Yes you read that right! Because college costs have risen so high, parents have had to stretch their loans so long that they are running deep into their retirement years. The fastest growing group of Student Loan debtors are over 60. This is delaying retirement, and putting more stress on older Americans. See this New York Times Article.
There are ways to help in this growing crisis. Federal Student loans have income based repayment plans, but many collectors aren’t so quick to tell borrowers. And, there are certain debt-forgiveness programs available as well.
I’ve had many clients of all ages come in with a huge burden of student loan debt, along with other kinds of debt problems. There are different solutions available.
Take a look at StudentLoanLawChicago for more information and Student Loan Help.
Daniel J. Winter