Elderly student loan borrowers owe $121 billion, ask Biden for relief

[1srelluc]

Elderly student loan borrowers owe $121 billion, ask Biden for relief

Older borrowers are among the fastest-growing segments of the government’s student loan portfolio, and their Social Security benefits are subject to garnishment.

www.adn.com

There are 2.8 million federal student loan borrowers aged 62 and older with a total of $121.5 billion in debt, more than 726,300 of them over the age of 71, according to the Education Department. Older borrowers are one of the fastest-growing segments of the government’s student loan portfolio, and their Social Security benefits are subject to garnishment.


“Many of these folks have been borrowers for 20 or 30 years, with punishingly high interest rates. Their balances and the way they have dragged on for decades is just an indictment of the broken system and the failure of past relief efforts,” said Eleni Schirmer, an organizer with the Debt Collective.


In Warner’s case, her debt dates back to the 1980s when she first borrowed to complete a law degree at the age of 30. Despite passing the bar and excelling in her classes, Warner said she was passed over by law firms. She landed a job at legal aid - rewarding work but not the kind that paid much money, she said. Still, her debt was manageable.

Years went by, and Warner began working for DC public schools - another rewarding job but one that didn’t pay enough to wipe out her loans. While there, she enrolled in a master’s of education program at the University of Maryland Global Campus and took online classes at night. She graduated in 2012, despite being laid off while completing the degree.

All told, Warner borrowed a total of about $60,000 for her two advanced degrees. The amount seemed reasonable given the career trajectory that both credentials promised, but that path never materialized. Working a series of low-wage jobs, she went in and out of forbearance before ultimately defaulting. The balance ballooned to the current $268,000 total over the years due to collection fees and interest capitalization.

Ha! Sucks to be her.....That lady is an idiot. Has a law degree and didn't apply it. Then goes back to school to get a teaching degree which is known for shitty pay. Takes loans for both degrees and apparently never even tried to pay them off. Now she's pissed that her SS is being garnished.

I don't know, perhaps Warner should have taken a basic financial class where she might have learned that if you don’t pay any more than the interest accruing that she’ll never pay it off?

Just like I said in another thread.....Colleges are trading diplomas (and the debt attached) for little more than middle management jobs.....Maybe.

 

[Polishprince]

These oldtimers have nothing to worry about. If there isn't enough money in their estates to pay them off, they won't be passing on their debts to their descendants after they assume room temperature. .

 

[TroglocratsRdumb]

I paid off all of my student loans by the time I was 24.

 

[Woodznutz]

Elderly student loan borrowers owe $121 billion, ask Biden for relief

Older borrowers are among the fastest-growing segments of the government’s student loan portfolio, and their Social Security benefits are subject to garnishment.

www.adn.com

There are 2.8 million federal student loan borrowers aged 62 and older with a total of $121.5 billion in debt, more than 726,300 of them over the age of 71, according to the Education Department. Older borrowers are one of the fastest-growing segments of the government’s student loan portfolio, and their Social Security benefits are subject to garnishment.


“Many of these folks have been borrowers for 20 or 30 years, with punishingly high interest rates. Their balances and the way they have dragged on for decades is just an indictment of the broken system and the failure of past relief efforts,” said Eleni Schirmer, an organizer with the Debt Collective.


In Warner’s case, her debt dates back to the 1980s when she first borrowed to complete a law degree at the age of 30. Despite passing the bar and excelling in her classes, Warner said she was passed over by law firms. She landed a job at legal aid - rewarding work but not the kind that paid much money, she said. Still, her debt was manageable.

Years went by, and Warner began working for DC public schools - another rewarding job but one that didn’t pay enough to wipe out her loans. While there, she enrolled in a master’s of education program at the University of Maryland Global Campus and took online classes at night. She graduated in 2012, despite being laid off while completing the degree.

All told, Warner borrowed a total of about $60,000 for her two advanced degrees. The amount seemed reasonable given the career trajectory that both credentials promised, but that path never materialized. Working a series of low-wage jobs, she went in and out of forbearance before ultimately defaulting. The balance ballooned to the current $268,000 total over the years due to collection fees and interest capitalization.

