Author Topic: Student debt in retirement  (Read 428 times)

MillCreek

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Student debt in retirement
« on: December 13, 2021, 09:39:27 AM »
https://www.theguardian.com/money/2021/dec/13/americans-retire-work-social-security

Interesting to see the number of people in retirement age still working to pay off student debt, either their own or their children's.  I have read a lot of anecdotal stories about the folly of parents nearing retirement who co-sign or take out loans for the kids college. As the financial planners say, the kids can get loans for school, but you can't get loans for retirement.
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MillCreek
Snohomish County, WA  USA


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Fly320s

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Re: Student debt in retirement
« Reply #1 on: December 13, 2021, 04:39:03 PM »
A big chunk of those people dug their own holes.
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MechAg94

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Re: Student debt in retirement
« Reply #2 on: December 13, 2021, 05:15:25 PM »
A big chunk of those people dug their own holes.
I bet if you look into details, that wasn't the only poor financial decision they ever made. 
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Brad Johnson

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Re: Student debt in retirement
« Reply #3 on: December 13, 2021, 05:32:07 PM »
If I'd asked my parents to co-sign anything with no physical asset tied to it they'd have laughed in my face. About the only thing Dad might have co-signed was a loan to buy a couple head of feeder cattle as a way to get started. Even then, he would have demanded either a percent of the profits or a guaranteed flat return as a way to teach me about the cost of borrowed money. He's generous to a fault when people are in need but he doesn't suffer fools when it comes to finances. Mom would have straight up told me No to anything like that.

Hey, if someone is sure enough of Li'l Darlin's career future to co-sign loans for their education, more power to them. Just know what you're getting into. Idiots who signed off on their progeny's student loans for generic degrees at SJWU or WokeTech? They should have their heads examined.

Brad
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fifth_column

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Re: Student debt in retirement
« Reply #4 on: December 14, 2021, 04:42:15 PM »
I heard a story about this on NPR. The speaker repeatedly referred to people that took advantage of the deferment period to pay down their loans as "lucky." I would call that "smart," luck had nothing to do with it.
Power concedes nothing without a demand. It never did and it never will... The limits of tyrants are prescribed by the endurance of those whom they oppress. ― Frederick Douglass

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