Tuesday, 22 September 2015 00:00

Find a Solution for Seniors Struggling with Student Loan Debt

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An estimated 700,000 seniors on Social Security are still paying off student loans An estimated 700,000 seniors on Social Security are still paying off student loans

It’s not just young people struggling to pay back student loan debt but more and more retirees are struggling due to this student loan debt burden. An estimated 700,000 seniors on Social Security are still paying off student loans. Recently nearly 160,000 of these retirees have had their disability and retirement payments garnished to pay down student loan debt. 

The Student loan epidemic carries over to the next generation as well. There needs to be a solution that will forgive seniors on fixed incomes. DJ Rausa of DebtDoc.com states. “This is far too common. The US Treasury can assist the US Department of Education in collecting defaulted student loans by offsetting Social Security Benefits. Yes, the cause of the Defaulted Federal Student Loan is sometimes medical issues, etc. But once those issue arise, other debt resolution options become available. Those options should be explored immediately, long before the offset of benefits occur.”

Out of the $1.2 trillion in student loan debt, two-thirds is owned by people under 40 but one-third or $18.2 billion is owned by seniors over the age of 65. Student loan debt has ballooned over recent years, surpassing the overall credit card debt which is estimated at $703 billion.  

Many seniors are not in debt because they have been irresponsible but because of medical hardship. Nearly 60% of all personal bankruptcies are due to unforeseen medical needs. Unlike credit card debt and medical bills, student loans cannot be rectified under one form of bankruptcy. The student loan obligation will be with an individual for life until paid off. 

Student loan balances increase and interest rates accrue no matter what an individuals situation may be. Loss of career, cancer treatments, Alzhiemer’s disease or soldiers wounded on the battlefield are not exceptions for student loan debt forgiveness. 

Politicians cannot ageee on how to handle this growing problem. With $18 trillion in debt, the US government cannot afford to pay down everyones student loan debt. This should not be the goal to begin with. In certain situations however, that effect a large number of seniors on fixed income, the government should and must find a reasonable solution to forgive some or all of this debt. Student Loan debt should not further punish the elderly on fixed incomes. The US government should not be treating the most fragile of our population with such devastating disregard. 

Read 2660 times Last modified on Thursday, 28 July 2016 21:41
D.J. Rausa

With over 21 years of experience as a consumer bankruptcy attorney, D.J. Rausa stays on the cutting edge of Bankruptcy and Student Loan Law which enables him to provide vital information to his clients.

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Thank you DJ!

I had no idea where to start with my bankruptcy and process. After my first meeting with DJ I felt confident that things were going to go well. He helped guide me through the entire process and time. 

He's very professional and courteous, thorough and extremely knowledgeable. 

I would recommend anyone that needs a bankruptcy lawyer/ student loans. 

Don't have a second thought when choosing DJ Rausa!

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Posted by a client - February 15, 2016

AVVO Lawyer Rating is Superb!

Respected Legal Source

D.J. Rausa interviewed by the Wall Street Journal for article on Bankruptcy and Student Loan Debt.

D.J. Rausa is recognized as a legal expert in Student Loan Debt Resolution and the associated Bankruptcy Laws.

Read what D.J. recently told The Wall Street Journal regarding the probable rise in Student Loan Debt Resolution through Bankruptcy.

Client Testimonial

To whom it may concern,
Mr. Rausa is extremely knowledgeable with the complexities of Federal Student Loans.
I went from a thriving career to full medical disability, ending with an SSDI placement. Unfortunately, I lost everything and became unable to continue making the student loan payments, so it was in deferment for over five years. When the SSDI settled I tried to negotiate an affordable payment plan with the loan holders but they refused my efforts, instead demanding over twice the amount I could afford.
I contacted Mr. Rausa and found him to be courteous, responsive and quick to assess my situation. He was sure he could help and took time to answer all questions, which relieved much anxiety. Within months he successfully resolved the debt! With much confidence, I highly recommend Mr. Rausa.
Please contact me if you have any additional questions.
Sincerely,
 CJWaldenSignature
CJW
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