This generation has a huge and growing student debt burden. It’s not who you think

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A recent analysis of American debt revealed a startling shift: Borrowers between the ages of 45 and 74 now owe more money in education-related debt, on average, than do younger college graduates.

People under age 35 with student debt owe $32,900 on average, according to data from the Fed’s 2016 Survey of Consumer Finances. That debt number is higher for every other 10-year age bracket up to age 75: It peaks at $37,000 for 45- to 54-year-olds, but even 65- to 74-year-old borrowers owe an average $35,400.

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Debt prompts patients to delay treatment, data shows

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Does your outstanding debt cause you to avoid the medical care you need?

Though Americans certainly aren’t strangers to debt, the impact of owing money extends not just to their financial decisions, but health-related ones, as well. According to new data from lifeinsurance.org, indebted individuals often will delay medical treatment to avoid the added costs. This holds true for roughly 23% of U.S. adults with $10,000 to $25,000 of debt and 27% of those with $25,000 in debt or more.

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Nine times when it makes sense not to pay off debt

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You really shouldn’t rush out and take on debt, but there are times when it actually makes sense not to pay it off.  All debt is not alike. Some of the worst kinds, such as unsecured credit card debt, can wreck your budget, but even there, you have cases where it won’t, and it could even work to your advantage. Other kinds of debt might seem imposing with those big red “Past Due” stamps but pose less of a threat to your financial future.

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China is ‘financially out of control’ according to Citi’s chief economist

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Citigroup’s chief economist, Willem Buiter,  sees a storm brewing in China. He estimated that there is a 55 percent chance of a made-in-China global recession in the not too distant future, which he defines as a period of sub-2 percent global growth.

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Why college tuition really costs so much

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It used to be that baby boomers paid for college with the money they made from their summer jobs, but then, over the course of the next few decades, public funding for higher education was slashed.  Forcing the millennial generation to take on crushing educational debt loads, because these radical cuts forced universities to raise tuition year after year.   Continue reading… “Why college tuition really costs so much”

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Congratulations class of 2014, the most indebted class in history

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The average loan-holding 2014 college graduate will have to pay back $33,000.

The class of 2014 deserves our congratulations, but not for graduating  — though that’s nice, too — but for earning one of the more dubious distinctions in recent memory: You’ve officially been named “the most indebted class ever.”

 

 

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The ‘impossible’ $10K degree marches on in Texas

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Governor Perry wants public universities to craft four-year degrees costing no more than $10,000 in tuition, fees, and books.

Bill Ayers did not have in mind any endeavors of conservative Texas governor Rick Perry when he observed that “every revolution is impossible until it happens, and then, looking backwards, every revolution appears inevitable.” But Perry may have launched a revolution of his own with his 2011 state of the state address. Perry challenged Texas’s public universities to craft four-year degrees costing no more than $10,000 in tuition, fees, and books, and to achieve the necessary cost reductions by teaching students online and awarding degrees based on competency.

 

 

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The high price of tuition-free college in Sweden

 Swedish college students still graduate with a ton of debt.

Colleges and universities in Sweden are free. But students there still end up with a lot of debt. The average at the beginning of 2013 was roughly 124,000 Swedish krona ($19,000). Sure, the average US student was carrying about 30% more, at $24,800.

 

 

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Are student loans wrecking the economy?

Student debt is a dangerous bubble that is piling unprecedented levels of debt on young people.

Houses and cars power recoveries. And young people aren’t buying either. That’s a New York Fed study conclusion and that can be easily read as blaming student debt for holding back the recovery by squashing home and auto sales.

 

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Student loan debt growing and so is the delinquency rate

According to the Federal Reserve Bank of New York’s Quarterly Report on Household Debt and Credit Total, consumer debt in the U.S. fell again in the third quarter. This figure has been falling for four years. As consumer debt has been falling, so have consumers’ delinquency rates. As of Sept. 30, 8.9 percent of outstanding household debt was in some stage of delinquency, with 6.6 percent at least 90 days late.

 

 

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