globaleconomicanalysis.blogspot.com / By Mike “Mish” Shedlock / Monday, December 17, 2012 3:00 AM
In my post Trends in College Tuition vs. Bachelor’s Degree Wages; Interesting Demographics of Student Loan Debt History I noted skyrocketing student loan debt, especially in the age group 30-39. See article for details.
Since 30-39 is not the typical school demographic, I asked readers 30 years or older who are sitting on a pile of student debt to share their stories and reasons.
A summary of reasons and email snips from readers follows.
Reasons for Skyrocketing Student Debt in Age Group 30-39
- Interest rates are so low they encourage not paying off loans
- Interest rates are so high and job salary so low that debts cannot be paid back
- Economic incentives for special ed teachers and others
- Divorce sends middle-aged mothers back to school to get a job
- Divorce and child payments sends middle-aged men back to school seeking better opportunities
- Pressure to get into management, and management requires additional school
- Exploitative ads
- Deferred payments
- Employers unnecessarily require college degrees
- Those who get married after high school decide to go back to school later in life
- Parents co-sign loans shifting debt responsibility to higher age group
- Job loss sends middle-aged persons back to school hoping for better opportunities