If you're like many of us, it's not just your college kid carrying student loans. You're carrying them on his or her behalf too. And if your student graduated last spring, those loans are about to start coming due. The New York Times has been running a fascinating series on parent debt, looking at the ways those loans and the ensuing debt are impacting mom and dad, esp parents who are nearing retirement age - or what would have been retirement age were it not for the last recession.
There's been a huge surge in the number of, well, 60-somethings carrying student loans for their kids - 2.2 million in the first quarter of this year alone, which is three times the 2005 figure. And the amount they're carrying has increased even more, from $8 billion to $43 billion. If you're fretting over the prospect of your newly graduated kid paying off loans, imagine yourself doing it on Social Security income.
Take a peek at the article, then bop over here for what to expect as those student loans start coming due.
Photo courtesy of Marc Garrido i Puig/Stock.Xchng Photos