Atlanta 6/22/2015 5:42:21 PM
You Can Get Out of Student Loan Debt No Matter What Age with the Right Student Loan Law Firm
Usually when people think of people in overwhelming student loan debt, they think of younger people just out of college who are unable to find work. While it is true this is the majority of people, by no means is it the only people that face this dilemma. There is a growing number of people, aged 65 years and older, saddled with college loan debt.
Although the number of people in that age range who have college loan debt is just a fraction of all those that owe on student loans, between 2005 and 2013, the amount these older consumers owed on student loans blew up from $3 billion to more than $18 million.
Over a quarter of these loans are owed by people over 65 and half of all student loans owed by people older than 75 are in default. The major problem is that the U.S. Department of Education can use very harsh methods to get the money owed them when federal student loans fall into arrears. This could involve taking away a senior’s Social Security benefits.
Despite older people still owing on the loans they took out for their own benefit, many of them have gone into debt because they were trying to help their younger relatives pay for their education.
Student Loan Law Group is a firm that specializes in helping people consolidate their federal student loans in South Carolina, Utah, New Jersey and Ohio. If you are one of the millions of people in those states facing harsh penalties for defaulting on your student loans or are a senior possibly getting your Social Security benefits taken away by the government, Student Loan Law Group can help. Call Student Loan Law Group at 888-843-1706 to find out how they can help you.