Student loan debt: as American as apple pie

Did you know over 2.2 million adults over age 60 in the U.S. have student loan debt? Despite being painted as strictly a problem for young adults, the average debt load for a student loan borrower over 60 is $19,521, according to Reuters.

In fact, it seems having student loan debt has become as American as apple pie.

Student debt: not just a problem for young adults

Some of these older borrowers still have student debt from financing their own educations, but several took out additional Parent PLUS or private loans to pay for their children’s college.

And now, as they near retirement, many are in the same boat as recent college graduates–they can’t afford to make payments on these student loans.

Tips for older student loan borrowers

Huffington Post offers some great tips for parents with student loan debt. Financial planners recommend older Americans with college debt know the terms of their loan and consider a home equity line of credit to help pay off the loan.

They also advise parents to let their kids take out student loans, rather than taking them out themselves. If they want to help their children pay for college, they would be better off giving them gifts in the form of money to put toward college costs and student loan payments.

Repaying student loans at any age

Student loan debt is not just a problem for young adults–it affects millions of Americans of all ages. If you’re struggling to figure out how to manage your debt and pay off your student loans, we can help you figure out the best repayment plan for your situation. Send us a message or give us a call toll-free at 1-888-234-3907 for a free consultation.