National Debt Relief Discuss Student Loans For Older Consumers
Los Angeles-Long Beach, CA (PRWEB) November 04, 2014 -- National Debt Relief shared in a recent article published November 1, 2014 how older consumers are dealing with student loan debt. The article titled “Are You Over 50 And Still Struggling With Student Debt?” shares some insights on how consumers got to old age with student loans and how they can get out of it.
The article starts off by explaining how much of the total student loan debt belongs to the older consumers. From the $1.2 trillion debt on student loan, over 16% of this amount is being held by people who are over the age of 50. This is a big problem for consumers at this age because they are nearing their retirement years.
Consumers facing retirement have a big change coming into their financial planning. The article explained that transitioning from earning money and working to being on an income that’s fixed and consists of retirement accounts and payments from Social Security is tough change. It involves a lot of forward financial planning to make sure that the funds are enough to cover the financial needs during retirement.
The article shares that one way to stay away from student loan debt in retirement years is to think twice before borrowing for children’s and other relative’s student loan needs. This is one of the main reasons why some consumers still carry student loans in retirement. But there are those that took out post-graduate studies and put the repayment in deferment or forbearance which could cause college debt at old age.
The article also points out that making extra payments on top of the minimum repayment amount can help pull the repayment time frame closer than the original date. To read the article, click on this link: http://www.nationaldebtrelief.com/50-still-struggling-student-debt/
Paul Ritz, National Debt Relief, http://www.nationaldebtrelief.com/, +1 888-703-4948, [email protected]
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