a plan to get it paid off quickly right after you get out of school.

[LivingAlmostLarge]

I spoke with a guy who is about 55 the other day, he said they are still paying on his wife's student loans.
She hasn't been in school for 20+ years. They are a high income family too, just making bad choices. Vacations and new cars instead of paying off debt.

If you're going to borrow the money, you need a plan to get it paid off quickly right after you get out of school.

A lot of people make a lot of money and they still needed to borrow for college for their kids. I have to ask, did you not know your kid might want to go to college in 18 years? Or expect them to go? So you spent everything you made and then some and then borrowed and didn't expect to owe?

[Fishindude77]

When your kids hit 18-20 years old, you really ought to have your home pretty close to paid off and focusing hard on socking away money for your own retirement.
I would never borrow to pay for my kids education, that's nuts. If you have the savings or can cash flow it, that's great but don't jeopardize one generation borrowing for a chance on the next.

There are ways kids can get very inexpensive or free secondary education, and there are also a lot of alternate routes to success besides secondary education.

[LivingAlmostLarge]

When your kids hit 18-20 years old, you really ought to have your home pretty close to paid off and focusing hard on socking away money for your own retirement.
I would never borrow to pay for my kids education, that's nuts. If you have the savings or can cash flow it, that's great but don't jeopardize one generation borrowing for a chance on the next.

There are ways kids can get very inexpensive or free secondary education, and there are also a lot of alternate routes to success besides secondary education.

depends what if you never bought a house? In theory if you were renting you were supposed to have been saving the amount that it was cheaper to rent.