Seniors are borrowing money faster than others
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- čas přidán 30. 04. 2019
- Forty-three million borrowers have about $1.5 trillion in federal student loan debt. The fastest-growing group of borrowers are seniors. CBS News national correspondent Mark Strassmann joined CBSN's Tanya Rivero as part of the series "Eye on America: Life & Debt," to disuss how seniors are still struggling to pay back student loan debt.
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It's irresponsible for them to give her that loan. 59 going back to school wow. Foolish.
K Roddy she is a better risk than a young person. They can grab her social security to pay it back as soon as she applies for it.
You're never to old to learn. Anyone over 50, decides to go back to school it should be at a zero interest rate.
K Roddy Not necessarily irresponsible for them to give her the loan on their part. They get her assets and social security as collateral. Most older people in that position have their house, car etc paid for. However, it absolutely should be illegal as a way to rob older people. .
Irresponsible for her to TAKE such a loan.
@@chaist94 I am not sure about that, I believe only IRS can touch the social security according to the 2017 social security booklet if you owe back tax, unless I miss the information in that booklet.
What was the benefit of even going back to get the master's degree? She really has no employment advances to show for it. She basically has a $40,000 title. The world places too much emphasis on going to college. There are folks with these degrees who are working in grocery stores because they cant find a job in their field. I think taking up a trade that allows an individual to provide for one's basic needs, minus the huge loan debt, is better.
Amen my "Sister"
@@curtisgreenhousejr3077 Thanks. ☺
I think a college education is good for a young person to develop a foundation. You should look at education as an investment in yourself but the return is not financial. You need an education to perform in a trade nowadays as well. That being said you should be careful not to borrow too much, if at all. For a young person, borrowing as much as a new car should be reasonable. You should always have a plan to pay back any debt incurred for anything.
Probably some sort of self full filling thing.
THIS. Apparently this was a vanity degree. It was a bad decision that will dog her for literally the rest of her life. But no amount of hand-wringing or regret will change the fact that it was her decision alone.
Her taking on that kind of debt in her late 50s is the definition of irresponsibility.
A lot of seniors use student loans to pay their bills and take a class at the community college
No reason not to.
That actually sounds good.
Exactly. It’s like additionally social security and pension funding. Go to school at a cc till you die. Lol
The problem is, the rest of us have to pay that debt when they die... debt doesn't magically disappear.
Rediculous.
it's a pretty simple concept - don't acquire debt that you can't afford to pay for. Some of these people are not very bright. This woman is 77 years old and in this situation - a lifetime of bad choices is the reason and yet she complains that it isn't her fault and "the system" is to blame and has been unfair to her... what a joke. Personal accountability in our society these days is all but missing.
100% her fault & her awful decision. I knew a guy who was debt free at 45 but chose to go to law school & rack up $160K in student loans. He's 60 & is now miserable & owes $140K still only making just $75K/yr. Idiot.
It is not just intelligence IMHO. It is also excusing your own behavior when it does not suit you. Blaming the banks is very easy.
How much did the loan industry pay you to post this "individual responsibility" propaganda that ALWAYS blames the individual and NEVER the profitable system designed to punish people with crippling debt when they're trying to better themselves and their lives? If you did not get paid for this I sincerely pity you and your gullibility towards corporate propaganda. There is indeed something to be said about personal responsibility but it is a small aspect of a much bigger systemic problem that education which matters (cant get a good job without an actual degree) is behind a paywall that normal folks will never be able to overcome. The more expensive education becomes, the closer the USA comes to a no-mobility caste system like India.
@@bigbanknewyork3655 and not to sound dreary but we are all fragile and mortal...and after 55 the Great Slide begins. You might still feel great, but your buy date is definitely coming up. All sorts of health issues start to show up and if they dont...they will. The mid to late 50s is not the time to embark on huge new expensive enterprises{unless you are just really wealthy} Its a time to be careful, make plans, prepare for soft landing.
We lived for tens of thousands of years without these banking systems. The system absolutely is to blame, we are no longer able to function as independent individuals anymore. We are one huge social being. You can't blame people for these decisions when they are constantly assaulted by conflicting media at every turn. If I'm wrong, explain how payday lenders aren't legal loan sharks, for example.
This is why I'm glad I dropped out of college before I had to take out loans. Got a job as a teller at a credit union and worked my way up. I may not make as much as someone with a master's degree, but I'm happy that I don't have to stress about student loan debt.
