3 million U.S Senior Citizens Owe $86 Billion In Unpaid Student Loans

If we take into account the adult population, 3 million is a small percentage on one hand, but 3 million still is a huge number on the other hand.

3 million senior citizens in the US are still paying off their student loans | May 3, 2019

BUSINESSINSIDER: More than 3 million Americans aged 60 and older currently owe more than $86 billion in unpaid student loans, according to Consumer Financial Protection Bureau (CFPB) data seen by CBS News. Recent data available online from 2017 showed the number was $66.7 billion two years ago.

EARTH CUSTODIANS: 20 billion difference is a lot! One more reason as why some digging is always required when money is involved, especially banking data. Because money usually tells the whole story.

Many older Americans are now reportedly turning to their Social Security benefits to pay student debt.’

Well, they have no other choice, because social security and banks are colluding. Elizabeth Warren seems to have a plan, but all presidential candidates promise the moon. Just like Trump who swore to “drain the swamp” . Moreover, banks losing hundreds of billions of dollars to student loans forgiveness would mean that bank shareholders would run toward the exits. There is a real threat of a stock market crash. At this stage, we do not know if Warren is serious about that but if she was, she is going to have many enemies.

Seraphina Galante, a 76-year-old who received her master’s degree from San Diego State University 19 years ago, told CBS News that she still owes nearly $40,000. Galante works part-time as a caregiving consultant and makes a $176 student loan payment monthly. The payment does not cover the interest on the loan.

What is interesting to notice here is that she got a master degree and is today a caregiver. It seems like she never got the big career she expected. But many students follow the same fate as they are lured by the possibility to earn six-figure salaries but at that level there is a lot of competition too. That’s an issue that most students forget, the market is saturated with master/higher degrees, and at that level competition is too raging.

Moreover, let’s not forget that most jobs will have disappeared in 10 years or so from now as everything will be computerized. So yes, the millennials have been had and even more than baby boomers. And it is not just in America, Europe too. In EU where college costs are extremely cheap in comparison, politicians have redefined employment and today defend the “gig economy”, asking Europeans to be ready to have different jobs for a living. Draw your own conclusions. (see article below)

“We got into this crisis because state governments and the federal government decided that …  they’d rather cut taxes for billionaires and giant corporations and offload the cost of higher education onto students and their families,” Warren wrote in a blog post last month, adding, “It’s time to end that experiment.”

Meanwhile Warren — and Sanders — are millionaires, so yes it will be interesting to see what the future holds in the cards. Our next video presentation will tackle the problem of paying for Knowledge and subsidizing it .

Stay tuned!

FULL ARTICLE: https://www.businessinsider.com/americans-over-60-paying-student-loans-2019-5?fbclid=IwAR1mrlm7-fkSwlo-k4haJW8TwIEMK64bZxLEyQBt31a5mNNlp0FOg4hkcNE

FURTHER READINGS

Apr. 22, 2019 | Student debt has been at the forefront of 2020 presidential campaigns, with Sen. Elizabeth Warren proposing canceling up to $50,000 in student-loan debt for 42 million Americans last month. The $1.25 trillion plan would impact 42 million Americans, eliminating all student debt for 75% of those who have it. Unveiled an ambitious new plan to eliminate most student loan debt and make all public colleges tuition-free. FULL: https://www.businessinsider.com/warren-plan-to-cancel-42-million-americans-student-debt-free-college-2019-4

May 1, 2019 | Seniors owe billions in student loan debt: “This will follow me to the grave”
“The fastest growing segment of student loan borrowers are actually older Americans,” said Seth Frotman, a student debt expert who used to work at the CFPB. He said the federal government does not cut seniors a break. “They will literally seize your Social Security benefit,” Frotman said. “Because of student loans we are literally driving tens of thousands of older Americans into poverty.” https://www.cbsnews.com/news/student-loan-debt-seniors-owe-billions-in-student-loan-debt-this-will-follow-me-to-the-grave/

April 30, 2019 | Millennials struggle under the burden of student loan debt: “I had a panic attack”
https://www.cbsnews.com/news/student-loan-debt-i-had-a-panic-attack-millennials-struggle-under-the-burden-of-student-loan-debt/

Gig Economy Protections: Did the EU Get It Right? (May 2019)
https://knowledge.wharton.upenn.edu/article/eu-gig-economy-law/

 

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