27 avril 2013

Baby boomers may die with college debt

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By Aimee Picchi. Student loan burdens are growing fastest among the over-60 crowd, many of whom sought graduate degrees during the recession. Baby boomers are easing into retirement, but some may find their golden years are haunted by student loan debt that could follow them until they die. It's not their children's debt, however -- it's their own. Many boomers returned to graduate school during the recession to bolster their skills, reports the Chronicle of Higher Education. Student loan debt is actually growing fastest among people over 60, the report notes. More than 2 million Americans over 60 owe student loan debt, with the average balance standing at about $19,500, up from just under $11,000 in 2005, according to the Federal Reserve Bank of New York. In all, that amounts to $44 billion in student loan debt carried by people who often qualify for senior discounts. Read more...
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