When it’s time for college, the average person will have to apply for a student loan to pursue a higher education. Tuition can cost hundreds of thousands of dollars, leaving many people with a looming debt once they’ve graduated and decide to start building the foundations of their career.
Most of the time student loans are associated with young people, but retirees are also finding themselves saddled with huge debts, over 500,000 Americans receiving Social Security in fact. This has caused the government to take measures such as garnishing a portion of retirement and disability payments and there is no solution or debt forgiveness in place for seniors who have limited means of paying back these loans.
It’s important to note that these people haven’t necessarily become financially irresponsible. Medical situations and in turn the exorbitant costs of medical bills are often named in more than fifty percent of personal bankruptcy declarations. What’s worse, declaring bankruptcy will not absolve borrowers from these student loans debts. In many of these situations retired borrowers can do little but watch as interest accrues due to circumstances such as not being able to work.
Presidents both and present have proposed solutions to addressing student loan debt, but there has yet to be any movement towards assisting those who cannot repay their loans because of circumstances largely out of their control.
If you have questions about your debts or are considering your options in filing for bankruptcy, contact a Fort Lauderdale bankruptcy attorney at Bigge & Rodriguez, PA by giving us a call at 954-400-7322.