Older Borrowers Dragging Around the Burden of Private Student Loan Debt

older woman looking at laptop

Student loan debt is an enormous economical concern in the US. As so many younger borrowers take on what could be considered exorbitant sums of debt before they have even begun earning a living, there is great concern about the lack of counseling upon entrance to colleges and universities, as well as upon exiting; after all, many of these new borrowers are still in their teens, and are making huge financial decisions that could affect their adult lives literally for decades.

As fingers continue to be pointed over the reason for the student loan debt crisis, rising tuition is an obvious culprit, along with sometimes questionable increases in administrative costs at schools.

“Over the past three decades, the cost of attending a four-year college has more than doubled, even after adjusting for inflation, as state and local funding for higher education per student has decreased,” said AARP CEO Jo Ann Jenkins. “Family incomes haven’t come close to matching that increase.”

Recent news shows that student loans continue to affect everyone though, and this means borrowers in all age ranges. Older borrowers tend to be taking on student loan debt because they are trying to climb the career ladder further by learning new skills, taking on graduate degrees, and more—all in hopes of getting better pay that will make private student loan debt worth it. Others are also putting themselves on the line by acting as co-signers for younger borrowers. This subject has become of concern during COVID, especially as younger borrowers lost their jobs and were suddenly, unexpectedly unable to pay on their private student loan debt.

While federal borrowers were given considerable relief due to The CARES Act, private student loan borrowers have continued to be left out in the cold. As one deferment after another has taken place for federal borrowers since COVID-19 began sweeping the nation, the lack of attention to private student loan borrowers is a very serious matter. Older borrowers are less able to contribute to their retirement accounts, and may even have to dip into such funds during difficult times.

If you are concerned about delinquencies, or even a complete default on your private student loan, speak with an attorney from Fitzgerald & Campbell, APLC as soon as possible. If you are being sued by a private student loan servicer, it is even more critical that you seek expert legal advice to fend off the potential for a default judgment being granted against you. This is important even if you don’t think you have anything to lose right now. Consider the fact that a default judgment can be good for up to 20 years in California—and during that period of time could leave you open to loss of disposable income, loss of property, and loss of control over your financial accounts.

Have you experienced problems with your loan service provider or student loan program, or are you in danger of defaulting on your student loan? Contact Fitzgerald & Campbell, APLC now so one of our experienced student loan debt attorneys can review your case and discuss all the available options with you. Our attorneys have decades of experience in serving clients as they navigate through challenging financial situations, to include student loan issuesbankruptcy, and other debt management processes. We are here to help! Click here to schedule a free 30-minute consultation, call us at (844) 431-3851, or email us at info@debtorprotectors.com.

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