At Age 70 I will still have Student Loans to Pay-OUCH!
- 0Jul 22, '10 by GoNightingaleHi everyone! I'm 55 and became an RN 2 years ago. At age 70, I will still owe Sallie Mae thousands of dollars as well as Stafford Loans. Does anyone know what Sallie mae's stand is for retiree's who can no longer pay student loans due to a fixed income? How about the Stafford Government loans?
Any insight will be helpful!
- 0Jul 22, '10 by twoisFederal loans can be capped at 10% of your income according to new legislation from a year or two ago. Private loans are not subject to that law, but they may work with you. You'll need to call Sallie Mae and see what they say; they've been moderately forgiving with my economic woes in the last year or so, so it's not out of the question that they'll work with you on lowered payments if your income is fixed. However, I wouldn't get your hopes up that they'll let you stop paying entirely.
- 0Jul 23, '10 by oramar GuideRemember, just don't default because they will garnish your SSI. That is only the government student loans that do that. I am fairly certain of this because I saw a show about it on 60 minutes. One 70+ year old granny had a grandchild that forged her signature to a student loan and then defaulted. The grandmother's SSI was being garnished by the government. It was a crying shame.
- 0Jul 23, '10 by bds165Quote from RNin505Have you considered the military or an underserved area? They offer some pretty cool loan repayment programs.
His/Her age will prevent military service and probably prevent USPHS (provided there is no previous military service). IHS may be an option but I believe they have an age cap as well.
- 1Jul 23, '10 by passion4peopleHi. There is also another option called IBR(income based repayment) that is based on a small percentage of your income. You can also consolidate your loans and make one payment. Many people are not aware that this option is available to them.Go to Ibrinfo.org for more information.
- 3Jul 23, '10 by Jules ACan you start paying more each month to knock them off sooner? Good luck and thank you for sharing this with others because I can't believe the numerous threads I have read where people continue to encourage others to take out mega loans for living expenses and school because it is "an investment".