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Student Loan Debt Carrying Into Retirement for Many Seniors

September 12th, 2014

With rising tuition costs at colleges and universities across the country, the number of Americans with student loan debt has climbed to over 40 million, with an average balance of $29,000.

According to a recent report released from the Government Accountability Office, more seniors are carrying their student loan debt into retirement.  In 2013, the total outstanding student loan debt held by seniors grew to $18.2 billion.  A majority of these loans were taken out for graduate or continuing education courses, and some loans were taken for their children or dependents.  This number has grown significantly since 2005.

Seniors facing student loan debt will more likely have defaulted loans.  This could cause garnishment of Social Security benefits.  According to the Washington Post, “the number of people whose benefits were cut to pay for student loan debt grew to 155,000 in 2013 from 31,000 in 2002.  Among those age 65 and older, the number grew by 500 percent over that time period, to 36,000 from about 6,000.

Student Loan Debt

(Government Accountability Office)

 

Get Student Loan Relief

Did you know you could qualify for student loan forgiveness based on your career?  For example, police, military, federal, state or city employees may qualify for a student loan reduction.  Nurses, doctors and hospital employees may also qualify.  In addition to your career, other circumstances might help you qualify for student loan relief or reduction.

If you have student loans in default, the experienced attorneys at The Law Office of Darren Aronow P.C., can help.  Our student loan lawyer can determine if you qualify for student loan forgiveness and help you receive payment reductions for your Federal loans.  We will also defend you against debt collectors and creditor harassment.

If you are facing a student loan in default, contact our offices today.  Let us help guide you through the process and determine the best ways to eliminate student loan debt. 

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