Almost one-fifth of all American households are dealing with some form of student loan debt, according to a recent Pew study. But what effects will an improving economy have on debt?
Posts Tagged: debt
Unlike most other forms of debt, student loans generally can’t be eliminated in bankruptcy. Some older borrowers face the reality of taking their debt to the grave.
When Mary Alice Harvey went to college, tuition was $25 per quarter ($300 in today’s dollars). She, and many others of her generation, left school free of debt — a situation few current college students can imagine.
Talk about student loans usually conjures images of 20-somethings struggling to make their payments as they find steady work. But of the $900-plus billion in student loan debt in the U.S., more than a third is held by people over age 40 — and they’re having a harder time paying it back.