Unpaid Student Loans May Impoverish Older Americans

Though a small percentage of older Americans carry student loans, those who do are incurring this debt faster, have a higher default rate and, as a result, can find themselves living in poverty in retirement, according to a new report from the U.S. Government Accountability Office. While older citizens are more burdened by mortgages, auto loans and credit-card debt, student loans among this age group are a growing concern. And unlike young borrowers who have many working years ahead of them to repay, older …

Education Crisis: Student Loan Rates Soar

For college students like my son who rely on federal student loans to help finance their higher education, and for older workers who’ve returned to school in an effort to boost their job opportunities, these are anxious times. Just one month before the fall semester begins, Congress on Monday failed to stop student loan interest rates from doubling. Now interest rates on subsidized Stafford loans, which are part of  students’ financial aid package, stand at 6.8 percent. That’s double the …