More Depressing College Loan Debt Statistics


The New York Times profiled some parents and students who’ve been hit hard by their student loan debt. Here’s one truth bomb that should sober you up:

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.

19 comments
Ziggy Stardust
Ziggy Stardust

"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".

Mikfin
Mikfin

The higher education bubble can't burst soon enough.  It's a fucking racket, a pyramid scheme. 

C H
C H

My cunning plan to never pay back my loans - earn fuck all money!

Docintoxicated
Docintoxicated

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.

someone
someone

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?

jerkstoresean
jerkstoresean

I'm a college dropout and the only people I owe money is Best Buy.

Beer
Beer

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!

galactictraveler
galactictraveler

Dana is a perfect example of a wasted college education ! She's dumber than a box of rocks. !

Gunner
Gunner

Looks like I'll be working and jerking at Waffle House for a long time, just to pay off that loan.

FLpro
FLpro

I'm about to take out another student loan before the bottom drops out.

FinkM3
FinkM3

please separate out the science degrees to every other shit degree, then recheck the stats

Plastic Thoughts
Plastic Thoughts

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.

XTallOne
XTallOne

Playboy's girls of the big ten is going to get a little disturbing.

cal5000
cal5000

Get a fucking part-time job.