…the New York Fed estimates that Americans owed $870 billion in student loans during the third quarter of last year, significantly outpacing credit card debt or auto loans. Borrowers age 60 and above accounted for 5 percent of that debt. The share for Americans age 50 and older is 17 percent.
What a great business model. Claim that state schools are shit, that private colleges are the only ones worth going to, and that you’ll need a loan from your institution in order to pay a private school’s expensive tuition and get ahead in life. Then collect loan payments for a 4-year program for 40 years.
And we’re talking about people who went to college 30-40 years ago.
“This current generation of borrowers is going to be a generation of seniors who are burdened with debt,” she said.