We have written quite a bit about student loans in this blog (which you can access with the student loan tag), and we will continue to do so. It is one of the biggest financial problems we have in this country. Recent data shows that it is not only young people who are burdened with debt that cannot pay. An estimated two million people over 60 owe student loans according to a recent report. This is about triple the number from just 9 years ago, and the total debt for this group has increased from $8 billion in 2005 to $43 billion today. Some loans were taken out decades ago, and others come from loans co-signed for children or other family members. Since there are special rules that only apply to student loan lenders and not other creditors, social security checks can be garnished to pay for student loans, creating an even great burden on the aging. The New York times has an article that describes some of the hardships. Although a Bankruptcy discharge of student loans is virtually impossible for younger, able-bodied borrowers, it is much more likely that a senior nearing the end of their working years can get a discharge especially if they rely on social security as a significant part of their living expenses. If you are in this group of educational debtors, and you are not sure if your finances are going to hold out, it may not hurt to make an appointment to discuss the situation with a good Bankruptcy lawyer who has experience in Bankruptcy litigation. In Metro Atlanta and Georgia, you can contact us from this website, or call 404-815-0164.
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