Good for you 👌🏽
I didn't go to college and I've done pretty good, just think about it, the people who have master's degrees take hm less than us cuz their still paying back their SL...
Same
@@elmobolan4274 They don't make less, they just have less to spend because they are paying back their student loans. People need to understand that education isn't for just right out of college to get a job. It's a lifetime benefit that will help you go further in your career and get paid more. Once the debt is paid off, they will enjoy making even more money than someone who did NOT go to school for the rest of their life.
@@tylerprice9498And the "Fairy Tale" is alive and well...
Why is it so hard for Americans to accept that decisions have consequences? If you are 55 years old, single, and getting older then taking out $40,000 in loans for a master's degree is probably not a great idea.
I think it is an easy money issue, not an American one.
@@cd4429
No, it's an American issue. Personal responsibility has taken a back seat to victim hood.
people watch too many commercials. They are always seeing super wealthy, super happy, super active sexy folks, 40 years old made up to look like 70 playing golf, running corporations, skiing, sailing the Mediterranean and they think thats me!! I want that!! I deserve that!!! wheres my piece of the pie!!!
lol I had a grandmother, born in the last years of the 19th century and her fave saying was "Where is it written that you should be happy?"
She should not have borrowed the money for a crap degree.
and she way too old
Her Master's degree is not worth it as no one is going to hire her at this old age. The Master's degree will be only collecting dust while she is paying back the student loan debt until she dies. Why older people are falling into this financial trap while Universities and Colleges are milking money from them.
Yeah, man even without debt, people can't afford to buy a house in CA
Buy a house? I'm 31 years old and I can't even afford to move out of my dad's kitchen. I've been sleeping between the sink and the living room TV for years. I'm always miserable and depressed 24/7 365. Zero quality of life.
Idk. It's hard in CA but let's not say it's impossible. I bought a house after paying rent on a 2 bedroom for myself and my kid, without child support. It can be done.
@@adinahwithkaden congrats and where in CA
@@THEISAAC1593 thanks - the Bay Area. North Bay
@@Network126 why don't you work on the oil rings?
Health is wealth.
Best comment
The student loan business should be classified as predatory lenders they are no different than payday loans.
no, cause you read the contract and decide if its the right thing for you to do. If youre smart, you dont do it.
@@taraterm3 Reading the contract doesn't make it alright. The creditor can drive the debtor into debt slavery and poverty. That isn't made a fair deal by the debtor's consent. Usury is wrong to begin with, and its even worse when the government enforces usurious contracts.
They are payday loan! A high interest rate and the ability to chase after you day and night
This is strange that banks submit loan to elderly people, in Russia you barely get a credit being older 60 years old
Денис Дементьев its cause it goes to their kids when they pass away
What’s strange is people over 60 yo applying for credit and that’s just for starters. During their working years they spent more than they earned and saved nothing. Obviously these behaviors are still being practiced by the “ poor ol’ old folks. Don’t forget, they weren’t always old.
Give me your Lunch money kid no it doesn’t
Banks aren’t involved in student loans in America anymore. It’s all a government controlled program. That’s why it’s such a failure.
Lol that's because Russia is more capitalist than the USA.
She really didn't pay that much into social security. It will come from the younger tax payers.
@Harmony only corporate taxes will go to pay for those loans. It ain't milenials
Thats crazy...in my state they have free college courses for seniors over 65.
It's not really free, the tuition is just taken from other young working individuals in the form of taxes and given to the college and it seems like a waste of money because why would you want to start a career at age 69
Incomeking public schools are also a waste of money
@@jason76065 Actually so, at my community college senior graduates are allowed to monitor a class(es) when the classes dont fill up. You dont get credit for monitoring a class there. But you do get to learn.
She was in her 50s at the time, anyway.
Get a visa and go in Europe
What's the big deal? Borrow as much as possible and die in debt.
J. R. How do you figure that “ brain of hers is worthless “?!? It’s a heck of lot to her . Did YOU go to college? If not your loss . Learning new things is never a waste of time
J. R. Wow 😮 mic drop out
@lipsticklezy You don't need to take out huge loans to learn new things. There is a thing called google.
@@choochoo22 I hope liberals win and cancel all college debt just to see your pompous head explode.
The Great American Dream
I feel so sorry for her. To have to live out her final years in that state is terrible.
