Generations of student loan debt
We often hear about student debt as a problem for recent college graduates in their 20s and 30s. But it’s not just young adults who are struggling to pay back their loans. Their parents are suffering as well.
Americans ages 50-59 owe a combined $112 billion in student loans. That’s triple what they owed in 2005. Why the dramatic increase? Because many parents are taking out additional loans to pay for their children’s education, despite still paying off their own student loan debt.
The video below tells the story of the Roses, a family that owns a combined $136,000 in student debt. At age 51, Charlene Rose pays 50% of her income toward her student loan debt and that of her three children.
Stories like these serve as a reminder that student loans are not temporary–they are a multi-generational burden. Policymakers must realize that student loan debt is not just a problem for young adults. The struggles of older Americans need to be addressed as well.
If you’re having trouble managing your student loan debt–no matter what your age–give Rick and Andy a call toll-free at 1-888-234-3907 or send us a message.