SENIORS AND STUDENT LOANS I saw on this evenings news

L

Lon

Well-known Member
Location
Central California
SENIORS AND STUDENT LOANS

I saw on this evenings news that there is a huge amount of outstanding Sudent Loans by seniors age 65 to 75. How much of those loans were used for other than education. My thinking is that much of those loans were spent on fun and games. If the loans were truly spent on education meant to enhance earning capacity then the loans should have long ago been paid off. Your thoughts?
 

That's somewhat surprising. I thought that if people were delinquent or not paying on their loans the government was taking some or all of the money due them from any tax refund. I may be wrong about this. I can't figure out why the government would allow the loans to go unpaid for such a long period of time.

When I went to college I went to a state school in Ohio, Kent State. I lived in Ohio with my aunt and uncle, so I could get the state rate. My parents paid my tuition and my uncle allowed me to work part time at his company, so I would have money for books and supplies. It wasn't an easy four years. I had a 35 mile drive one way, which doesn't sound bad, but the winters in northeast Ohio are brutal. On more than one occasion, I slept on the floor of a friend's dorm, so I wouldn't have to drive home in a snowstorm.
 

The system is completely different here.
when I went, all tuition fees were paid, and a grant was given for living expenses, which was means tested...my parents paid mine.
when my son went, the system was basically the same.

Student loans were first introduced in the 90's I think.
in England, tuition fees are charged, up to £9000 a year.
A student loan has to cover fees and living expenses. It is not paid back until a person earns a certain amount, and then at a low, fixed rate of interest.
if you don't earn enough, you don't pay it back...
 
I work part time in a field that gives me exposure to peoples' finances, and at least some of the Sr's student loan debt is to help their children get advanced degrees, and help grandchildren when their parents are unable to. Also, a lot of middle aged people get sucked into trying to advance their income by getting loans to go to private trade schools which have virtually no funding available and charge high tuition with the promise, often unfulfilled, of job placement upon finishing the program.
 
Pardon my ignorance, but I thought that you had to actually be the student in order to get a student loan, so what's with the granny and grand dad thing?
 

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