The image of the “traditional” college student is rapidly changing. With more middle-aged adults returning to school, and parents taking on increased college debt on behalf of their children, student debt has become an issue not only for the young, but also for the young at heart. Facing their own loans, as well as those for their children, older borrowers and an increasing population of seniors now struggle with debt into their retirement years.
If you are an older borrower and have had issues with your student loans, please share your story with us so that we can better advocate for your student loan needs. Contact us at firstname.lastname@example.org. In your email, please let us know if you’d be willing to share your story with the media. We frequently work with reporters to spread public awareness of student debt issues; your voice can help inform and educate!
Social Security payments can be offset (seized) to pay defaulted loans. This can have a big impact on borrowers with fixed incomes, if they don’t work to get their loans back in good standing.
By opting for an income-driven repayment plan, student loan borrowers may be able to reduce their loan payments and put that money aside for retirement.
By borrowing or co-signing loans, parents may help their children right now—and hurt themselves long-term, especially once they’re living on a fixed income in retirement.
If you are on a fixed income in retirement, you may want to take advantage of options that can get your student loan payments to a more manageable level and help you avoid falling behind.
Some universities and colleges let state residents older than 60 (and sometimes even younger) attend classes for free. See which schools in your state may qualify.
During the financial aid process, parents should and shouldn’t do certain things to help their children and ensure they understand their responsibilities as borrowers.
By searching smart and embracing what makes them unique, nontraditional students can find and win just as much free money for college as “typical” college students do.
With their lower interest rates, home equity loans can be a less expensive way to pay for college than Parent PLUS loans—but these private loans come with much more volatility.
Before balancing loans for your children’s education with your own, ask yourself how much you each can afford. The conversation may be tough, but it will be easier than repaying loans into your golden years.
Whatever your age, resources like federal financial aid, scholarships, tuition reimbursement, and more are available to help you advance your education.
Parents who borrow Parent PLUS loans are ultimately responsible for repaying them—even if your child promised to help you out.
Nontraditional students can win scholarships that aren’t specifically for older students, but by targeting awards like the ones listed here, they may improve their chances.
As the way we finance higher education has changed over the generations, so too have the demographics of those impacted by student debt. Increasingly, student debt is an issue not only for the young, but also for the young at heart—recent graduates of all ages, middle-aged adults with loans from their own education or that of a family member, and an increasing population of seniors struggling with student loans into their retirement years.