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: Calculated RiskWaPo: Student Debt and Senior Citizens
By Anonymous
New research from the Federal Reserve Bank of New York shows that Americans 60 and older still owe about $36 billion in student loans ... More than 10 percent of those loans are delinquent. As a result, consumer advocates say, it is not uncommon for Social Security checks to be garnished or for debt collectors to harass borrowers in their 80s over student loans that are decades old.The NY Fed research has some data and graph on student debt: Grading Student Loans
The outstanding student loan balance now stands at about $870 billion,1 surpassing the total credit card balance ($693 billion) and the total auto loan balance ($730 billion). With college enrollments increasing and the costs of attendance rising, this balance is expected to continue its upward trend.
This chart from the NY Fed shows the student debt outstanding by age. From the NY Fed: Among people under thirty years old, 40.1 percent have outstanding student loan debt. Among people between the ages of thirty and thirty-nine, 25.1 percent have outstanding student loan debt. In contrast, only 7.4 percent of people who are at least forty years old have outstanding student loan debt. As a result, $580 billion of the total $870 billion in student loan debt is owed by people younger than forty.There is much more in the research paper.
Full post as published by Calculated Risk on April 02, 2012 (boomark / email).
Senior citizens continue to bear burden of student loans
New research from the Federal Reserve Bank of New York shows that Americans 60 and older still owe about $36 billion in student loans, providing a rare window into the dynamics of student debt...
HIGHER EDUCATION BUBBLE UPDATE: Senior citizens continue to bear burden of student loans. New res
HIGHER EDUCATION BUBBLE UPDATE: Senior citizens continue to bear burden of student loans. “New research from the Federal Reserve Bank of New York shows that Americans 60 and older still owe about $36 billion in student loans, providing a rare window into the dynamics of student debt...
Young Professionals With Student Loan Debt - Priced Out Of The Market
``The amount of student loan debt is really staggering and as you can see from the Sallie Mae chart above, student loan debt has gone up on a near vertical path. Unlike a mortgage, there is no walking away from student loan debt...
A costly lesson in student debt for young Americans -- 34 percent of all student debt saddled to those under the age of 30
The student debt bubble is a recent manifestation of the financial sector dominating the American economy. For example, in 1997 there was less than $100 billion in student debt outstanding...
Biggest Source of Consumer Debt Student Loans
When people think of consumer debt, they think of credit card debt. According to the Federal Reserve, however, student loan debt has now surpassed credit card debt among consumers. Over $829 billion in student loan debt Consumers now allegedly owe $829...
Surging student loan debt threatens homeownership
College graduates may not be able get onto the property ladder as soon as they'd like due to the costs associated with funding higher education. According to Rick Palacios, a senior research analyst at John Burns Real Estate Consulting, student loan debt now totals $865 billion, which is an average of $25,000 per student...
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