When many people think about student loans, they assume that the only individuals who are suffering are young college graduates. According to AARP, however, the number of individuals over the age of 50 who are struggling with student loan debt is on the rise. Currently, people over 50 owe more than $289.5 billion in student loans.
The burden of student loans on older individuals is significant. Data shows that 29% of individuals ages 50-64 are in default on their student loans. These individuals are also struggling financially in other areas of their life, especially retirement. If you’re over the age of 50 and are unable to make your student loan payments, there are viable financial options available to you.
Why Do Older People Have Student Loan Debt?
Individuals over the age of 50 carry student loan debt for multiple reasons, including:
- Paying for their own college education
- Paying for their child’s college education
- Paying for living costs while getting a college degree
- …and more
One thing that’s certain is that people are shouldering the burden of their student loan debt for longer periods of time. There are circumstances that develop throughout life that make it difficult for individuals to repay their loans. Likewise, many parents make financial sacrifices to be able to give their children a college education – which comes with a significant price tag.
The Burden of Student Loan Debt on Pre-Retirees
Unfortunately, a large percentage of individuals over the age of 50 carrying the burden of student loan debt are unable to retire at a typical age. To make their student loan payments, they must continue to work and sometimes even take on additional jobs.
Those who have carried their student loan debt for a significant amount of time are frustrated at the impact it’s had on their lives. Many have been unable to pay off their mortgages or afford other luxuries because of their debt. For those individuals, it is important to understand that there are viable options for repayment that won’t significantly hurt their financial future.
Options for Student Loan Repayment
The best way to understand what options are available for student loan repayment is to consult a trusted financial advisor. Some of the most common options include alternative repayment plans from the student loan creditor. Many individuals over the age of 50 choose to explore debt settlement as a repayment option for their student loans. Debt settlement allows individuals to lower the total amount they owe and walk away debt-free.
If you’re interested in how debt settlement can work for you, finding an attorney you trust is essential. An experienced lawyer is the best way to negotiate with creditors to lower the total amount of your loan and
Debt Settlement for People Over 50
If you’re over the age of 50 and are having difficulty making your student loan payments, you need to find help as soon as possible. An experienced attorney can help you settle your debts so you can enjoy the retirement you deserve. McCarthy Law PLC is a trusted source of legal representation that can help you navigate your path to financial freedom. We understand all of the available financial options and can walk you through the entire debt settlement process.
The sooner you contact an attorney, the sooner you can walk away debt-free. The attorneys at McCarthy Law PLC are passionate about helping you eliminate your debt. Call us today at 855-976-5777 to schedule a free case evaluation or contact us online. We’re here to help you erase your debt, restore your credit and get your life back.
this goes to the mortgage debt relief MCL page, which seems less relevant than whatever other applicable page we might have