Will You Still Be Paying Off College Loans in Your 50s?
When most people think about borrowing money for college, they anticipate paying back that debt during much of their 20s, and possibly even their 30s. But if you're not cautious about borrowing, you could end up carrying that debt so long that you're still making payments by the time your own kids enter college.
That's right -- 39% of borrowers don't pay off their student loans until they're over 50, according to data from Principal Financial Services. It's no wonder, then, that 50% of borrowers claim that their student loans are preventing them from achieving other major financial goals.
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Source: Fool.com
