Elderly People and Student Loan Debt

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Elderly People and Student Loan Debt After years of studying and working so hard to get the best possible grades one can get, it is expected for someone to be ecstatic once they have graduated from college and earned their degree, however the majority of the time this not the case. They are far from being happy because the student knows that even though they have just conquered the steep hill that is college, they know that there is a mountain of debt right behind it. Almost immediately after students are done with school they are faced with the reality of having to pay back every dime they borrowed while in college, not to mention the interest rate that is added to that total as time goes by. But student-loan debt is not just a problem for young individuals looking for their first job. It is increasingly affecting older folks that decide to go back to college. The current federal aid legislation designed to give student-loan borrowers some relief does not do enough to assist older people. “Delinquency rates among older borrowers have grown, from about 6 percent in 2004 to more than 12 percent last year, according to the Federal Reserve” (Patton). The increasing amount of borrowers, the rising tuition costs, the struggle to retire comfortably, and the struggle to find a stable job by all college graduates due to the recent recession should be reasons as to why there should be programs that assist elderly individuals with their student loans. Over the years the value of a college degree has drastically burgeoned. As the author of one scholarly article describes it, “The number of people over age 50 enrolling in graduate schools more than doubled over the two decades between 1987 and 2007, when more than 182,000 enrolled, according to data from a survey published every 10 years by the U.S. Department of Education. The total amount of outstanding student-loan debt

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