Earlier this month, a new poll revealed that fewer Americans view a college degree as essential to securing a good-paying job. This isn’t hard to fathom, especially considering how remote work, freelancing, and other non-traditional forms of employment are shaking up the workforce.
Many people seek work-life balance and flexibility. Others are hesitant about taking on exorbitant amounts of student loan debt. While college is a necessity for certain occupations, this doesn’t ring true across the board.
Student loan debt has been a major issue in the United States for quite some time. A recent report from the Schwartz Center for Economic Policy Analysis now shows that millions of Americans who are older than 55 are still facing debt from obtaining higher education.
Saddled with student loans decades after university
Per the aforementioned findings, 2.2 million adults above 55 have yet to pay off their college debts.
Furthermore, these deficits are putting a hamper on their future financial possibilities, such as retirement. Many people making payments towards their loans are only able to pay down the interest, rather than the loan itself which continuously accumulates interest.
