Compiled from staff reports and Kiplinger’s
Student loan debt isn’t just for people in their 20s and 30s. Increasingly, older adults are carrying the debt burden into their retirement years. People aged 60 and older are the fastest growing age segment of the student loan market, according to the Consumer Financial Protection Bureau and a story in Kiplinger’s.
Student loans have gotten a lot of attention in recent weeks because of a loan forgiveness program from President Joe Biden’s administration, which will forgive $10,000 in student loan debt for borrowers who meet income requirements. This includes Parent PLUS borrowers.
In addition, borrowers who received Pell Grants can get a total of $20,000 in forgiveness under the Biden plan. But financial experts point out that older parents who are approaching retirement and had taken student loans out for their children may not meet the income guidelines to qualify for the forgiveness. The limit is $125,000 in annual income for individuals and $250,000 for married couples. People who make more than that are not eligible for forgiveness.
You can read more about this topic and how to navigate the student loan maze in this article from Kiplinger’s.
