It "Haunts My Life": Americans Over-60 Owe $86 Billion In Student Loan Debt They Can't Discharge In Bankruptcy
Student loans are a ticking time bomb according to many. The amount owed is well over $1 trillion with little prospect of it being paid back. There are reports of medical personnel in Florida having licenses suspended since they are behind on the payments.
There is another class adversely affected. The over-60 croud owes $86 billion is student loans. This is a burden they cannot get rid of as they head towards retirement.
Student loans are exempt from bankruptcy filings. They also affect the Social Security payments one receives. Many of these retirees are going to be strung with this debt until they go to the grave.
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Majors matter. These defaults are heavily skewed towards liberal arts degrees.
https://libertystreeteconomics.newyorkfed.org/2017/11/who-is-more-likely-to-default-on-student-loans.html
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and yet, if you work for the state, you can free yourself of the debt - according to a friend of mine who works for buffalo public schools.
Wow. That is a huge figure to think about
Somewhere there is an idea or a solution that pays back what is owed without destroying the person repaying the dept. the problem is so deep though that it requires real time solutions for students now as well as relief for those students that are completed. In my humble opinion, to many people are going to college that have no business going. Loans are to easy to max out. Tuition prices are astronomical for the quality of education that is received. Realistically, if the government offered me a chance to forgo my Social Security retirement benefits for them to repay all my student load dept, would probably help both sides in freeing up large future obligations.
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