Quote:100% agree...I'm 48 and still have almost 10 years left on my student loans

Quote:I'm taking the other route. I'm going to enroll for another Masters degree. I'm too old to ever reach the lifetime borrowing limits and I get the full time student forbearance. If each degree takes 3 years to earn then, with a 2 year break in between I should be able to earn 3 more degrees before I drop dead. Then it gets written off and my kids don't have to deal with the lingering debt.

 

Interesting that this came up.  I happen to think that student debt (college loans) is the next big bubble.  It's basically sub-prime loans made with no real tangible collateral.  The only collateral is based on the theoretical future earnings of people that take these loans.  While some that take these loans will work and pay them off, how many others will default?  Getting a loan for college these days is too easy, regardless of the income of the prospective borrower.  So you want to become a lawyer?  Here is a $200,000 loan to pay for your schooling.  That should be enough to pay your tuition.  Never mind the fact that you barely made it through high school.  It's that easy and that crazy.

 

Wrong_box - without going into specifics, what kind of degree did you get from your education and how has that helped you make a living?  I ask this because at 48 you are very close to my age and in debt more than I am.  Heck, I just bought a new truck and am not in debt for 10 years by any means.  I'm not asking this question to smear you, and if you want to answer in a PM that's fine.  My point is, you are still in debt and have 10 more years to pay on that (according to you).  I personally cannot fathom someone going into debt for a college degree that does nothing for them (not saying that this is you).  I also can't fathom anyone around my age having any significant debt for 10+ years.

 

Mark my words.  Banks doing student loans are going to eventually fail.  Investment banks buying these toxic loans are also going to fail.  It's a bubble all over again.

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