The burden of paying for college is wreaking havoc on the finances of an unexpected demographic: senior citizens, writes Ylan Q Mui for The Washington Post with Bloomberg.
New research from the Federal Reserve Bank of New York shows that Americans 60 and older still owe about $36 billion in student loans, providing a rare window into the dynamics of student debt. More than 10% of those loans are delinquent. As a result, consumer advocates say, it is not uncommon for social security checks to be garnished or for debt collectors to harass borrowers in their 80s over student loans that are decades old.
That even seniors remain saddled with student loans highlights what a growing chorus of lawmakers, economists and financial experts say has become a central conflict in the nationís higher education system: the long-touted benefits of a college degree are being diluted by rising tuition rates and the longevity of debt.
Full report on The Washington Post site
Receive UWN's free weekly e-newsletters