Many over 50 are still saddled with student loans [View all]
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Source: Newsnet5.com
Jul 22, 2014
Lingering student-loan debt — which in recent years has been a drag on the economy as borrowers delay big-ticket purchases such as homes and cars — is beginning to affect millions of people as they head toward retirement.
More than 16 percent of the nearly $1.2 trillion in outstanding student-loan debt in the nation is held by people over 50, according to the New York Federal Reserve Bank.
"It's one of the largest economic issues of our time, and it's not just a young person's issue," said Natalia Abrams of the advocacy group StudentDebtCrisis.org.
Many of the borrowers have taken out loans later in life, often for retraining to stay afloat in a changing economy. Some wound up on the hook when they co-signed or took out loans for children and grandchildren.
Read more: http://www.newsnet5.com/financial-fitness/many-over-50-are-still-saddled-with-student-loans
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