You think of college debt as a Millennial’s problem—and it is—but the fastest growing group of borrowers is seniors
, student loan debt among consumers in this age group has increased 71.5% over the last five years. This means that, as of the last number-crunching session, seniors ages 60 to 69 owe $85.4 billion in student debt altogether.
Of course, sometimes seniors are left holding the bag when their child or grandchild decides to go to school. This may mean they co-signed on a private student loan for a loved one they wanted to help with college, but it can also mean they took outIt’s easy to believe senior student loan debt must not be a problem, but this couldn’t be further from the truth. As a, seniors can see their Social Security benefits garnished at a rate of 15% to pay off student loans in default.
This means senior citizens have many of the same options as their younger counterparts when it comes to dealing with student loan debt — they just have a lot less time to figure out a plan.like Pay As You Earn , Revised Pay As You Earn , Income Contingent Repayment , and Income Based Repayment let you pay a percentage of your “discretionary” income for up to 25 years before having your loan balances forgiven.
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