1 in 3 baby boomers say student loans still get in the way of retirement

Mar 2012
51,000
33,650
New Hampshire
#1
As most now know, skyrocketing student debt can be particularly devastating for young adults.

But it's not just millennials who are delaying life's major milestones because of their loan burdens, according to a new report by the Association of Young Americans, or AYA, and AARP, an association representing the interests of Americans over age 50. Debt from student loans is also standing in the way for Generation X and baby boomers, the report said.

Overall student debt reached a record $1.5 trillion this year, according to the Federal Reserve.

Nearly 1 in 5, or 16 percent, said their debt burden hindered them from getting the health care they need, including 17 percent of millennials, 16 percent of Gen Xers and 9 percent of boomers. Four in 10 respondents said student loan debt stopped them from saving for retirement, including 41 percent of millennials, 38 percent of Gen Xers and 31 percent of boomers.

1 in 3 baby boomers say college debt still stands in the way of saving for retirement
 
Jan 2014
15,225
3,847
California
#3
As most now know, skyrocketing student debt can be particularly devastating for young adults.

But it's not just millennials who are delaying life's major milestones because of their loan burdens, according to a new report by the Association of Young Americans, or AYA, and AARP, an association representing the interests of Americans over age 50. Debt from student loans is also standing in the way for Generation X and baby boomers, the report said.

Overall student debt reached a record $1.5 trillion this year, according to the Federal Reserve.

Nearly 1 in 5, or 16 percent, said their debt burden hindered them from getting the health care they need, including 17 percent of millennials, 16 percent of Gen Xers and 9 percent of boomers. Four in 10 respondents said student loan debt stopped them from saving for retirement, including 41 percent of millennials, 38 percent of Gen Xers and 31 percent of boomers.

1 in 3 baby boomers say college debt still stands in the way of saving for retirement
Bajisima,

I find that hard to believe, with regard to the baby boomers. First, college was much cheaper for us, so I can't see that they amassed that much debt. And one of the reasons I took the full 5 years to pay off my loans was because at 8%, it was at a lower interest rate than the prevailing 12% at the time. And they have been working for at least 30 years now, longer than a mortgage, so how is it possible their debt wasn't paid off years ago.
 
Jul 2013
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22,846
On a happy trail
#4
Bajisima,

I find that hard to believe, with regard to the baby boomers. First, college was much cheaper for us, so I can't see that they amassed that much debt. And one of the reasons I took the full 5 years to pay off my loans was because at 8%, it was at a lower interest rate than the prevailing 12% at the time. And they have been working for at least 30 years now, longer than a mortgage, so how is it possible their debt wasn't paid off years ago.
I agree. I went to UCBerkeley then and needed no loans. Only a beat up car, gas money, and money for books and tuition. Most of which I paid for by earning money doing odd jobs and with my parents making up the difference. And I inherited the 12 year old car that I couldn't open on the drivers side.
 
Likes: EnigmaO01
Mar 2012
51,000
33,650
New Hampshire
#5
Bajisima,

I find that hard to believe, with regard to the baby boomers. First, college was much cheaper for us, so I can't see that they amassed that much debt. And one of the reasons I took the full 5 years to pay off my loans was because at 8%, it was at a lower interest rate than the prevailing 12% at the time. And they have been working for at least 30 years now, longer than a mortgage, so how is it possible their debt wasn't paid off years ago.
Because they werent all necessarily for themselves or they went to school later in life.

Baby Boomers and Student Loans are Pouring into Retirement | HuffPost
 
Likes: boontito
Jan 2014
15,225
3,847
California
#7
I agree. I went to UCBerkeley then and needed no loans. Only a beat up car, gas money, and money for books and tuition. Most of which I paid for by earning money doing odd jobs and with my parents making up the difference. And I inherited the 12 year old car that I couldn't open on the drivers side.
Panzareta,

Was that when the UC system was free to Californians? My school was so inexpensive that we had a bunch of people from the east coast attending because out-of-state tuition was cheaper than in-state tuition in their home state.
 
Jul 2013
36,404
22,846
On a happy trail
#10
Panzareta,

Was that when the UC system was free to Californians? My school was so inexpensive that we had a bunch of people from the east coast attending because out-of-state tuition was cheaper than in-state tuition in their home state.
No it started out at $200.00 a quarter for a full load which I believe was around fifteen units then progressed to $600 per semester when they changed to that system during my last year .
 

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