4 ms·

There are 9.2 million people 50 years old or older still paying off student debt.

by throwuwu 3y ago

panzagl 3y ago
Their own or their kids?
agentdrek 3y ago
that's crazy
meragrin_ 3y ago
That could be a good thing. Age of person and age of debt are two separate things. There could be millions of 50+ years old people who accrued that debt in the past 10 years. My parents didn't get degrees until their 40s.
- yellow_lead 3y ago
  Still can't see it as a good thing.
- cced 3y ago
  Going along with what you said, it’s a good thing that 40yr/o need to go into debt in order to get an education? Surely if someone in their 40s who was at least a little lucky may be in a better socioeconomic strata than those just starting out in their 20s. What kind of debt burden do we want our kids carrying? Rentier economics throughout the economy are crippling the working class and feeding the rentiers. People finance their cars, their education, their music, healthcare, phones, laptops, just about any major appliance. You can even finance your food! What exactly are you getting for your tax dollars?
  - mschuster91 3y ago
    > People finance their cars, their education, their music, healthcare, phones, laptops, just about any major appliance. You can even finance your food! It used to be the case that you could realistically save up money to buy a car or whatever. These days, so many people are living paycheck to paycheck that they can't afford assets at all, and forget about home ownership or other kinds of equity. Some may be lucky enough to have a 401k with an employer match, but without the latter I see why many people prioritize immediate survival over long-term financial planning.
    - cced 3y ago
      I’m not sure how I managed to forget housing, but I agree. We are no longer living fulfilling lives but going about lining the pockets of landlords and rent-seekers.
  - AlchemistCamp 3y ago
    Nobody needs to go into debt to get an education. All they need is an internet connection, time and effort. In a pinch, a library card and $10 of notebooks and pencils is enough to get far. The problem is people going into debt for credential-granting schools that are becoming more expensive while simultaneously becoming less correlated with education.
KerrAvon 3y ago
How did they manage that? GenX wasn't generally subject to the onerous student debt mess. For everyone over 50, college was much cheaper and easier to get into. If nothing else, the population was smaller!
- lapcat 3y ago
  Graduate school. Half of all student loan debt is held by graduate students. https://www.cnbc.com/2021/07/16/graduate-students-owe-around-50percent-of-all-student-debt.html https://www.cnbc.com/2021/07/16/graduate-students-owe-around... It's also the case that back in the 80s, the elite ultra-expensive schools did not offer generous financial aid like they do now, so middle class kids had to pay themselves.
- starttoaster 3y ago
  Many people go to college later on in their lives too. I've mostly seen them in community colleges because they're easier to adapt into your adult lifestyle than a university, but I've also seen older people seeking education at university. Not saying that's the majority of the 9 million, but it could make up a fair chunk.
- dv_dt 3y ago
  The front end of GenX were not, but by the tail end of GenX many more were.
- ourmandave 3y ago
  I've got Parental Plus loans paying for my daughter's college. I was aggressively paying them off before COVID.
- brewdad 3y ago
  As one around 50 years old who needed loans to get through school, I graduated with about $20k in loans. My first year was paid for with scholarships and savings from working in high school but the scholarships were mostly one-time deals, so I had to borrow for the rest. My first job out of school paid me $32k a year and I was NOT underpaid for the time. I was able to pay my loans off in about 7 years but mainly because I lived with my girlfriend (now wife) and we shared expenses. Point is, yes the balances are higher now but so are the salaries. The average student with my degree from my school makes about $80k to start now, so if they have $60k in loans, we are in similar situations.
retrac 3y ago
Is there no forgiveness on US student loans? Government student loans in Canada that aren't paid off after 15 years are forgiven, though they won't give another loan after that.
- whatshisface 3y ago
  As far as I am aware there is no possibility for forgiveness or bankruptcy.
  - frumper 3y ago
    Various government student loans can be forgiven through a few different programs. The IDR, IBR, PAYEE, REPAYE, and now SAVE all have forgiveness dates after X years. The newest program, SAVE, forgives after 20 years of payments. These are separate from more niche forgiveness ones for teachers, or government workers. There could be more, not sure.
    - zer8k 3y ago
      How many of those require service to the government? How many require you to work in a position where living wage is a dirty word? So many backflips through flaming hoops when allowing bankruptcy to discharge loans would solve it all in one fell swoop. Universities donating millions and millions to political candidates would never want this golden goose to be culled though. Creating debt slaves is good for business. All business. Good for the military too, in fact, and good for calling citizens lazy and entitled to justify bringing in more and more H1Bs working for less than their position is worth. The more you dig the more it feels like a giant conspiracy. I am not pro "forgiveness" in the mainstream sense of the term. I am absolutely for no-fault, no question bankruptcy that eliminates the debt entirely. This would punish the lenders, punish the schools, and punish the government for their absolutely moronic decisions.
      - frumper 3y ago
        None of the general forgiveness ones require any type of employment. Anyone can join the latest program SAVE. There is no income limit and your payment can be $0 and considered in good standing. It's all based off of your income. I think a family of 4 can make into the mid 60's before they have to pay. It also doesn't compound interest beyond your normal payment anymore, so no more start out with 60k in loans and 5 years later you have an 80k balance.

