Any Older Student Loan Borrowers?

Hi everyone! There was some reporting the other day that the Biden administration (frustratingly) doesn’t understand or know that older borrowers are a part of the student debt crisis as well — not just folks in their twenties and thirties!

Are there any older borrowers who want to share their story to the media? We know folks can have their Social Security checks or other wages garnished if unable to pay student loans. Would be useful to make that burden known as we push for full cancelation.

5 Likes

Yep. 55. I’m a teacher and I owe $252,000. My original loans were $125,000. How do I owe more than twice as much now???
Ugh.

2 Likes

Same here. 41, NP owing $200K.

1 Like

Hello, my husband and I are 61 and 60. We’ve had our loans combined, so we still owe 48,000+. Our loans have followed us throughout our adult lives. We have had many deferments, but the interest only makes the loan amount increase. We’ve even thought about letting the loans go into default and getting my husband’s earnings garnished. If Biden doesn’t help us, I’m pretty sure I’ll be dead before paying it off.

1 Like

I’m 40 year old single Mom with $72K in Student Loan debt. I’ve been making payments for over a decade and how is it that I haven’t made much of a dent to the principal. Hmm maybe that had something to do with having my loans with Navient.

1 Like

I’m 77 yrs, have 2 children and am liable for there debt. My son went to a private technical school, i knew it was wrong because I was in the engineering profession. That was 25 years ago, Navient is still after me. He did not graduate. Imagine what compound interest would do to that, it will never be paid. We all just swallow compound interest like it just has to be. It should be the central argument because it allows debt to be infinite. The authors of Degrow include in their analysis Linear Interest rates, that’s like first year calculus … Take the first derivative, WTF.

I’m 42 and have about 80k in loans. Some of my loans have doubled since I’ve been out of school! How the hell am I supposed to send my kids to college when I’m still dealing with my own debt?

I’m about to turn 59, an unemployed teacher, soon to get 1488 dollars per month in retirement, but my debt somehow ballooned to 159K! I was told this debt would have been cancelled, but it doubled.