She worked four jobs while studying, to keep her borrowing low, but still graduated with $70,000 in private and public student loans. Four years after graduation, making payments of $600 a month, she has paid off $28,000, but because of interest rates close to 10 percent, her remaining balance is $65,000. “This is madness,” she says. “How can I keep up with this? And for how long?” Unfortunately for Emilie, more than three million senior citizens who still owe $86 billion in student loans can attest that the “madness” doesn’t really end. Seniors with student loans are more likely to report
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