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WASHINGTON (AP) — A college degree practically stamped Andres Aguirre's ticket to the middle class. Yet at age 40, he's still paying the price of admission.
After a decade of repayments, Aguirre still diverts $512 a month to loans and owes $20,000.
The expense requires his family to rent an apartment in Campbell, California, because buying a home in a decent school district would cost too much. His daughter has excelled in high school, but Aguirre has urged her to attend community college to avoid the debt that ensnared him.
"I didn't get the warmest reception on that," said Aguirre, a health care manager. "But she understands the choice."
America's crushing surge of student debt, now at $1.2 trillion, has bred a disturbing new phenomenon: School loans that span multiple generations within families. Weighed down by their own loans, many parents lack the means to fund their children's educations without sinking even deeper into debt.
Data analyzed exclusively by The Associated Press, along with surveys about families and rising student debt loads, show that:
— School loans increasingly belong to Americans over 40. This group accounts for 35 percent of education debt, up from 25 percent in 2004, according to the New York Federal Reserve. Contributing to this surge: Longer repayment schedules, more midcareer workers returning to school and additional borrowing for children's education.
Read more here. (USNews)
After a decade of repayments, Aguirre still diverts $512 a month to loans and owes $20,000.
The expense requires his family to rent an apartment in Campbell, California, because buying a home in a decent school district would cost too much. His daughter has excelled in high school, but Aguirre has urged her to attend community college to avoid the debt that ensnared him.
"I didn't get the warmest reception on that," said Aguirre, a health care manager. "But she understands the choice."
America's crushing surge of student debt, now at $1.2 trillion, has bred a disturbing new phenomenon: School loans that span multiple generations within families. Weighed down by their own loans, many parents lack the means to fund their children's educations without sinking even deeper into debt.
Data analyzed exclusively by The Associated Press, along with surveys about families and rising student debt loads, show that:
— School loans increasingly belong to Americans over 40. This group accounts for 35 percent of education debt, up from 25 percent in 2004, according to the New York Federal Reserve. Contributing to this surge: Longer repayment schedules, more midcareer workers returning to school and additional borrowing for children's education.
Read more here. (USNews)
