Brand NEW YORK(Reuters) – Allen Lomax understands just exactly just how your retirement is meant to get: cash loan today by the golden years, you ought to have reduced home, accumulated a big cooking pot of cost savings, and then face many years ahead without fear.
The long run is certainly not quite shaping up that way for him.
Years ago, the 69-year-old from Sylva, vermont took down about $130,000 in federal loans for grad college. His hopes of sooner or later wiping that bill clean were dashed as he destroyed their well-paying task in the belated 50s; your debt ballooned to $170,000, and remained with him even with he declared bankruptcy. (more…)