Paying Student Loans with Social Security?
Among Americans ages 65 to 74, 4 percent in 2010 carried federal student loan debt, up from 1 percent six years earlier, according to a Government Accountability Office report released Wednesday at a Senate Aging Committee hearing. For all seniors, the collective amount of student loan debt grew from about $2.8 billion in 2005 to about $18.2 billion last year. Since student loans are not dischargaeble in bankruptcy, regardless if taken out for themselves or cosigned for their children, people are going to have this type of debt follow them into their golden years. Sad.