It’s not millennials --- It’s Older Americans! There seem to be two groups of seniors who are caught in this tangled web:
First – Those who have co-signed notes for their grandchildren who took no responsibility for the loans upon graduation. What can they do? Doug Pike, host of “50+” radio show you can hear Sunday mornings on KTRH, says there is hope. “There are plenty of Financial Advisors where you live that will gladly give you 20 or 30 minutes of their time-FOR FREE-to help you forge a plan to get these debts paid off.”
Pike says to understand the risks before you co-sign. And, by the way, college isn't the only path to follow!
“We have lost sight of some pretty lucrative positions that the Houston area needs badly. Electricians, plumbers, welders, truck drivers – and they are welcoming women for these positions as well.”
Second - Many older Americans dream of a second career after retirement. A Chemist wants to be a counselor or a librarian wants to be a nurse. In order to afford college, some opt for a student loan.
“Anything that involves borrowing money and paying it off for a long time spooks me a little! Especially for seniors,” says Pike.
With the added expenses of aging and a smaller job market, some have had their social security checks garnished if payments aren't made on time! Their last payment may be paid when they are in their 70s.
And --- Just Say No to those deadbeat grandchildren!!!