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Student debt not only a problem for the young

Posted on September 30th, 2014 No Comments

A report recently released stated that the number of senior citizens in the U.S. plagued by overwhelming student loan debt has increased by three fold, an article by the New York Times stated on September 12.

In the report, it was shown that student loan debts carried by elder Americans have now already reached $43 billion from $8 billion over the last nine years. Data from the Federal Reserve Bank of New York revealed that some 2 million people in America aged 60 and above have an unsettled student loan debt. Senior citizens are reportedly stuck in debt with a fixed income due to accumulated interest. Senator Bill Nelson (D-FL) stated that those elderly with unpaid student loan debts have their Social Security benefits deducted, which often makes the wages they receive too little to live on.

As a senior citizen, suffering from outstanding student loan debt can be stressful if your financial resources are limited. In this difficult situation, a lawyer may possibly offer you legal options to get rid of your debt. If you are experiencing this in Cincinnati, a lawyer from Ryan J. Ruehle, LLC, may work for you. Call us today at (513) 621-0999 to learn more about your options.

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