If nobody ever noticed thts all we live for is to pay bills and drown in debt thts wt america does to their own people, then they wonder why people act stupif
It is not "America" doing it to people. It is people doing it to themselves. Be smarter with your money and you wont be drowning in debt. They talk about people about to go into retirement going back and getting masters degrees. Why would anyone think that's a good idea?
That’s America’s own spoiled selfish, gotta have more, attitude. Buy what you can’t afford and pay as much interest as possible because you have a decent job. Never mind that 3 kids, health issues, divorce and job cutbacks are always threats waiting to take you back. But oh well, it’s the American Dream. So, go for it like everybody else. Because when I start to slide backwards, it’s always going to be somebody else’s fault,
High stress causes changes in the brain in many areas also causes poor decision making, memory loss, huge list
Car loan, home loan student loan
Whats the point of life when most of it is spent paying off bills?? How much of that crap are you going to have to use when you die?
This doesn't make sense? The lady should just pay the $38,000 debt. If she can't do that at her age then that's a bigger problem.
Fixed income
Her overall financial situation is the result of decades of riotous living!
All you are clueless and naive. At her age, she's lucky to be working. Not many people will hire someone her age; let alone someone like me in their 50s. It gets harder. And it's hard to pay back large student loans. I know.
Wait until you're 76. You'll see.
No one gets rich owning the bank money. These are legally competent adults who entered into these financial agreements. Should other taxpayers be responsible for other's bad financial decisions?
taxpayers aren't responsible for anyone's debt. what country are you from. certainly not the u.s. because you don't know how creditors operate.
At 63 years old...2 pensions...great credit, debt free.... I will never cosign or get a loan for anyone, grandchildren, grown children.... not EVEN MYSELF!
Consider yourself very lucky!
I am 63 will receive my state pension at my 66 birthday which would only be £500.
A month !
I downsized my life....live in large nice affordable apartment, great area. Drive 2011 kia rio...58,500 miles, mint condition, keep maintainence....flexible vegetarian, healthy...save every month....sometimes little, sometimes little more...excellent health insurance...enjoy life/Nice life....but frugal...
So you’re not able to pay for a service you received and figure that if you and enough others cry about it , you won’t have to? That’s what younger people do and what this sounds like to me. Make better choices people.
If you want to get out of debt ,students loans listen to Dave Ramsey
mikemer79 - maybe they should be forewarned that it requires focus, self discipline, and personal responsibility.
All dave says to do is pay it back as soon as it can. It is nothing but dead weight.
There is no getting out of student loans. They are like AIDS: you will have them until you die, and all you can do is manage them. That's why once you have them, there's no reason not to just take out more. You'll never pay them off anyway.
I did and paid back $26k in student loans in 8 months. Will be debt free next month!!!! Thanks Dave. Woo Hoo. I'm free!!!
Must be nice I’ve worked for minimum wage my whole life no debt no family friends or kids and can’t afford to live alone I don’t own a car or phone or anything enjoy what u have cuz eventually u will be in the same place as everyone else
Just so you know, the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005, which made it so that student loans could not be discharged through bankruptcy, was sponsored by Republican Senator Chuck Grassley from Iowa. 50 republicans in the senate voted yes on the measure, 18 democrats voted yes, 25 democrats voted no, 1 independent voted Yes. Now, on the surface it sounds reasonable to want people to pay off their debt - on the other hand it also was a factor in the acceleration of college costs because there was no way for students to escape paying so the reasoning was - why not milk students and parents for all they are worth.
I would argue the fact that anyone can get these loans is the main reason for higher tuition. More people higher tuition costs.
I've been paying on my loans for ten years and have yet to pay one cent into the actual money I borrowed. I can't even pay the interest. I don't have a problem paying my debts if that's what I'm actually paying.
theyre making a profit off interests alone.
Brian H. Restrictions on bankruptcy for student loans started in about 1976, not allowing bankruptcy within 5 years of starting loan repayment. No evidence was presented that student borrowers were abusing the bankruptcy system at that time. Restrictions continually got tighter in subsequent years. Who benefits? Bankers and the government.
Mary Renaud exactly! So much of the conversation is “WhY ShOuLd StUdEnT LoAnS Be ForGivEn?” But the conversation should really be, why are they one of the few forms of debt with virtually no forgiveness options...
