Education is the building block of many crucial careers in Nevada, but many of those professionals are burdened with student loan debt that could potentially follow them the rest of their lives. In fact, student loan debt can affect people across many generations, not just typical college-aged students.
In fact, American Association of Retired Persons (AARP) conducted a poll that yielded interesting results. In collaboration with the Association of Young Americans and an independent research organization NORC at the University of Chicago, they found that, “people also take on student loan debt to help finance the educations of their children, grandchildren and other loved ones.
Among the millennials surveyed, the majority of those who took out loans to help pay for someone else’s studies (69 percent) did so on behalf of a spouse or partner. For the boomers polled, 77 percent who borrowed to help finance someone else’s higher education did so for their children and 7 percent helped their grandchildren. Among Generation Xers, 64 percent of those who helped finance a loved one’s education took out loans for their children.”
We think of student loan debt as specific to millennials who may have recently achieved a degree or even students who are Generation Xers who may be in the thick of their education—but, Baby Boomers who already completed their own education are also affected. The Guardian Life Insurance Company of America(R) (Guardian) completed a report that shows baby boomers are increasingly feeling the strain of student loan debt — and it’s having a major impact on their overall well-being.
“Debt from education affects all of us,” said Chancellor Spencer Stewart of WGU Nevada. “We are seeing every generation impacted by this rampant debt, from millennials to Baby Boomers alike. It is, however, a problem with a solution. There are educational alternatives available that keep cost in mind to help students reach their career aspirations without placing them in debt. One such alternative is WGU Nevada. We made it our mission to provide career-ready education that was affordable.”
There are Student Loan Forgiveness Programs within the state of Nevada for health services. For more information and to see if you qualify, visit the College Investor. But, how do we as a community impact change going forward to prevent this cycle?