When we talk about the student loan crisis, we tend to focus on millennials.
After all, they are the ones impacted most directly by the ever-increasing burden of student loan payments.
Student loan debt is one of the biggest factors driving a growing trend of millennials struggling to transition into adulthood.
But increasingly, student loan debt is also impacting baby boomers and threatening their retirement.
The Wall Street Journal recently reported how easy it is for parents to get college loans to help pay for their kids’ education; however, repaying them is another story.
“Millions of US parents have taken out loans from the government to help their children pay for college. Now a crushing bill is coming due. Hundreds of thousands have tumbled into delinquency and default. In the process, many have delayed retirement, put off health expenses and lost portions of Social Security checks and tax refunds to their lender, the federal government.”
This is yet another story of unintended consequences created by the government’s good intentions.