Retirees Are Also Struggling With Student Debt

Student debt is among the most talked-about economic issues of our day. Unfortunately, more and more students find themselves facing astronomical debt by the time they are out of college, only to either not use their degree, or get a job earning a fraction of what their degree is monetarily worth. As time goes by, student debt only gets worse, and it is now a serious problem for millennials trying to make it in the real world.

However, though we tend to think of student loan debt as primarily a “younger people” issue, the truth is, there are millions of Americans over the age of 50 who are also saddled with unreasonable and impractical amounts of student debt. In fact, in 2018 alone, about 8.4 million student loan borrowers over the age of 50 owed $289.5 billion. This is a staggering number that may surprise many, however, it is becoming an increasingly prominent fact of life. Student loan borrowers over the age of 60 owe, on average, over $30,000 in student loans. How can this be? Don’t we go to school so we can get a job, save up, and retire in peace?

Unfortunately, this debt consumes many individual’s lives, preventing them from spending money on things they enjoy, or even the bare necessities. What’s more, until very recently, this debt was almost never dischargeable through bankruptcy, virtually smothering individuals with crippling student loans that they simply cannot shake.

That being said, in recent times, there have been developments in filing for bankruptcy for student loans. Now, there is a rule in place that states if individuals can prove they face an “undue hardship” caused by their student loans, they may discharge them via bankruptcy. However, this term is rather vague, and you will need an experienced bankruptcy attorney to prove your case. Essentially, you must prove that you only make a certain amount of money, and therefore, you will either be unable to pay your debts, or will be paying them for the rest of your life. The debts must be so astronomical that you cannot make basic purchases such as food and shelter.

Though unfortunately, individuals must reach a point of no longer being capable of maintaining a minimal standard of living for their families for them to potentially receive relief from their student loans, our firm is here to fight, tooth-and-nail to free you.

Contact our experienced New York firm

Bankruptcy, for many people, is a frightening endeavor. Fortunately, with the help of an experienced attorney, it does not have to be. If you require the services of an experienced Business Law or Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options. We will have your back every step of the way.