At Age 70 I will still have Student Loans to Pay-OUCH!

  1. 0
    Hi 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!

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  2. 14 Comments...

  3. 0
    Federal 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.
  4. 0
    Remember, 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.
  5. 0
    Have you considered the military or an underserved area? They offer some pretty cool loan repayment programs.
  6. 2
    Is this a loan you can pay off early?
    What if you pay more each month on your loans, kind of like extra payments on a mortgage?
    fungez and Up2nogood RN like this.
  7. 0
    I don't, and I know that it is too late to say this, but Sallie Mae should be avoided at ALL costs. They are freakin' loan sharks.
  8. 0
    Quote from RNin505
    Have 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.
  9. 1
    Hi. 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.
    kaliRN likes this.
  10. 3
    Can 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".
    blondy2061h, whodatnurse, and kaliRN like this.
  11. 0
    I don't know about Sallie Mae but the Stafford Loans have a public service forgiveness option that might help you out.


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