People should really invest in math classes.
too hard, take art instead
@@georgemendez6760 thats the stupidest thing iv ever heard,art is usless,
@@sphporsche355 I'm a math and computer science major at my school and my opinion is that art is the easy way out.... so why not? lol... i've been in school for 5 years
im pretty sure the math checks out. This lady is gaming the system to get food on the table using the refunds. Thats her only source of income.
If you have anxiety about math classes like me, use KhanAcademy and Numberphile on CZcams first before taking the class. It helps to learn math material before class so much. Nearly changed major to liberal arts because I felt I was flunking classes, actually I just needed to do things differently.
That’s awful to garnish social security benefits of seniors!
Cali Dreams depends on income. If they fall under the poverty line, the gov won’t garnish wages. They won’t force you to to be homeless. Maybe houseless and carless. I know because my old mother in law was in that situation and made sure she didn’t make too much money so she can keep it all. It’s not quite as bad as it sounds but close.
They weren’t always old!!
but they made the choice to borrow the money...and if they get the money for free, PLUS keep SS, is that fair to other seniors who need their SS and didnt decide to get a masters at 60?
No its not. You borrow money, you pay it back. Period.
she's smart to have the payments income-based. what's the point of paying off the loan when you can die any minute? lmao.
My college (a major public research university) has a program for senior citizens who want to audit classes for free. People are just financially stupid - both young and old.
Joshi The Yoshi - AMEN!
My community college does the same thing.
is your college in every city? and does it hand out masters degree for free? just curious.
@@cerebrumexcrement Auditing classes doesn't give you a degree.
specially boomers,that is why the are living in homelessness,greed has consequences
I’m not entirely against student loans, I think part of the problem is people don’t properly understand how to budget and they go to college for a useless liberal arts degree and stuff like that. Major in a STEM field or finance and you’ll be alright.
"Most four year state schools at 30k a year" well that's just a silly statement. You can easily go to school for like 12k or less a year. And if you first get your general ed credits at a 2 year school you can cut your total cost by a lot.
Did the same.....went to Community College to get my A.A.S. left debt-free while working a couple of jobs and having only Pell Grants (born Black & Poor in Baltimore city, no family assistance or loans). Then transferred to a local University and left at the age of 30 w/ 39K in debt and 3 yrs later it's down to 26K. I work in Information Tech and saw the student loan debt trend coming before I even finished my Bachelors. Now I'm back at my 1st Alma Mater getting IT certs to get my salary up quicker so I can afford a Masters with little/no loans possible.
This is ridiculous for sure. However, she was 59 years old, 6 years from retirement age, when she borrowed yet another $30,000 to get a masters degree. So that would put her in her 60’s to graduate. It would be easy to say nobody knows her circumstances & finances better than her, but apparently that isn’t the case. She is a career student, not married or with children financially capable of backing her up.After age 60, the health begins to break down for Americans because of our eating habits, lack of physical work etc. Point being, if you can’t afford to eat the cost of a masters degree, then get the best job you can without racking up yet more education debt that continues to rise with interest. But ...... shouldn’t a college educated older woman have known that? Everything is not the governments fault.
Maybe just to fulfill a life-long dream. She might know she will never pay it back off fully before she dies and she gets to fulfill her dream so it's a win for her i her eyes maybe
Wow the whole point went over your head and cleared about ten feet of air!
JAS Jubilee - she got a Masters of Social Work .... a worthless degree.
My mother in law did the same thing and is now 62 with 80 k in student loans working at a coffee shop
Jesus. My loan was paid off before I was 30. Only cost me 12 grand for tech school. It's made me a good living thus far.
The really sad thing is most college degrees are worthless. So tons of people owe thousands and thousands of dollars with nothing to show for it.
I don’t go to college because I was taught not to rack up bills I can’t pay.
Most high schools push you to apply and go. If you're told every day since 5th grade that everyone's going to be 'college ready' and that it's a requirement for jobs of today: how do you not go to college cus of the 'bills'
Exactly!
Weston Rumba think for yourself.
Oh my goodness! A virtuous person! Here's a virtue award for you to wear on your shirt to let everyone know how good you are --> *
but now youre locked out the labor market, you cant get jobs thst want bachelors.
Definitely not a masters degree in mathematics.
Karl von Eschenhof this isn’t a fault of accounting, this is the horrible effects of a predatory system. How cruel are you to not see that and make fun of the little old lady who is suffering so much for this
No one told her to go to college, especially if people can't afford it.
