The Consumer Financial Protection Bureau rolled out a new online tool that you can use to visualize consumer credit trends.
One of the categories is student loan data. A couple of graphs were very disturbing. The first was on student loan lending levels for those younger than 30. This would be the traditional college-bound student.
Notice how the trend is going down?
Now look at the trend for those 65 and older.
For me this just is a glaring example of how grandma and grandpa have been going on the hook more and cosigning student loans. There is no other explanation why this demographic would have a trend like this. And it aligns with the change back in 2009 when private student loan lenders switched to requiring cosigners to
screw go after when the overlent student could not make the payments.
If you are over 65 and a friend or family member asks you to cosign for any loan, just give them a hug, tell them you love them, and say no.
You are not alone. I'm here to help. There is no need to suffer in silence. We can get through this. Tomorrow can be better than today. Don't give up.
If you have a credit or debt question you’d like to ask just use the online form. I’m happy to help you totally for free.