Nothing to do but pay until we die’ – student loan debts soar among the over-60 crowd
by Bob Sullivan
It’s an old joke that’s quickly becoming reality for many student loan borrowers: “I’ll be paying off my student loans until I die.”
Ken Stumpf, a 70-year-old borrower from Colorado, lays out the stark reality he and his wife face.
“We are both buried from our own student debt. Nothing to do but pay until we die,” he said.
(This story first appeared on Credit.com. Read it there.)
Stumpf spent 15 years in the Air Force and U.S. Army, mostly working as an information technology specialist; then another 18 years as a civilian IT specialist for the Army. His mixture of federal and private student loans are current, but there’s no chance he’ll ever pay them off. In the mid-1990s, he went to graduate school to earn a master’s in Recreation and Park Administration. He borrowed $70,749 to pay for that degree. After a combination of deferrals and minimum payments, today his monthly student loan bill is a fairly reasonable $227. But his outstanding balance is $81,000 — more than he initially borrowed.
Read more here.