@@oscarorozcoorejel The Government needs to get out of the loan guarantee business!
Maybe her degree is in math,after all,A.O.C. has a degree in economics!
This is crazy. I did not know that people's social security can be garnished. Social security checks are nothing already without being garnished.
Vickie Clark - SS was intended to supplement the savings of retirees not finance individuals lifestyle for 35 years. Please save the ‘“they couldn’t save” line . I don’t have a college degree . I have been a blue collar worker my entire adult life. I do have common sense. I spent less than I earned, don’t carry debt, buy used vehicles ( my current vehicle is a 2010 that I purchased in 2015) great condition used vehicles can be found. I saved through a 401k . Mortgage paid off, no credit card auto debt.For the first 2-3 yrs I didn’t understand much about personal finance. Wasn’t able to squeeze in watching what going on on the island , see how desperate were the housewives, spent my time reading and studying personal finance/ retirement planning. When I retire in less than 5 yrs I will retire with dignity and have lots of fun with friends and family. It’s called PERSONAL RESPONSIBILITY!!!
SS can be 2 to 3 thousand a month, which is decent, but it was always meant to be a help, not a main source of income. About half the Baby Boomers are relying on SS as their main retirement fund, which is terrifying.
My friend had her tax refund taken/garnished towards payment of her student loan. She was counting on that check for rent, car payment, food etc. Trump is behind this. So folks with student loan debts beware you just might not get the tax refund you expected.
Paris Wolf - Trump has nothing to do with the tax returns being taken. State and federal taxes have been taken toward student loan debt as well as some other types of debt for well over 20 yrs.
Can you imagine being 90 years old and still making monthly student loan payments...
They know they gonna die so so might as well rack it up!!!! Lmaoo
I do think it's all ok anyway. America is about done. Soon America will be no more. Just like the twin towers. America is on a course of self destruction. The greatest enemy of America is itself. It might be time to get off this ship before it sinks. If you wait till it sinks, it will drag you down with it.
But they could garnish her Social security pay ....
Not if she is in deferment. All she needs to do is enroll in a community college course and take out more student loans still she dies. She doesn’t have to pay a cent back ever...
It make no sense for people who is 50+ to go back to school with student loan. By the time you get out you're be 52+. Also starting a new career takes 2-3 years after school to get to a good paying level.
Where's the responsibility from the person taking the loan?
JWonz the person at the college admissions office who was very glad to have sold another student on going to college. They could care less how it’s paid for.
Where's the responsibility for due diligence on the part of the lender? Contracts are a two-way street.
@@Knaeben The lender should lose money if they make a bad loan.
@@jwonz2054 The creditor isn't going to be financially ruined by a bad loan like the debtor can. Its state sponsored usury. Creditors' side of the contracts are enforced by the government. They aren't going to go out of business if someone can't pay off their loans. The government can take the debtors' property and give it to the creditor.
@@anthonypuccetti8779 Then don't take the loan if you can't pay it.
I would prefer if mortgages were illegal as houses would be cheaper, but then many people would cry they need cheap loans to buy a house now.
I was confident I would pay it in “due time”. That’s not a good plan, did you learn anything after paying for all that “education”?
drvannozzun - it’s a better plan to live on less than you earn , pick up extra jobs and focus on paying off the debt ASAP.
That's Insain and they wonder why most people don't go to college.
Insane*
Insain???
Insanity is a 59 yo taking out loans that did not increase her income enough to repay them before she retired and her amazement at having age related health problems along the way.
*insane ........ lol
@@wanderingstar5673 Right? Everyone here is blaming the availability of loans, what about the person taking them?
This is why I am scared to go to college
It is not that bad. Make sure you are going for something that has a career attached and maybe do as much of your general ed credits at a community college. I got a 4 year degree with under 30k and it wont really be a problem to pay back
My suggestion is go to community college for the first 2 years then transfer to in state college. That will save you a lot of money. But be sure to pick degree that worth going tho otherwise just go to trade school instead.
I agree with suspended account, if you are interested in that sort of career trade school is great. I've worked in building maintenance for 6 years and the plumbers and electricians make serious money with relatively short training periods
EPM Records don’t be.
I highly suggest a trade school or technical college. I went to one of the highest rated technical colleges in the country. My degree cost about $20k and I got a job that pays 50k a year right out of school. After acquiring a few years experience I was able to get a higher paying job. It took me 2 years. It's only an associate's degree, but you can get some surprisingly well paying jobs with just an associate's degree.
