Mention student debt and conjure an image of a 25 year old recent college graduate. Their situation is tough. They are not alone. Older workers are encouraged to retrain themselves as companies shift, automation and robotics take over jobs, and as economic disruptions hit. The advice is sound, but the finances are uncertain. Retraining is not 100% effective. Many people take out loans to get new certifications to get new jobs; which, unfortunately, don’t pay well enough to pay off the debt. An independent effect is that many of those people are parents who helped their children by signing for the child’s student debt. Young student debt is bad enough, but at least they have decades to recover. Adults nearing retirement have to recover within years in an uncertain job market. If they have to pay for two sets of loans, retirement may not be an option – as if it had been.
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