4 ms·

How is it age discrimination? There are tons of people in their 40s and 50s still paying off student loans.

groby_b 8y ago
But the percentage of people who do decreases with age.
defertoreptar 8y ago
"Looking at the age group breakdowns from the Federal Reserve Bank of New York, there are more borrowers under 30 years of age than there are in any other age bracket." https://www.valuepenguin.com/average-student-loan-debt#age https://www.valuepenguin.com/average-student-loan-debt#age
- labster 8y ago
  I'm glad I asked this question, because there's a lot of interesting data in response. If you look at the long-term trends in the data, student loan debt is exploding in every age group in America. > Student loan debt for borrowers 60 and over has increased by 1,256% since 2004 And the end of the graph shows that the number of borrowers in each cohort is roughly the same size as the the number in a younger cohort ten years ago. Some of this is population and college admissions growth, but it also suggests that student loans are becoming a permanent condition, not something you expect to pay off. I acknowledge that it's age discrimination to offer this benefit (in isolation) for now, but as time goes on that will no longer be the case. The system is set up so that you need a degree to get a job, and you need to work until retirement to pay off the degree to get that job. Unless you're lucky enough to come from a family with wealth, of course.
  - dragonwriter 8y ago
    > I acknowledge that it's age discrimination to offer this benefit (in isolation) for now, but as time goes on that will no longer be the case. Well, yeah, once the current student lending system collapses or is abolished in the next decade or so, the age dynamics will probably reverse temporarily if a general forgiveness isn't part of the resolution. But then, offering the benefit won't be as attractive.
dragonwriter 8y ago
> How is it age discrimination? The share of the employment pool with student loan debt is much lower over 40; it's a benefit focussed on the younger. > There are tons of people in their 40s and 50s still paying off student loans. Not nearly as great a proportion as those under 35. https://www.sofi.com/learn/content/average-debt-age-2018/ https://www.sofi.com/learn/content/average-debt-age-2018/
keanebean86 8y ago
My employer started a student loan repayment program last year and I was overjoyed! Until I found out you could only apply within three years of graduation.
- thaumasiotes 8y ago
  Does it have to be the same graduation for which you incurred the loans?
  - keanebean86 8y ago
    That I don't know. I assumed it is the most recent graduation. I don't think they check the loan dates.
    - thaumasiotes 8y ago
      You could probably graduate from somewhere fairly quickly and cheaply.

But the percentage of people who do decreases with age.

"Looking at the age group breakdowns from the Federal Reserve Bank of New York, there are more borrowers under 30 years of age than there are in any other age bracket." https://www.valuepenguin.com/average-student-loan-debt#age https://www.valuepenguin.com/average-student-loan-debt#age

labster 8y ago
I'm glad I asked this question, because there's a lot of interesting data in response. If you look at the long-term trends in the data, student loan debt is exploding in every age group in America. > Student loan debt for borrowers 60 and over has increased by 1,256% since 2004 And the end of the graph shows that the number of borrowers in each cohort is roughly the same size as the the number in a younger cohort ten years ago. Some of this is population and college admissions growth, but it also suggests that student loans are becoming a permanent condition, not something you expect to pay off. I acknowledge that it's age discrimination to offer this benefit (in isolation) for now, but as time goes on that will no longer be the case. The system is set up so that you need a degree to get a job, and you need to work until retirement to pay off the degree to get that job. Unless you're lucky enough to come from a family with wealth, of course.
- dragonwriter 8y ago
  > I acknowledge that it's age discrimination to offer this benefit (in isolation) for now, but as time goes on that will no longer be the case. Well, yeah, once the current student lending system collapses or is abolished in the next decade or so, the age dynamics will probably reverse temporarily if a general forgiveness isn't part of the resolution. But then, offering the benefit won't be as attractive.

dragonwriter 8y ago

> How is it age discrimination? The share of the employment pool with student loan debt is much lower over 40; it's a benefit focussed on the younger. > There are tons of people in their 40s and 50s still paying off student loans. Not nearly as great a proportion as those under 35. https://www.sofi.com/learn/content/average-debt-age-2018/ https://www.sofi.com/learn/content/average-debt-age-2018/

keanebean86 8y ago

My employer started a student loan repayment program last year and I was overjoyed! Until I found out you could only apply within three years of graduation.

thaumasiotes 8y ago
Does it have to be the same graduation for which you incurred the loans?
- keanebean86 8y ago
  That I don't know. I assumed it is the most recent graduation. I don't think they check the loan dates.
  - thaumasiotes 8y ago
    You could probably graduate from somewhere fairly quickly and cheaply.