Older Florida residents burdened by student loans
Just as countless families across the state of Florida are well acquainted with the difficulties associated with incurring a substantial amount of student loan debt, economists and legislators alike are showing increasing concerns over the impact such debts are having on Americans of all ages. Recent findings suggest that one specific demographic of Americans is taking on significant amounts of student loan debt is especially troubling to many, particularly because debt relief options like personal bankruptcy cannot currently help the situation.
The Department of Education estimates that the average annual cost of higher education is up to almost $24,000, and has increased by more than 20 percent in the past 10 years alone. It’s also estimated that over $1 trillion in student loan debt is owed by around 40 million people in the U. S. The huge amount of student loans carried by Americans is having a significant impact on people’s lifestyles and standard of living, affecting everything from the age at which people retire to the amount of savings people have when they retire.
Now, a report published the Government Accountability Office suggests that over $18 billion in student loan debt is owed by people ages 65 years and above. And not only are older Americans carrying their own debts but those of their kids as well. Many are concerned for older debtors because such financial challenges can actually compromise their Social Security benefits.
Many Florida residents benefit from the debt relief achieved through personal bankruptcy. That is why anyone confronted by serious financial difficulties, in addition to student loans, can speak with a lawyer today about their options.
Source: Reuters, “Number of aging Americans paying student loans soars – U. S. reports,” Scott Malone, Sep. 10, 2014