Somebody should have taught this women how to create wealth for herself , instead of being stupid and taking student loans out and being in trouble financially at her age.
Anthony Kence - anyone can learn how to create wealth. It’s called READING. But they wouldn’t be able to keep up with the Kardashian’s or what’s going on on the island.
Yea! Wow if we could only go back in time and giver her better guidance and parenting! Get started on inventing that time machine right away! You'll make a fortune!
someone saw this story and paid her debt!
thanks for the update M!
Thank God!
Knowing you are at the end of your working life but you are taking out student loans.......WTF! Why are they getting loans approved in the first place?
I have graduated in 2007 with 70k student loan (with interest rate 6.75%) and have paid back everything in three years. It is possible if you study something that has demand in current job markets. She has graduated with useless major in her late 50s and deserve no sympathies at all.
Another problem are these reverse mortgages. Creditors are stealing people’s homes.
Well the saying goes "You can't take it with you." But in this case...You pass away with debt it goes away with you. No one else will be forced to pay it. So at this age what's the point? Just stay up to date with minimum payments so they stay off your back.
Which is why student loans should not be given to anyone in any amounts especially those who think that it's crazy that you have to pay them back with interest you agreed to.
No one agrees to debts that can never be paid off in five lifetimes. Contracts are a two-way street. When you artificially remove any responsibility from one party, the situation becomes absurd very quickly.
@@Knaeben They agree to it but are unaware of how difficult paying back the loan + interest is because they usually suck at math.
Just goes to show you just because you get old doesn't mean you get any wiser
Buy your kid a Nintendo Switch but say "no" if he asks you to cosign on a student loan.
2:18
The scam is revealed.
$cam
Graduated debt free without any help from anyone, but the price was high. Got drafted and had 2 years of my life taken away from me, but got GI educational benefits. Been debt free for 25 years.
Thank you...
Can't afford college in the US, just study abroad, the part that will change your life is learning, and education is considered a human right in Europe and Latin America. People all over the world want to go to an English speaking country to study, since being fluent in English will let employeers know that you can do business in a global market, but native born people don't need that, you get an easy pass, you can go to France or Germany and get free college, even Argentina offers everyone free college, this unpayable loans are just a thing in the english speaking world.
This lady chose to borrow the money. It was her responsibility to make sure it would bring about enough of a pay increase to merit borrowing the money and the time and effort attending school . It did not and no it is not a shock or surprise we all keep getting older. No , student loans should not be forgiven. The rest of Americans should not pay for other people’s degrees. Forgiveness by a government that does not produce a product or service for profit! We, the taxpayers pay these debts.
why do ppl take loans at 50 to take a master degree when they have so little time left to work to repay it?
Or not have any savings to cash flow her tuition. In your 50s, you should have a nest egg, house paid for and retirement savings.
Most police academies will pay you to attend. Trade schools almost guarantee employment on graduation and some apprenticeship work. The only people left with debt are university graduates.
christopher stimpson *with education debt
christopher stimpson that’s true, however if everybody does that, these trade schools graduates will struggle to find jobs too. Diversity is necessarily in every society. I think the bigger problem here is that people take student loans that are very high in interest rate. This lady for example pays her monthly payment. But it never covers the principle loan. That’s just ridiculous really. If people want to study, they should be given interest free loan or allowed free or small fee education.
Yeah... I don't feel bad for her. No one forced her to go to school or sign for that loan. She dug her own hole.
Rich Greene - matches the one in her head.
When I am 60 , i will be by the beach in my shorts .... not going to school or working, wts wrong wt these people
Because of this my grandson refused to go to college . He rather get a trade . And job . Maybe he's already smarter then the others.
Bottom line:
One should not buy what one cannot afford.
Living beyond one’s means is a huge mistake.
It has become a way of life in this country.
People create their own messes; then they start whining.
It’s all about personal accountability.
50-60 k a year WTF i wish jibs paid that more like 30,000 a year
Learn to code. Work on an oil rig. Become a civil engineer. Invent something. Start a business.
JWonz S Agreed. These jobs are hard and take a lot of work to get though college but they are worth the effort. They can start around 75k a year with no experience and get up to over 100k a year within 10 years. I’m a mechanical engineer and my 30k student loan was well worth it. It’s now 11 years later and it’s been paid off for a year.
