Twenty percent of student loans are held by students over fifty
A report released Wednesday by Barclays says 15.5 percent of outstanding student loan balances are held by borrowers age 50 to 59, and an additional 4.2 percent is held by people 60 and older.
And "these borrowers account for a larger share of the past-due balance outstanding, with those older than 50 responsible for 16.9 percent of the past-due balance and those older than 60 accounting for 4.8 percent," Barclays said.
The average student debt burden for borrowers older than 60 is $18,250.
This is shocking, but it makes sense. In a world where everybody is leveraging up, rational behavior is actually punished until the system collapses. This is what has made the competitive environment so maddening in recent years. Solid, cash-rich companies have been ironically swallowed up by hulking, debt-soaked conglomerates. Being skilled has been replaced by taking out thousands in loans for increasingly ephemeral, meaningless credentials. If you don't play, you can't win.
But look at the fact that these people account for a greater per capita share of defaults. That means that playing the game doesn't work for everyone - in fact many people end up as bigger losers, in debt, with poor credit, and unready to retire when there isn't much time to make different strategies.
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This is my last posting for the next few days. I will be taking my office apart so that we can move to our new apartment downtown next Tuesday. I will be unplugged and disconnected except by tablet. Expect me to be back in the saddle before the end of next week probably in time to provide you with some more headlines. In the interim these are the stories I share with you this week:
Today, literally thousands of alternative transportation vehicles are coming out of the woodwork and they nearly all have the same problem – no place to drive them. Most are banned from biking and hiking trails, and they are neither licensed, nor licensable, for use on the streets. I’d like to discuss some new possible solutions and why Colorado is poised to take the lead in the alternative transportation marketplace.
In a recent conference promoting not only their latest gizmos but their company's animating vision as well, Google executives declared they were working toward a future in which technology "disappears," "fades into the background," becomes more "intuitive and anticipatory." Commenting on this apparently "bizarre mission for a tech company," Bianca Bosker warns that their genial and enthusiastic promotional language masks Google's aspiration to omnipresence via invisibility, an effort to render us dependent and uncritical of their prevalence through its marketing as easy, intuitive, companionable.
Occasionally during meetings one of my staff – an avid birder – will elbow me and I’ll look up and glimpse a bald eagle. Each time, I am in awe. I live in Washington State, which is home to a plethora of eagles, where pods of Orca ply the waters near the San Juan Islands, and where roads are sometimes blocked by herds of elk.
In this month's Report on Business Magazine, a supplement that comes with The Globe and Mail, one of Canada's national newspapers, Stanford University's Mark Jacobson provides a best case scenario
According to The Hollywood Reporter, celebrity tech CEO Peter Thiel is upset that movies like The Matrix and Avatar make technological innovation seem "destructive and dysfunctional."
A team of researchers are asking the public to help them locate and count all the sources of CO2 coming from power plants on the planet.