More on the condition of the working class in the United States. (Or as my dear friend Harry Ring used to call it, The Great Society.) She is among an estimated two million Americans age 60 and older who are in debt from unpaid student loans, according to data from the Federal Reserve Bank of New York....The debt among older people is up substantially, to $43 billion from $8 billion in 2005....While older debtors account for a small fraction of student loan borrowers, who have accumulated nearly $1 trillion in such debt, the effect of owing a constantly ballooning amount of debt but having a fixed income can be onerous... “Those in default on their loans can see their Social Security checks garnished, leaving them with retirement income that leaves them well below the poverty line, Senator Bill Nelson, of Florida said...That is the problem that Rosemary Anderson, 57, described to the committee...$64,000 in unpaid student loans. She borrowed the money in her 30s...As a result of compound interest, her debt has risen to $126,000. With her $526 monthly payment, at an 8.25 percent rate, she estimates that she “will be 81” by the time it is paid, and will have laid out $87,487 more than she originally borrowed. nytimes/2014/09/13/business/student-loan-debt-burdens-more-than-just-young-people.html?_r=0
Posted on: Sun, 14 Sep 2014 19:09:47 +0000
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