"In about 50 years you’re gonna start doin' some thinkin' on your own and you’re gonna come up with the fact that there are two certainties in life. One, don't do that. And two, you dropped a hundred and fifty grand on a fuckin’ education you coulda' got for a dollar fifty in late charges at the Public Library".
More Depressing College Loan Debt Statistics
In the first three months of this year, the number of borrowers of student loans age 60 and older was 2.2 million, a figure that has tripled since 2005. That makes them the fastest-growing age group for college debt. All told, those borrowers owed $43 billion, up from $8 billion seven years ago, according to the Federal Reserve Bank of New York. Almost 10 percent of the borrowers over 60 were at least 90 days delinquent on their payments during the first quarter of 2012, compared with 6 percent in 2005.
Hope that your liberal arts degree was worth putting your parents in the poor house. The house of cards that is the college industry is about to drop.
Read more at nytimes.com.
You have to account for the fact that more people are attending college now because of the loss of manufacturing work causing more adults to return to school to retrain. Even in fields like law and psychology where there is flooded labor markets many people are returning to school because they are unable to find gainful employment.
I think this statistic is a little off. People are having kids considerably older so people who are having kids in their late 30s and 40s obviously are taking out the same loans they would otherwise be taking out in their 40s and 50s.
The issue is if you are planning and having kids later, why are you taking out so many loans?
Why does college tuition go up 7% on average every year?.... But just think of this! Some states are giving illegals in state tuition..so if you live one state over you pay more than someone who technically lives in a different country ...yea America!
There is definitely a parallel between many predatory academic institutions and the failed housing market. Just because you want an assembly line home, doesn't mean you should have one, and just because parents want their kid to go to college, doesn't mean they are meant for college. Just remember Ron that research universities play a pivotal role in our progression and someone has to pay.
Sorry, the college graduates have all of those
@cal5000yeah, but who's gonna tell their parents that.
@Recyclerz Dana the Intern doesnt