How would you like to be retired and still paying off your student loans?
That may seem like a next generation problem, but in actuality it’s happening today. In fact in 2013 the federal government took nearly $150 million out of the Social Security checks of America’s senior citizens in order to make payments on their unpaid student loans. Shocking isn’t it? Maybe less surprising is that this is a growing problem. The number of seniors facing these forced repayments has skyrocketed from 6,000 to 36,000 from 2002 to 2013 and the number continues to grow.
Making matters worse, more than 3 million Americans aged 50 to 64 are in default on their student loans. The number is so staggering it bears repeating: 3 million Americans are in default on their student loans taken out 30 – 40 years ago! That number is expected to grow as well as more and more Baby Boomers retire and see a decrease in their ability to pay back what they owe.
How can it be that student loans taken out by 18 year olds 40 or 50 years ago still unpaid?
The answer is twofold:
- Most teenage borrowers didn’t have a clue about what they were signing on to when they borrowed the money all those years ago.
- Most student borrowers thought that they would have good jobs some day and could easily pay off the loans long before they were planning to retire.
It boils down to being uninformed. That’s where Blue Chip Kids comes in.
David Bianchi, author of Blue Chip Kids, aims to help the next generation make better choices. He literally wrote the book for teens and their families to be able to do better. He not only wants kids to be able to learn the basics, but teaches investing, saving, and more in a fun filled book for families.
Giveaway
Want to read Blue Chip Kids? You’re in luck! Two readers will win copies of the book. Simply leave a comment below and tell me why you’re interested in reading the book. I’ll pick two lucky winners next week. See our full giveaway rules here.
Buy The Book:
Get the book Blue Chip Kids: What Every Child (and Parent) Should Know About Money, Investing, and the Stock Market at Amazon.
Kelly
I’d like to have this book because everyone should know about financial topics.
I have grandchildren who could really benefit from this book. I think kids today are too used to getting everything they want with no concept of having to work for what they want.
I would love to read this because I have two boys that are currently in college.