Armed Polite Society
Main Forums => The Roundtable => Topic started by: MillCreek on December 13, 2021, 09:39:27 AM
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https://www.theguardian.com/money/2021/dec/13/americans-retire-work-social-security
Interesting to see the number of people in retirement age still working to pay off student debt, either their own or their children's. I have read a lot of anecdotal stories about the folly of parents nearing retirement who co-sign or take out loans for the kids college. As the financial planners say, the kids can get loans for school, but you can't get loans for retirement.
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A big chunk of those people dug their own holes.
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A big chunk of those people dug their own holes.
I bet if you look into details, that wasn't the only poor financial decision they ever made.
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If I'd asked my parents to co-sign anything with no physical asset tied to it they'd have laughed in my face. About the only thing Dad might have co-signed was a loan to buy a couple head of feeder cattle as a way to get started. Even then, he would have demanded either a percent of the profits or a guaranteed flat return as a way to teach me about the cost of borrowed money. He's generous to a fault when people are in need but he doesn't suffer fools when it comes to finances. Mom would have straight up told me No to anything like that.
Hey, if someone is sure enough of Li'l Darlin's career future to co-sign loans for their education, more power to them. Just know what you're getting into. Idiots who signed off on their progeny's student loans for generic degrees at SJWU or WokeTech? They should have their heads examined.
Brad
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I heard a story about this on NPR. The speaker repeatedly referred to people that took advantage of the deferment period to pay down their loans as "lucky." I would call that "smart," luck had nothing to do with it.