According to a report, roughly 2.2 million Americans over the age of 55 have outstanding student loans.
Millions of Americans are at risk of losing their Social Security benefits as student debt follows them into their golden years.According to a report from the New School Schwartz Center for Economic Policy Analysis, roughly 2.2 million Americans over the age of 55 have outstanding student loans. And if your loans fall into default, your Social Security retirement benefits can be lowered.
'I'd encourage any senior with federal student loans to investigate income-driven repayment options, specifically the SAVE program,' Lux said. 'It's a great tool to ensure that student debt doesn't destroy your retirement. Those with Parent PLUS loans can even get enrolled on SAVE if they take advantage of the double-consolidation loophole.
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