College debt continues for many into their 50s - NBC12 - WWBT - Richmond, VA News On Your Side

College debt continues for many into their 50s

(Source: File photo) (Source: File photo)
RICHMOND, VA (WWBT) -

There are 44 million people in the United States with student loan debt right now.

When you think of someone paying off student loans you probably picture someone in their 20s, but new data shows many borrowers are still paying when their own kids head off to school.

Data from Principal Financial Services shows 39 percent of student loan borrowers don't pay off their loans until they're over age 50.

That explains why half of borrowers surveyed said their student loans kept them from achieving other big money goals like buying a home or getting married.

While a college degree boosts your earning potential, it's important to consider price when you look at schools.

That means give serious thought to community colleges or state schools. Stick to federal financial aid, which offers income-based repayment plans and usually means lower interest rates.

A great rule of thumb is to only borrow as you reasonably expect to make the first year out of school.

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