Aging with student loans: how to find debt relief in your 50s and 60s

The video discusses the growing issue of student debt among older borrowers, highlighting that people over 60 are the fastest-growing group of student debt holders. It explains the financial challenges they face, such as reduced time to repay loans and potential impacts on retirement savings. The video covers income-driven repayment plans, including the Biden administration's SAVE plan, and potential policy changes under Trump. It concludes with advice for older borrowers on managing their debt, including exploring repayment options and considering deferment or forbearance.

What is a significant challenge faced by older student debt holders?

• They have more time to repay their loans.

• They are not affected by interest and fees.

• They can easily pay off their debt with their savings.

• They have less time in their working lives to pay off their debt.

What is one of the benefits of the SAVE plan introduced by the Biden administration?

• It increases the monthly payment for borrowers.

• It shortens the timeline of debt relief for borrowers with $12,000 or less.

• It requires borrowers to pay 15% of their income.

• It eliminates all student debt immediately.

What legal challenges does the SAVE plan face?

• It is being challenged by lawsuits from Republican-led states.

• It has been fully implemented without any issues.

• It has been accepted by all federal courts.

• It is not facing any legal challenges.

What change did the Trump administration propose for income-driven repayment plans?

• Offering immediate loan forgiveness for all borrowers.

• Increasing the cancellation period to 40 years.

• Eliminating all income-driven repayment options and replacing them with a single plan.

• Reducing the monthly payment to 5% of discretionary income.

What advice is given to older borrowers struggling with student debt payments?

• Ignore the debt and focus on other expenses.

• Consider applying for deferment or forbearance.

• Pay off the debt in one lump sum.

• Wait for automatic debt cancellation.