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Student loans may be delaying retirement for many older Americans Atlanta, GA

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Student loans may be delaying retirement for many older Americans

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We often think of student loan debt as an issue that only affects young people. Unfortunately, that is not the case. According to recent reports, the fastest-growing age group for student loan debt is people over 60. Currently, that group owes a total of $43 billion in student loans, and nearly 10 percent of them are at least 90 days delinquent on their loan debt. To compare, the number of over-60 debtors that were behind on loans in 2005 was just 6 percent.

It is not completely clear whether over-60 debtors have accumulated student loan debt themselves, by going back to school or seeking additional degrees late in life, or whether they took out or co-signed loans for their children or grandchildren. What is clear is that the growing debt is having an intensely negative effect on people who are near or at retirement age and are unable to afford to take their next step.

Student loan debt can have a disproportionate effect on older Americans, who have less time to repay their debts before they reach retirement age. As a result, more people are seeing their Social Security checks garnished by the government in order to pay a portion of their student loans. Nearly 120,000 people are currently experiencing this, and that number will likely grow in the coming months and years.

So what can be done to protect older Americans from the negative effects of student loan debt on their financial well-being and retirement plans? Making student loans dischargeable in bankruptcy would certainly help, but it seems that a broader reform of college costs and lending procedures is badly needed.

Source: AARP, “Student Loans Crushing Hopes for Some Near Retirees,” Carole Fleck, Nov. 12, 2012

Posted on behalf of Gingold & Gingold

1718 Peachtree St NW, #385
Atlanta, GA 30309

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Gingold & Gingold LLC
5.0 / 5.0

Based on 28 reviews

Jack L.

They did an excellent job with my case. Jamie took the time to really listen and understand things. She delved into the details and was extremely knowledgeable and non judgmental. Very professional and they know what they are doing. Would definitely recommend!

All C.

Mr. Gingold was recommended by an attorney I had worked with previously. I met with Ira Gingold to discuss credit issues. He went over each specific issue thoroughly. He advised me of the potential outcomes. He did all this in one meeting for a very reasonable price. When we finished I was confident in moving forward with a resolution. He definitely wants to help people take the appropriate course of action for their circumstance.

Karen B.

Dear Mr Gingold, There are so many reasons to be thankful for all you have done and will do. Anyone who has ever had unfavorable experiences with an attorney or the legal system will feel the trepidation that I experienced once I realized that my situation seemed hopeless. It was by chance and happily good luck that I decided to put my future and sanity into your hands. I was mortified at having to deal with my debts by claiming bankruptcy. I remember in our first meeting how you assured me that I was not alone and should not feel ashamed. And, anyone in this position obviously does not have money to spare and you were clear about all the costs and allowing me to pay according to my own ability to do so. You advised me in all aspects of the law, but also, you were at each meeting incredibly supportive and complementary of my personal and professional plans. Anyone else in this situation should feel blessed to have access to your expertise and support.

Lyla B.

I thought the process of filing bankruptcy was going to be a difficult one. However, Gingold & Gingold treated me with respect and dignity from the moment I walked through their door. I had the pleasure of working with Jamie. She is very responsive, professional, and knowledgeable. She took the time and listened to my every concern and handled each and every one of them to my satisfaction. My experience with filing bankruptcy under Gingold & Gingold's representation exceeded my expectations in a major way. They gave me such a peace of mind. I am very pleased with my decision of going with Gingold & Gingold to represent me when I filed Chapter 13 bankruptcy.

Julie T.

Wow! I am finally out of debt and can say that I am debt free after completing my chapter 7 bankruptcy case with Gingold and Gingold. Mr dangled was very knowledgeable and direct with regard to my debt situation. there were no surprises and the case went as I was advised. The staff was also very helpful whenever I had a question. I will definitely recommend them in the future to my friends.

Sherard W.

I cannot say enough about this law firm. From the initial consultation to our discharge, the entire office kept me updated with every step of the entire process. I came to the Gingold after a bad experience with another law firm. Ira and Jamie immediately began treating me like family through this experience. In the end, they assisted with eliminating many debts including my 2nd mortgage. I cannot say enough about the experience and knowledge that Ira brought to the table from the office visits to the court time. Thank you very much for helping me through this tough time. Thank you.

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