Americans struggle to payoff college loans.
As I write this post, over 37 million borrowers have outstanding student loan balances, 14%, or about 5.4 million borrowers, have at least one past due student loan account. It is a staggering number and it will continue to climb every year as our children are basically forced to take on more education debt.
Here’s a good one: Of the $870B-$1T in outstanding student loan debt, approximately $85 billion is past due.
The majority of borrowers still paying back their loans are in their 30s or older.
Also, of the 37 million Americans with outstanding student loan debt:
• Almost 40% of these borrowers are under the age of 30.
• Nearly 42% are between the ages of 30 and 50.
• 17% are older than 50.
• Borrowers age 30-39 carry $307 billion in student loans, followed by those under 30 at $292 billion, $154 billion in the 40-49 age group, 50-59 at $106 billion and the over 60 category carrying $43 billion, for a total outstanding debt of $902 billion. (Source: FRBNY)
In most cases this education debt prohibits these people from owning a home or even a car!
The program I am advocating on this website will not only help people payoff college loans, but if undertaken by a younger parent, would allow for an accelerated savings program for their child’s future education.
If you’re reading this post, and you are carrying debt from your education, and you know others who are in a similar situation, my advice to you is to take a look at this program. It’s something you may have never seen before that is working for thousands of like minded people.
The numbers tell the story folks, this isn’t getting any better. Experts are saying that this is the next big bubble that could burst in our economy.
I am here to help…