'I have no hope of ever repaying this debt.'
Dear Quentin, I have not seen anyone address student-loan debt for people over 70 years of age. I am a 74-year-old retired speech-language pathologist with a student-loan debt of $200,000.
As the AARP states: “Student loan debt was never meant to last a lifetime or become a threat to retirement security. Yet today, borrowers frequently wind up carrying it into retirement, long beyond their working years.” “The fact that you are in an income-driven payment plan will help keep the repayments low, as the money you pay is based on your income and not on how much money you owe. ”
“If a borrower consolidates the loans after the deferments and forbearances are exhausted, the consolidation loan will be eligible for its own set of deferments and forbearances, as it is a new loan,” he says. “That gets the borrower another 9 years.”