Thursday, May 17, 2012

Student Debt Owed by Senior Citizens ($36 Billion)

From a posting by Professor Frank Donoghue: 

That is, as far as I know, a one of a kind incident, but a broader and nearly as troubling trend has recently been documented by the Washington Post. An article published on April 1 by Ylan Q. Mui, discloses some remarkable information. We all know the magic number when it comes to student-loan debt: $1-trillion nationwide. But Mui notes that “new research from the Federal Reserve Bank of New York shows that Americans 60 and older still owe about $36-billion in student loans, providing a rare window into the dynamics of student debt. More than 10 percent of those loans are delinquent. As a result, consumer advocates say, it is not uncommon for Social Security checks to be garnished or for debt collectors to harass borrowers in their 80s over student loans that are decades old.”

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http://lawprofessors.typepad.com/legal_skills/2012/05/student-debt-owed-by-senior-citizens-36-billion.html

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