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Student Loans Aren't Just an Issue for College Students

When it comes to student loans we usually associate recent graduates or sometimes parents who helped their children pay for school, but retirees would not be the first to come to mind of those who carry student loan debt.

Americans the age of 60 and older are part of the borrowers who have debt from student loans. 2 million borrowers 60 and older were reported from the Federal Reserve Bank, in 2005, to hold about $700,000 in student loan debt. Their debts are usually from going back to school, helping their children pay for school, or in some cases not being aware that there loans were still outstanding. From the latter, interest builds up and payments for going into default from not making loan payments, which could severely increase the amount you owe.

For debtors in this age bracket, the government withholds a portion of Social Security to cover debt. Many debtors have been unaware of this and when they find out they realize they have outstanding debt. Even though the government has the power to take money for Social Security checks of borrowers who fail to pay loans, they are required to give notice so the borrower can consent or negotiate a repayment plan instead. If borrowers decide a repayment plan with the government they are very likely to be paying off loans for the rest of their lives.

Student loan debt does not just affect one age group; it is a growing problem among all generations of Americans. They government will keep collecting student debt for as long as they can. Borrowers with debt need to seek help. Whether that is with a repayment plan or sometimes it is necessary and important to contact an attorney who is experienced with student loan debt and will guide debtors to become free of their debt.

Works cited:

Kitroeff, N. (2014, August 25). A Growing Number of Americans 60 and Older Have Student Debt. Bloomsberg Weekly, 43-44.

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