Download
HTML Embed
HTML EMBED
Click to Copy
Make Me Smart with Kai and Molly

Episode 122: Space — the final business frontier

Jul 16, 2019

Latest Episodes

Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy
Marketplace Morning Report
Download
HTML Embed
HTML EMBED
Click to Copy

Rising numbers of seniors are paying off student loans

Sally Herships Sep 16, 2014
Share Now on:
HTML EMBED:
COPY

According to a new report from the Government Accountability Office, between 2004 and 2010 the number of seniors with student loan debt quadrupled to 706,000 households.

Betsy Mayotte is the director of regulatory compliance with American Student Assistance, a non-profit that helps families manage education debt. She says she’s starting to see a fairly significant increase in older borrowers reaching out for help. 

Take one borrower she heard from recently: “He’s 77, his wife 82,” says Mayotte. “They both have age typical health concerns, they’re not going to work again and they owe a significant amount in student debt — both their own and debt they took on for their children — and they don’t know how they’re going to pay for it.”

It’s not what many expect, says Persis Yu, a staff attorney with the National Consumer Law Center’s student loan borrower assistance project.

“Older Americans have a lot more student loan debt than people realize,” she says.

Federal student loans, notes Yu, never go away. They have no statute of limitations.

“So, if a borrower doesn’t finish paying off a loan, they could be on the hook for the rest of their life,” she says.

Yu says if a senior defaults on a loan, their social security benefits could be garnished. The GAO says when that happens, additional fees can be involved making it even harder to pay off the loan.

If you’re a member of your local public radio station, we thank you — because your support helps those stations keep programs like Marketplace on the air.  But for Marketplace to continue to grow, we need additional investment from those who care most about what we do: superfans like you.

Your donation — as little as $5 — helps us create more content that matters to you and your community, and to reach more people where they are – whether that’s radio, podcasts or online.

When you contribute directly to Marketplace, you become a partner in that mission: someone who understands that when we all get smarter, everybody wins.