Huge Amt of 60+ People are STILL Paying Off Student Loans

Discussion in 'Teacher Time Out' started by Ms. I, Apr 3, 2012.

  1. Ms. I

    Ms. I Maven

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    Apr 3, 2012

    http://blog.aarp.org/2012/04/02/student-loan-debt-older-adults-retirees/

    Has anyone seen on the news that people aged 60+ are STILL paying & owe $36 billion in student loans?

    They must be paying a tiny amount each month so it won't be such a hit amongst all their other bills. I've been in college now for a long time, but I'm pretty sure I'll have mine paid way before I become a senior...& least I sure hope so!
     
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  3. Speechy

    Speechy Comrade

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    Eek. That is terrible. I have no debt myself (student and debt in general) but a friend from my college days attended NYU, received a bachelors degree, and now owes 120k plus interest in student loans. Needless to say, it was a poor decision on his part and he will be paying that off for quite a long time.

    I am lucky to have no debt from undergraduate or graduate school. I can't imagine having any kind of debt on my shoulders.

    I post frequently on another forum, college confidential.com, and I always advise students not to take out so many loans.
     
  4. TamiJ

    TamiJ Virtuoso

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    I don't even what to think about student loans right now...
     
  5. Peachyness

    Peachyness Virtuoso

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    Well, like the article says, some of them were taken out when the person decided to go back to school. So, I'm sure there are many reasons why someone who is 60+ is still paying off their student loan.

    That said, I definitely plan to have mine paid off way before then. I ended up only having around 15 grand in student loan. Not too shabby since I wasn't working while going to college and my parents couldn't afford to pay, either.
     
  6. bros

    bros Phenom

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    Luckily my loans will be paid off by the time I graduate, due to the fact that I am on SSI, the backpays went pretty much towards my loans, and I still have a bunch in backpay left (waiting for the loans for this semester to be taken out, then i will wipe out those loans, then still have like 3000 in backpay)
     
  7. JustMe

    JustMe Virtuoso

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    My husband and I paid for the vast majority of our college expenses. A little was taken care of with first year scholarships and this and that, but overwhelmingly we paid the bills. And I won't get into how absurd it was that my poverty-level family didn't qualify for aid... Point is, paying off our student loans was top priority. We had two bachelor's, one master's, and one additional certification to pay. It was a heck of a lot, but it was wonderful to get it all out of the way a few years ago. To think of having these loans around at sixty makes me...well, I just hate that for people.
     
  8. Irishdave

    Irishdave Enthusiast

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    I was finished paying for my undergraduate loan after 10 years (it was a ten year loan)
    And I never took out any loan for graduate courses

    Some of these loans were taken out by boomers and seniors entering college as young adults. Some were taken out for continuing education later in life. Some were co-signs, on student loans for children or grandchildren.
     
  9. swansong1

    swansong1 Virtuoso

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    My daughter is entering her last year in college. We have told her as she was growing up to always strive to do her best, and school would pretty much pay for itself. Luckily, she paid attention! Between scholarships and grants, she will have very little to repay when she graduates.
     
  10. 1st-yr-teacher

    1st-yr-teacher Comrade

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    That will probably be me...lol. I didn't rack up a humungous sum but it is a good amount. :(
     
  11. donziejo

    donziejo Devotee

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    My friend in 62 and is paying 250 a month on student loans. She went back to school and took out the loan when she was in her 50s. She's teaching profound/severe and says it's the best money she ever spent. I know several people that went back to school in there 50s. I went back in my 40s. I got another degree. I had a scholarship from my state.
     
  12. MissScrimmage

    MissScrimmage Aficionado

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    I graduated 3 years ago, and I finished paying off my loans in February.
     
  13. WindyCityGal606

    WindyCityGal606 Enthusiast

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    I'll be 60 when I make my last payment on my Grad school loan.
     
  14. smalltowngal

    smalltowngal Multitudinous

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    My bachelor's degree was paid for by pell grant and scholarships. I'm paying for my graduate loans now. And currently I'm paying out of pocket for my certification program.
     
  15. scmom

    scmom Enthusiast

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    That is one reason, although I may like to go back for a Masters, I have decided not to. I don't think I have enough years left for it to pay off, and I would be compromising the money I need to save for retirement. :unsure:
     
  16. stephenpe

    stephenpe Connoisseur

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    I worked my way through college. Never borrowed a penny
    or even got some grant money. I worked a year before college
    and saved 3k. This basically paid my tuition for four years (mid 70s).
     
  17. Caesar753

    Caesar753 Multitudinous

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    I put myself through college by working three jobs and earning scholarships, so no student loans for that. I did take out some student loans during grad school, but thankfully most of my grad school expenses were covered through a fellowship I earned.

    With the cost of tuition these days, though, it's almost impossible to finish college or grad school without at least some student loans, even with scholarships.

    I'm thinking about going back for a second masters degree, and there's no way I will be able to pay for it up front. It would deplete my savings, which would mean that we wouldn't have that money for emergencies. For me, not taking out a loan would mean not getting that second masters, which would mean potentially not doing the things I want to do in my professional life. I recognize that the loan will be a burden, but it's one that I willingly accept. To me student loan debt isn't the same as credit card debt. Interest rates are low and the end result is worth it.
     
  18. lucybelle

    lucybelle Connoisseur

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    I paid for school myself, graduating basically debt free thanks to lots of scholarships, grants, hard work, being on my university swim team, and going to school IN STATE. I also had a part time job, about 20 hours a week.

    I graduated with $6000 of loans and immediately paid off everything. Zip bam boom. I graduated 2 years ago from 5 years in college (1 year I studied abroad the whole year) and am completely debt free. A woman I work with who is 50 is STILL paying her college loans. That totally sucks!
     
  19. Irishdave

    Irishdave Enthusiast

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    I think the article is misleading if a 60+ was in college at the "right" time, right out of college, I don't think the terms of the loan would last this long, that sounds more like a mortgage!

    Now if it is for continuing education or they co-signs, on a student loan for a child or grandchild, then Yes they will have debt.

    My son's college fund was lost during the divorce but he did his time in the Navy he is getting college paid by the GI Bill.
     
  20. FourSquare

    FourSquare Fanatic

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    Apr 4, 2012

    Currently owe $33,229.04 after undergrad and grad school....and that's AFTER scholarships and $10,000 from AmeriCorps service.

    I'm 23 and pay about $100 a month....which means I'll be in my 50s before it goes away if I continue at this pace. Obviously my hope is to make much higher payments as my salary increases.

    I don't regret anything. I enjoyed school. In fact, I want to go back for my doctorate.
     

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