In 2005, older adults owed $2.8 Billion in federal student debt. However, 2013 saw an increase to over $18 Billion. This is according to the Government Accountability Office (GAO) in 706,000 households compared to 22 million households with the remaining student loan debt. People over 65 who are on social security default their student loan…
School student loan defaults and the liability of colleges for defaults is a hot topic. The average student loan default rate for four year schools is 25% for two year schools it is 35% and for private colleges it is about 45%. About 14% of student loans default within three years even though deferments and forbearances exist. For the…
After October 2005 private student loans also required a showing of hardship to obtain a discharge in bankruptcy. But private student loans are subject to the statute of limitations and other collection laws. A Chapter 13 can run the clock until private student loans become noncollectable. To find out if your loan is a federally…