@@mylesgray3470 Nowadays degrees are becoming oversaturated to where a lot of people aren't guaranteed a job after college.
Loved when I paid off my student loan 20 years after graduating.
While I have genuine sympathy for her situation, my first question is why? Why rack up that debt at that age for little or no financial gain? I never went to College, I am not saying that is the way to do it, but I guarantee you as a Sales Mgr for a Software Company, I make more per year than that poor woman in debt for a Master's Degree at age 76.
What the? What? The media can find 'senior's debt' but can't find nor report the number of Americans out of work? Whoa!
Rome...all over again!
Student loans and debt???
I gotta hear this.. what's the connection?
Roger Out our society is turning into the Roman Empire before they vanished. Look at the parallels between the end of the Roman Empire and how the United States is today and you won’t be able to tell the difference
@@BlueCollar850 tell me all about student debt and the Romans..
But a thousand times faster
@@bluedogfish2 what's the connection here???
This is crazy. Something needs to be done about the outrageous cost of higher education
If qualified college lecturers volunteer to teach for free, possibly in a public setting, such as a library. It's possible in the future.
I have a graduate degree, I'm qualified to teach. I wouldn't mind teaching one class a week.
@0:42 "she got her masters degree [in the social sciences] in her late 50s..."
No! disrespect but it is about choices! if you choose to take these loans out for yourself, your still obligated to pay the money back.
Been trying to tell these people not to go back at 55! Crazy……when they went back late, no way to pay it back…but while they do work, they can make more per hour, but the work years isn’t long enough. Look at what she makes per hour at her age, look what a senior without a degree is earning at 76. Yes, understand if take out debt, it is a bill.
I did not go for MBA in my 40s due to high cost. i owe nothing for b,s, as work paid and i went part time.
We are overlooking the root cause. The abuse of lenders and banks is prevalant. How can someone with a college degree and a profession still not have enough to pay the debt with interest.
Is she surprised being in debt after taking student loans - who could have thought! Oh dear...why did she go to get that degree at all? What was the plan? I’m probably missing something
HER ESTATE WILL PAY OFF HER LOAN.
Sorry. lady. You took on $35 grand n debt when you were 60. Did you even think about an ROI or how you would pay it back?
j monte Seriously! I ask the same question to kids going to a college taking “fun” classes and whatever major is easy. Arts might be fun but they rarely pay the bills.
Almost doesn't matter anymore what you study. Most people struggle to find jobs in their field.
Network126 if your willing to move where the jobs are, it’s not so hard to find work. I love in Seattle because this is the hub of Aerospace manufacturing in the US. I’ve also worked in Germany for 2 years and the Philippines on projects. If your flexible with the right qualifications you can do well. Manny people don’t want to leave home though.
@@mylesgray3470 People have been telling me literally hundreds of times over the past few years on my channel to just move somewhere else. What everyone fails to realize is that moving costs a lot of money (unless you're planning on simply driving somewhere and living in your car). I don't have any money to move anywhere. I can't even pay my bills. I'm just falling deeper and deeper into debt as I go progressively more and more insane from living in my dad's kitchen. I already had to quit my last job because I couldn't even stay awake at work. The damn TV behind my pillow would be blasting all night and I could never sleep. I've been asking for financial help on my channel for years via GoFundMe but all I've done is make myself a harassment target for psychotic trolls who have made entire channels about me to slander me and spread lies. I hate the world. I'm literally in a bad mood every single day. I have no personal space or privacy, and no quality of life. Everyday I hope to die.
$1 trillion student loan debt, $1 trillion credit card debt, $1 trillion car loan debt. JESUS CHRIST!!!
Just say no. And go into business for yourself.
get boatload of credit cards, take enough cash advances to pay off student loans. file bankrupty
I P- I think the Dept of Treasury prohibits the payment of student loans with credit cards. Not sure if it's for that reason but the feds probably did it for that reason.
@@austinmcmahon254 Okay, get cash advances with credit cards, use that. I don't have any student loans and think many should not take so many loans.
Austi McMahon
The government needs to stop giving student loans, the program is one big mess, if you can't afford college, don't go or work your way through college, never co-sign a student loan eithet.
Take comfort that the administrators will be cared for with nice fat pensions and you were instrumental in making that happen.
How did she think she would pay back the loan,even if she had no problems?!
