I’m 57 and owe $152,000 in student loans

By Patrick M. Sheridan Rosemary Anderson, 57, is on the hook for $152,000 in student loans she took out 20 years ago. The divorced mother of two grown daughters represents a growing number of older Americans with student debt. The 50-and-over crowd makes up 17% of $1.2 trillion in outstanding student loan debt — a 30% increase since 2005, according to the Federal Reserve Bank of New York. Anderson’s loans financed her own education. However, one of the main reasons for the big increase is because more parents have taken out loans to finance their children’s college education. “We’re seeing a rise in the number of people with two generations of debt: People who are paying for their children’s education, but also paying off their old student loans,” said Richard Vedder, director of the Center for College Affordability and Productivity, which researches the rising costs of higher education. “Wake up, people. Rosemary is not the exception to the rule. She represents the ‘new normal’ of the realities of education in America. Don’t pick a college based upon the life you will have while you are there. Pick a college based upon what your life will be like when you leave it.” Read the full article here: http://money.cnn.com/2014/08/13/news/economy/older-student-debt/

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