Therefore, those in middle age who are toying with the idea of a degree or a certificate might back off if they can only finance that through student loans. That one decision could doom them to poverty as they age. Student loan debt has become as much a game-changer to the aging as it had been to Millennials.
According to the new General Accountability Office report, reports Bloomberg Business Week, "Federal student debt among Americans 65 and older increased sixfold since 2005, reaching $18.2 billion in 2013." When seniors can't pay the monthly nut, lenders are allowed by law to reach into the Social Security check and tax refunds. The result is a new source of poverty among the aging. Here is that coverage from BBW.
In addition, student loans, unlike other forms of debts, are difficult to discharge when anyone files for bankruptcy. For a growing number of aging in America, there is no way out of that nightmare.