Today, 71% of students graduating from 4 year colleges have student loan debt. According to The Project on Student Debt, the average student loan debt for a college graduate is $29,400. However, student loan debt is not only a problem for recent graduates.
In recent years, there has been a sharp increase in the number of older Americans who have student loan debt from financing their own education or the education of their children. As of 2013, people over the age of 65 had $18.2 billion in outstanding student loan debt.
If you have student loans and are approaching retirement, it is important to know that your social security benefits can be garnished by 15% for defaulted federal loans. In 2013, more than 155,000 social security recipients had their benefits garnished due to student loan debt, as discussed by US News & World Report.
If you have federal student loans in default, there are programs available to rehabilitate your loans, get them out of default, and into an affordable repayment plan. Our office can help you figure out the best way to tackle your student loan debt and protect your future social security benefits. Contact us to schedule a no-cost consultation to find out how we can assist you.