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Baby Boomers Are Drowning In Loans: Debt Of Average 67-Year-Old Soared 169% In Past 12 Years. Some more observations: Just over a decade ago, student debt was unheard of among 65-year-olds. Today it is a growing debt category, though it remains smaller for them than autos, credit cards and mortgages.
especially as baby boomers look to sell their homes, if there’s less demand because the money that might have gone toward downpayments is instead going to student loan payments? Nor is student debt.
PHILADELPHIA (CBS) – It’s been decades since college and still too many baby boomer are drowning in debt from a student loan. People 60 years and older are the fastest growing age group for.
Millennials have a debt problem — that’s no secret.. student debt really has made a significant impact on the lives of millennials. While baby boomers and older Americans have largely looked.
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The student loan debt crisis has hit the baby boom generation. Roughly 4% of Americans between ages 65 to 74 carried federal student loan debt in 2010. This figure is up from 3% in 2004 according to a report by the Governmental accountability office (gao). senator bill Nelson (D-FL) was the first to recognize the problem:
There’s no question that some financial support for adult children may be necessary given today’s hefty student loan burdens and. There’s another reason too much generosity isn’t a good long-term.
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This is part of the Globe and Mail’s week-long series on baby boomers and how their spending, investing, health and lifestyle decisions could affect Canada’s economy in the next 15 years.
Only a quarter reported feeling “financially comfortable,” while 43 percent of loan-free workers said they were. Student loan debt is a problem that spans generations. A quarter of Gen Xers and 13.
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Your student loan payments may be more than just a nuisance. If you’re like the majority of borrowers, they could end up impacting your physical well-being. It’s Official: Student Debt Is Bad for.
Student debt is a baby boomer problem, too. Yet the student loan crisis among older adults is hardly due to an increase in parents financing their kids’ education. In fact, the GAO’s 2014 report found that only 27 percent of the loan balances held by borrowers between 50 and 64 years old was for their children.