There are 9.2 million people 50 years old or older still paying off student debt.

panzagl 3y ago

Their own or their kids?

agentdrek 3y ago

that's crazy

meragrin_ 3y ago

That could be a good thing. Age of person and age of debt are two separate things. There could be millions of 50+ years old people who accrued that debt in the past 10 years. My parents didn't get degrees until their 40s.

yellow_lead 3y ago
Still can't see it as a good thing.
cced 3y ago
Going along with what you said, it’s a good thing that 40yr/o need to go into debt in order to get an education? Surely if someone in their 40s who was at least a little lucky may be in a better socioeconomic strata than those just starting out in their 20s. What kind of debt burden do we want our kids carrying? Rentier economics throughout the economy are crippling the working class and feeding the rentiers. People finance their cars, their education, their music, healthcare, phones, laptops, just about any major appliance. You can even finance your food! What exactly are you getting for your tax dollars?
- mschuster91 3y ago
  > People finance their cars, their education, their music, healthcare, phones, laptops, just about any major appliance. You can even finance your food! It used to be the case that you could realistically save up money to buy a car or whatever. These days, so many people are living paycheck to paycheck that they can't afford assets at all, and forget about home ownership or other kinds of equity. Some may be lucky enough to have a 401k with an employer match, but without the latter I see why many people prioritize immediate survival over long-term financial planning.
  - cced 3y ago
    I’m not sure how I managed to forget housing, but I agree. We are no longer living fulfilling lives but going about lining the pockets of landlords and rent-seekers.
- AlchemistCamp 3y ago
  Nobody needs to go into debt to get an education. All they need is an internet connection, time and effort. In a pinch, a library card and $10 of notebooks and pencils is enough to get far. The problem is people going into debt for credential-granting schools that are becoming more expensive while simultaneously becoming less correlated with education.

KerrAvon 3y ago

How did they manage that? GenX wasn't generally subject to the onerous student debt mess. For everyone over 50, college was much cheaper and easier to get into. If nothing else, the population was smaller!

lapcat 3y ago
Graduate school. Half of all student loan debt is held by graduate students. https://www.cnbc.com/2021/07/16/graduate-students-owe-around-50percent-of-all-student-debt.html https://www.cnbc.com/2021/07/16/graduate-students-owe-around... It's also the case that back in the 80s, the elite ultra-expensive schools did not offer generous financial aid like they do now, so middle class kids had to pay themselves.
starttoaster 3y ago
Many people go to college later on in their lives too. I've mostly seen them in community colleges because they're easier to adapt into your adult lifestyle than a university, but I've also seen older people seeking education at university. Not saying that's the majority of the 9 million, but it could make up a fair chunk.
dv_dt 3y ago
The front end of GenX were not, but by the tail end of GenX many more were.
ourmandave 3y ago
I've got Parental Plus loans paying for my daughter's college. I was aggressively paying them off before COVID.
brewdad 3y ago
As one around 50 years old who needed loans to get through school, I graduated with about $20k in loans. My first year was paid for with scholarships and savings from working in high school but the scholarships were mostly one-time deals, so I had to borrow for the rest. My first job out of school paid me $32k a year and I was NOT underpaid for the time. I was able to pay my loans off in about 7 years but mainly because I lived with my girlfriend (now wife) and we shared expenses. Point is, yes the balances are higher now but so are the salaries. The average student with my degree from my school makes about $80k to start now, so if they have $60k in loans, we are in similar situations.

retrac 3y ago

Is there no forgiveness on US student loans? Government student loans in Canada that aren't paid off after 15 years are forgiven, though they won't give another loan after that.

whatshisface 3y ago
As far as I am aware there is no possibility for forgiveness or bankruptcy.
- frumper 3y ago
  Various government student loans can be forgiven through a few different programs. The IDR, IBR, PAYEE, REPAYE, and now SAVE all have forgiveness dates after X years. The newest program, SAVE, forgives after 20 years of payments. These are separate from more niche forgiveness ones for teachers, or government workers. There could be more, not sure.
  - zer8k 3y ago
    How many of those require service to the government? How many require you to work in a position where living wage is a dirty word? So many backflips through flaming hoops when allowing bankruptcy to discharge loans would solve it all in one fell swoop. Universities donating millions and millions to political candidates would never want this golden goose to be culled though. Creating debt slaves is good for business. All business. Good for the military too, in fact, and good for calling citizens lazy and entitled to justify bringing in more and more H1Bs working for less than their position is worth. The more you dig the more it feels like a giant conspiracy. I am not pro "forgiveness" in the mainstream sense of the term. I am absolutely for no-fault, no question bankruptcy that eliminates the debt entirely. This would punish the lenders, punish the schools, and punish the government for their absolutely moronic decisions.
    - frumper 3y ago
      None of the general forgiveness ones require any type of employment. Anyone can join the latest program SAVE. There is no income limit and your payment can be $0 and considered in good standing. It's all based off of your income. I think a family of 4 can make into the mid 60's before they have to pay. It also doesn't compound interest beyond your normal payment anymore, so no more start out with 60k in loans and 5 years later you have an 80k balance.