Lingering student loan debt wic in recent years is a drag on economic recovery
as borrowers delay big ticket buys like residences and cars - is affecting
millions of people as retirement looms.
Some 16%+ of nearly $1.2 trillion in outstanding student loan debt is kept
by people over 50!!!!!
It is one of the nation's largest economic issues of our time and it is not just
a young person issue!!! Many borrowers have taken out loans later in their
lives and often for retraining to stay afloat in a changing ecomony. Some
wind up on the hook when they co-signed loans for their kids and grandkids,
The root of the pheonomenon lies in the esclating costs of college juxtaposed
with a stalled economy. The dramatic increase in debt implies that a
fundamental change has taken place in te way we finance higher education
in the U.S.
Nearly 7 million borrowers are in default wit a total of more than $100 Billion
owed!!!!
Sheila McKinney