Ha! Sucks to be her.....That lady is an idiot. Has a law degree and didn't apply it. Then goes back to school to get a teaching degree which is known for shitty pay. Takes loans for both degrees and apparently never even tried to pay them off. Now she's pissed that her SS is being garnished.

I don't know, perhaps Warner should have taken a basic financial class where she might have learned that if you don’t pay any more than the interest accruing that she’ll never pay it off?

Just like I said in another thread.....Colleges are trading diplomas (and the debt attached) for little more than middle management jobs.....Maybe.

The guaranteed college student loan program is the biggest scam ever perpetrated on the American people.

 

[Crepitus]

Elderly student loan borrowers owe $121 billion, ask Biden for relief

Older borrowers are among the fastest-growing segments of the government’s student loan portfolio, and their Social Security benefits are subject to garnishment.

www.adn.com

There are 2.8 million federal student loan borrowers aged 62 and older with a total of $121.5 billion in debt, more than 726,300 of them over the age of 71, according to the Education Department. Older borrowers are one of the fastest-growing segments of the government’s student loan portfolio, and their Social Security benefits are subject to garnishment.


“Many of these folks have been borrowers for 20 or 30 years, with punishingly high interest rates. Their balances and the way they have dragged on for decades is just an indictment of the broken system and the failure of past relief efforts,” said Eleni Schirmer, an organizer with the Debt Collective.


In Warner’s case, her debt dates back to the 1980s when she first borrowed to complete a law degree at the age of 30. Despite passing the bar and excelling in her classes, Warner said she was passed over by law firms. She landed a job at legal aid - rewarding work but not the kind that paid much money, she said. Still, her debt was manageable.

Years went by, and Warner began working for DC public schools - another rewarding job but one that didn’t pay enough to wipe out her loans. While there, she enrolled in a master’s of education program at the University of Maryland Global Campus and took online classes at night. She graduated in 2012, despite being laid off while completing the degree.

All told, Warner borrowed a total of about $60,000 for her two advanced degrees. The amount seemed reasonable given the career trajectory that both credentials promised, but that path never materialized. Working a series of low-wage jobs, she went in and out of forbearance before ultimately defaulting. The balance ballooned to the current $268,000 total over the years due to collection fees and interest capitalization.

Ha! Sucks to be her.....That lady is an idiot. Has a law degree and didn't apply it. Then goes back to school to get a teaching degree which is known for shitty pay. Takes loans for both degrees and apparently never even tried to pay them off. Now she's pissed that her SS is being garnished.

I don't know, perhaps Warner should have taken a basic financial class where she might have learned that if you don’t pay any more than the interest accruing that she’ll never pay it off?

Just like I said in another thread.....Colleges are trading diplomas (and the debt attached) for little more than middle management jobs.....Maybe.

Victim blaming at it's finest!

well done!

 

[justoffal]

Elderly student loan borrowers owe $121 billion, ask Biden for relief

Older borrowers are among the fastest-growing segments of the government’s student loan portfolio, and their Social Security benefits are subject to garnishment.

www.adn.com

There are 2.8 million federal student loan borrowers aged 62 and older with a total of $121.5 billion in debt, more than 726,300 of them over the age of 71, according to the Education Department. Older borrowers are one of the fastest-growing segments of the government’s student loan portfolio, and their Social Security benefits are subject to garnishment.


“Many of these folks have been borrowers for 20 or 30 years, with punishingly high interest rates. Their balances and the way they have dragged on for decades is just an indictment of the broken system and the failure of past relief efforts,” said Eleni Schirmer, an organizer with the Debt Collective.


In Warner’s case, her debt dates back to the 1980s when she first borrowed to complete a law degree at the age of 30. Despite passing the bar and excelling in her classes, Warner said she was passed over by law firms. She landed a job at legal aid - rewarding work but not the kind that paid much money, she said. Still, her debt was manageable.

Years went by, and Warner began working for DC public schools - another rewarding job but one that didn’t pay enough to wipe out her loans. While there, she enrolled in a master’s of education program at the University of Maryland Global Campus and took online classes at night. She graduated in 2012, despite being laid off while completing the degree.

