Education is traditionally seen as the key to a good job and financial security. With more school comes more bankable skills, and with more bankable skills comes higher wages.
Most of the time, this is true: more school equals more money. But for a growing number of Baby Boomers and seniors, education has not only failed to create higher income, it has caused significant financial difficulties.
As reported recently in the Washington Post, student loan debt is becoming a problem for many Baby Boomers as years pass and they are unable to pay off their student payments.
“A student loan can be a debt that’s kind of like a ball and chain that you can drag to the grave,” one expert, William E. Brewer of the National Association of Consumer Bankruptcy Attorneys, told the news source.
The newspaper quoted one Baby Boomer, 58 year-old Illinois resident Sandy Barnett who attained a master’s degree in psychology more than twenty years ago. Despite her advanced education, she was unable to find a high-paying job, and eventually when she lost her job her student loan grew to unbearable amounts. Today, she is living paycheck to paycheck, trying to pay back her loans.
Because the future costs of assisted living and Alzheimer’s Care communities also need to be factored in for many Baby Boomers, everyone considering further education should research which fields may be the best opportunities for solid career development.