DebtDoc Bankruptcy News Blog

Tuesday, 22 September 2015 00:00

Find a Solution for Seniors Struggling with Student Loan Debt

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. Chris Bush of DebtDoc 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 6706 times Last modified on Monday, 08 April 2019 19:21
Chris Bush

With over 12 years of experience and thousands of cases as a consumer bankruptcy attorney, Chris Bush is on the cutting edge of Bankruptcy and Student Loan Law. Chris can assist you in untangling the options to find the best solution for your specific debt relief case.

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I had three choices: two large groups, or DebtDoc. I chose DebtDoc because of their numerous excellent reviews from clients as well as other attorneys. Also, I wanted someone to provide personal service and have a vested interest in my difficult student loan case.

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To whom it may concern,
DebtDoc's attorneys are 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.
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Clients with Student Loan Debt

Clients with Student Loans

Some information I need to evaluate your Student Loan options is contained in your National Student Loan Data System Report. Instructions for obtaining this report are available on my web site at Simply print/save the reports as a PDF, of all pages. Please DO NOT "DOWNLOAD" THE REPORT from the link - this creates a text file that is very difficult to read; please print the web page as a PDF file - the summary page of all loans AND the individual reports for each loan. Samples of these pages can be viewed by clicking the respective links in the previous sentence. I look forward to reviewing this report with you and assisting you with the management of your Student Loan debt.

I have prepared a brief questionnaire for you to fill out to provide me most of the information I will need. Please click this questionnaire link and provide me with the information listed. I would also like to see copies of your most recent pay stubs or other income information.

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