All told, Warner borrowed a total of about $60,000 for her two advanced degrees. The amount seemed reasonable given the career trajectory that both credentials promised, but that path never materialized. Working a series of low-wage jobs, she went in and out of forbearance before ultimately defaulting. The balance ballooned to the current $268,000 total over the years due to collection fees and interest capitalization.

Ha! Sucks to be her.....That lady is an idiot. Has a law degree and didn't apply it. Then goes back to school to get a teaching degree which is known for shitty pay. Takes loans for both degrees and apparently never even tried to pay them off. Now she's pissed that her SS is being garnished.

I don't know, perhaps Warner should have taken a basic financial class where she might have learned that if you don’t pay any more than the interest accruing that she’ll never pay it off?

Just like I said in another thread.....Colleges are trading diplomas (and the debt attached) for little more than middle management jobs.....Maybe.

The old saying: Borrow, borrow....leads to sorrow.

 

[1srelluc]

Victim blaming at it's finest!

well done!

Someone that takes out a loan at 30 is certainly not a "victim".....Unless of course you mean a victim of their own stupidity.

 

[Polishprince]

Victim blaming at it's finest!

well done!

I've paid back all of my own loans. Why should I pay this gals? BTW, I have a brother who is a lawyer, those fellows make good money.

 

[justoffal]

The guaranteed college student loan program is the biggest scam ever perpetrated on the American people.

The fact that if can even evade bankruptcy and violate federal money systems like social security should have been a red flag from the get go.
Those institutions should be sued for failure to deliver living wage jobs.

 

[justoffal]

I've paid back all of my own loans. Why should I pay this gals? BTW, I have a brother who is a lawyer, those fellows make good money.

Lawyers out this way do 200-300/hr.

 

[justoffal]

The guaranteed college student loan program is the biggest scam ever perpetrated on the American people.

Other countries guarantee an education This one guarantees debt.

 

[Woodznutz]

Other countries guarantee an education This one guarantee debt.

It's even worse.

"Somewhere between 40% and 60% of first-year college students need remediation in English, math, or both. This means a vast number of students have low chances of finishing college on time. The situation is even worse for low-income and students of color, whose remedial education rates are much higher than that of their white and well-off peers."

16 Upsetting Stats About College Remediation Rates [2023]

What should you know about the college remediation rates in the US? Read our comprehensive statistics to find out.

whattobecome.com

 

[Polishprince]

The broad in the story complains about interest rates for student loans.

Actually, interest rates for these loans max out at less than 10%. Not too shabby at all for a loan made without collateral. One card I have with Synchrony Bank has a rate of 34.99%. Makes a student loan seem like a great bargain.

 

[Picaro]

never had to take out a loan for university. Made enough from a 30 hour a week job on campus to pay for an apartment off-campus, buy books, pay tuition, and feed myself.

 

[Woodznutz]

The broad in the story complains about interest rates for student loans.

Actually, interest rates for these loans max out at less than 10%. Not too shabby at all for a loan made without collateral. One card I have with Synchrony Bank has a rate of 34.99%. Makes a student loan seem like a great bargain.

The rates should be lower as the "collateral" is the government guarantee. And unlike the hassle a bank faces if a collateralized loan defaults, the government just cuts them a check for the full amount due.

 

[Woodznutz]

Someone that takes out a loan at 30 is certainly not a "victim".....Unless of course you mean a victim of their own stupidity.

My son has a degree in a field that doesn't pay enough to pay off his student loan. Something not right with that.

 

[1srelluc]

My son has a degree in a field that doesn't pay enough to pay off his student loan. Something not right with that.

Is he out of bootstraps?

 

[Mac-7]

My son has a degree in a field that doesn't pay enough to pay off his student loan. Something not right with that.

Why did he choose that field instead of something that pays better?

And why should our taxes pay off his failed education experience?

 

[Polishprince]

My son has a degree in a field that doesn't pay enough to pay off his student loan. Something not right with that.

Was it a secret what the field paid when he signed the note? Maybe lending agencies need to deny loans to those who don't have a viable plan to repay?

 

[Polishprince]

If a shylock doesn't think he can get his money back with interest, he's not going to make the loan. But lenders of student loans have the guarantee of the taxpayers . Maybe the key is to eliminate the taxpayer guarantee so that the lenders will be more discerning as to who is a good risk and who should be told to get lost.