[quote=poorgradstudent]…As for older workers, I think it’s a combination of layoffs and feeling unhappy with their current jobs. My own mother never went to college and works retail; there was a time she considered getting her degree but decided the math didn’t just add up. For her it was a straight money decision, but there’s a lot of people where there’s a prestige and emotional component…[/quote]
poorgradstudent, what if the “unhappy older worker” is an educator and was told at the time by their employer that if they completed a particular graduate program that they could get more “prestige and pay” with an advanced degree. Then after several years going to school part-time (more expensive that way but they still had to work), they completed the degree and now attendance is down at the institution they are employed at so the job they were “promised” upon entering their graduate program (and taking out their student loans) is no longer available?
In today’s economic climate, there’s isn’t any “guarantee” that these advanced degrees pay off in the form of a higher salary … for ANYONE. And when a “boomer” doesn’t have time to recover from the (unnecessary and unwise) borrowing they just did, they screw themselves and everyone in their immediate family who depends upon all or part of their income.
“Prestige” or a “title” means nothing if you can’t even make enough net monthly salary over and above what you did w/o the “title” to make your student loan payments ($500 – $800 mo minimum?). Then whatever is left over will come out of your SS payments (if the OASDI program is still around at that time, lol). Upon default, an ex-student’s income tax refund is intercepted by the collector for the Federal “agency” (Sallie Mae) who made the loan. If this interception is from a JOINT RETURN . . . so be it. “Boomers” can’t usually GET educational grants or govm’t loans based upon “need” because they don’t qualify (they own too many assets [even if non-liquid and tied up with a spouse]) and there is no “parent co-signer.” They are indebted forever and unwittingly (or on purpose?) fvcked themselves up in retirement. Of course, any balance will show up as a creditor’s claim on their estate after they die.
I agree with your mom. As a HS grad or a person with limited college credits, at least she DID remember how to “do the math,” lol.
I don’t have to worry about my kid(s). They have not and will not take out ANY STUDENT LOANS . . . ever.
