Fastest Growing Student Loan Debt Among Middle Aged
The most talked about student loan debt group is the younger generation but for the past three years the middle aged group has been consistently growing more debt than any other group. Reuters reports that “middle-aged borrowers are piling up student debt faster than any other age group,”
It should be no surprise that the economy has landed a blow to those in the middle aged group and as a result many of these people have gone back to college to improve their chances of employment.
Another factor in the rise of debt also has to do with the type of college they attend and for many of these middle aged students, for-profit colleges are an easy option not to mention they are sometimes very expensive.
The price of an education at a for-profit college is not what you would get at traditional college. On average students are graduating with a debt of $24,000 while those attending for-profit schools are much higher.
The news organization NPR reported recently that "Yet studies show that many students at for-profits can't handle their debt. They leave school owing $30,000 on average, and according to government data, they are much more likely that public college students to default on federal loans."
It seems that this is not discouraging desperate people from paying for an overpriced education given the circumstances they find themselves in. The only hope left to reverse this trend is for the economy to improve so that these middle aged students can get back to paying off their loans and getting out of debt.