Americans over age 60 fastest growing demographic for student loan debt

According to the Consumer Financial Protection Bureau’s “Snapshot of Older Consumers and Student Loan Debt”, the age demographic in which student loan debt is increasing fastest is Americans over the age of 60. Factors for the explosion of debt in this group, according to the report, include it taking longer for borrowers to repay their loans and more parents and grandparents borrowing to help finance higher educations for their children or grandchildren.

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Many teachers struggling with low pay and high student debt, survey finds

In addition to being underpaid, many teachers are struggling to pay off hefty student loans, leaving them feeling overloaded and trapped, according to results of a new survey by NPR Ed. On a scale of 1 to 5, with five being “terrified” 28% of respondents said they were indeed “terrified,” while another 24% selected “4”, meaning a majority of teachers surveyed were either “terrified” or just shy of being “terrified.”

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Author says student debt is ‘America’s most pressing problem’

The human cost of rising student loan debt cannot be understated, Alan Collinge, founder of StudentLoanJustice.org, writes in The Hill. “Families and individuals are being financially destabilized and wrecked. Family formation, home and other purchases are being delayed or cancelled, people are actually fleeing the country and even committing suicide as a result of this predatory debt.”

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Rising costs shatter New Jersey student’s dream to attend UW

In a column in Time magazine, a New Jersey mother laments the fact that her son will not be able to attend the University of Wisconsin because the university has hiked out-of-state tuition to the point that it is unaffordable to an average family and student aid is virtually non-existent. She writes: “Out-of-state tuition, room, board, and fees for Wisconsin run more than $48,000 this year. Even with the money I’d saved in his 529 fund, there is no way I can afford to send him there, particularly on top of the cost of my elder son’s education. Their father and I are journalists, not hedge fund managers.”

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Wisconsin average student loan debt is $29,460

A new report from the Institute for College Access and Success finds that the average recent Wisconsin college graduate with student loan debt owes $29,460. The state ranks fifth in the nation with 70% of 2015 college graduates having student loan debt, compared with 68% nationally. Nationwide, the average student loan debt for 2015 graduates was $30,100, a 4% increase over 2014. “We need to make college more affordable and debt less burdensome for students and families,” said TICAS president Lauren Asher.

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New polls find overwhelming support for allowing refinancing of student loans

Public opinion research in key Wisconsin state Senate Districts by respected national pollster Paul Harstad finds “lopsided support” for allowing people to refinance their student loans, just like you can with a mortgage. Between 81 and 85 percent of those polled in state Senate Districts 12, 14 and 18 favored the idea.

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