When Steven and Paula Bonney took out $115,000 in loans a decade ago to put their two daughters through school, it was more than they ever thought they’d have to borrow. But they expected to be debt-free at this point in their lives.
Now, in their early 60s, any dreams they had of retirement are buried deep under a mound of debt.
Like the Bonneys, 21% of parents took out college loans for their kids in 2011, a sharp increase from 13% in 1999, according to the National Center for Education Statistics. With middle-income families shouldering more student debt than low and high-income households, parents all over the country are making plans to work longer than ever before.
http://finance.yahoo.com/news/student-loans-drowning-parents-125503328.html
Now, in their early 60s, any dreams they had of retirement are buried deep under a mound of debt.
Like the Bonneys, 21% of parents took out college loans for their kids in 2011, a sharp increase from 13% in 1999, according to the National Center for Education Statistics. With middle-income families shouldering more student debt than low and high-income households, parents all over the country are making plans to work longer than ever before.
http://finance.yahoo.com/news/student-loans-drowning-parents-125503328.html