National Debt Relief Talks About Student Loan Payments Of Older Americans
Miami, FL (PRWEB) January 02, 2015 -- National Debt Relief recently shared in an article, published December 29, 2014, about how some older Americans are having a hard time with their student loan repayment. The article titled “Older Americans And Student Debts — A Bad Combination” looks into some of the struggles when old people are still dealing with student loan payments.
The article starts off by explaining that from the almost 40 million student loan holders in the country, there are about 2 million Americans who are 60 years old and older who are still dealing with student loan repayment. And for those that are struggling with repayment, the first thing that suffers is their social security benefits.
Over the past year the government has withheld the Social Security benefits from 140,000 borrowers that were delinquent on their student loans. To make matters worse the federal government relies more and more on private collection agencies to go after delinquent borrowers and these agencies can make a person’s life nothing short of a living hell.
There are some ways to be able to manage the payments and the article points out how some of the federal student loan repayment plans can compute payments based on a borrower’s discretionary income. This is the difference between the adjusted gross income and 150% of the federal poverty line, which corresponds to the family size and the state where the borrower lives.
The article also shares how getting into default is an all too common problem for student loan borrowers especially for old people. This is because they are no longer employed and sometimes the payments are just too big to take on with what little they have. This is where the collection powers of the federal government comes into play.
As some borrowers struggle through default, there are ways to manage the payment amounts but they need to get out of it first. Federal student loan borrowers who gets caught up in default can look at either loan rehabilitation or student loan consolidation to get their accounts current and look into repayment plans that computes using discretionary income.
To read the article, click this link: http://www.nationaldebtrelief.com/older-americans-can-take-contr0l-student-debts/
Paul Ritz, National Debt Relief, http://www.nationaldebtrelief.com/, +1 888-703-4948, [email protected]
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