Student debt is so unforgiving because we hate paying taxes. These Senior are just having a taste of what many younger folks are experiencing.
Guys let’s start a gofundme page for her
This is why I never went to college. I'd rather be poor with no debt rather than having lot's of money and debt.
I bet her master's degree has nothing to do with finance.
My son and his wife live near San Diego State. They are both teachers in Coronado. When it came time for them to get their Masters in Education I advised them to go to National University where I received my MBA in 1977. National wanted $ 1,300 a month plus books and fees. At National, you take a course a month and finish a course a month. A Masters in Education requires completing 10 courses. I called National and talked with the Dean as I was an Alumni of one of the first classes they had. I asked if there was any consideration for the children of alumni. National made the following offer. They would charge them $800 a month for tuition, books and fees in total. But, they had to get 10 people to sign up for the class. If they did, they would not have to go to the college - National would send a professor to their school and class would be held in the principal's conference room. And, they were able to get 8 more teachers to sign up. So, for $ 8,000 total they got their Masters of Education which rewarded them with an immediate $ 6,000 a year salary increase each. The lesson here is to remember - unless you are going to a top Ivy league school you only need to go to the best school that meets your needs. They could have gone to San Diego State but it would have cost close to $ 50,000. Yet the reward was the same regardless of where they got their degree. So, they are going to have at least 28 years of benefit (they have all ready had 17 years if benefit) before they get to 30 years of service. My son paid for his degree in cash and his wife got a student loan that they paid off after one year. In this case it was a good decision. This ladies mistake was not looking at all options available to her.
I dont see the justice. Well it was her decision and if she hadn't wasted her whole life not saving money or investing for retirement she would have been fine. She cant complain she signed the dotted line.
Most these seniors are after the loan refunds, not the education. Thats how they are putting food on the table!!
Shocked to hear a 77 year old senior citizen to act so immature and irresponsible. Americans must learn math skill like all Asian
Hahaaaaaaaaa! 🤣
You borrowed the money, you spent the money, now you need to pay back the money. Isn't that how a loan works?
A masters without understanding interest? Working as a family counselor with a masters? That’s crazy to me.
Boredom ain't cheap.
I always wanted to study mathematics. At my age I couldn't get a job in the field so I'm watching you-tube lectures. I'm doing abstract algebra now. I just finished linear algebra and complex analysis.
Shouldn’t get a degree in your fifties. Why do we need to support these people’s bad choices?
Because rEsPEcT yOuR elDeRS
Income Driven Repayment discharges any debt after 20 years of making payments. Public Service Loan Forgiveness discharges all debt after 10 years of income driven payments, and works fine (if you know how to fill out the paperwork). I really don't know if he's lying intentionally or unintentionally.
One reason I didn't go to collage or go beyond my High School Diploma. I been debit free for the last 20 years, not married, no kids, no subsistence abuse and just bought my first house at the age of 56 in cash. So still debit free. I'm living my dream, where other can't even reach their dreams. I even finish my bucket list. So far I just add one more on that bucket list and will get that one done in about three years from now.
That’s the way to do it
@@hermanrogers1325 I accumulated six skill trades, over my years. Just enter as an apprentice and exit as a journeyman. Didn't cost me anything. I show up and work and get the skills I needed. Didn't need a degree to entry any of these jobs. I exit a job and go into what I call semi-retired. Which is simply between jobs. I had went 3-9 months and as long as 1-3 years without working. I use the money I saved up during work. I moved from state to state, city to city my younger years. Bought me a house free and clear at age 56 and now settle down. I still work, but my jobs are getting easier. I do my own side jobs as well. I'm living near my parents to take care of them. I'm 30 minutes away to help them out and enjoying where my life has took me. Without a ridicules college degree debt slide. Yes sir, that's exactly how everybody should do it. Unless you want to be a doctor, lawyer, or engineer.
If you have to borrow money for education, forget the education. It's crazy. My husband and I both never went to college. We have a fairly new 3 bdrm. 2 bath brick home. Own 3 vehicles. No debt. Not one penny. We got out of debt in mid 40s and never went back in. Buy new cars and keep them for many many years. No credit card debt. We give away over 10 percent of are income. Debt makes and or keeps you poor. Live within or below your means.
One way to get out of the student debt for seniors is go on Medicaid and move to an assisted living facility. Then the government will have no money to take.
I have no issue of people going back to school in their late 50’s it’s about how you go by doing it
Disaster