Paying student loans in your 60s

GoogleMaster found a passage re: college debt that I hadn’t seen:

Frotman said older consumers need to be better informed about their fiscal responsibility when they cosign student loans. “Quite often we hear from older borrowers that it was never made clear to them that they were essentially co-borrowers,’’ he said. “Many thought they were merely acting as references.”

The whole college funding set-up needs fixing.

Until very recently, I wasn’t aware that with college loans, parents and their children can borrow as much as they like. There’s no need to demonstrate an ability to repay. If you’re a housekeeper who wants to spend $50 to $60K a year to send your child to Syracuse, no problem. 

The sky’s the limit.

Posted in SAT

2 thoughts on “Paying student loans in your 60s

  1. The thing is — that would have worked if the Fed hadn’t taken the punch bowl away. As long as house prices kept going up, it made sense to buy with nothing down, then flip. The college financing situation is much worse. (I obviously don’t condone all the mortgage and financing fraud that went on. But buying with no money down when prices have gone up basically forever is a different story.)

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