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.