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3 million senior citizens in the US are still paying off their student loans

Not just youngsters, even senior citizens have been reported to have been paying off their educational loans that they had taken decades ago. According to Consumer Financial Protection Bureau (CFPB), over 3 million Americans aged 60 and older currently owe more than $86 billion in unpaid education loans. Recent data available online from 2017 showed the number was $66.7 billion two years ago.

Many senior citizens are now reportedly using their Social Security benefits to pay off their student loans.

Seraphina Galante, a 76-year-old who received her master's degree from San Diego State University 19 years ago, told CBS News that she still owes nearly $40,000. She mentioned that she was confident of being able to pay the debt off but unfortunately life had other plans.

Galante currently works part-time as a caregiving consultant and makes a $176 student loan payment monthly, which does not even cover the interest on the loan. "I don't see the justice or even the logic. It's not gonna reduce, ever. And the emotional part of it that it's there. That it's always gonna be there," Galante told CBS News.

Student debt is at the forefront in Senator Elizabeth Warren’s presidential elections 2020, who has announced cancelling up to $50,000 in student-loan debt for 42 million Americans. "We got into this crisis because state governments and the federal government decided that they'd rather cut taxes for billionaires and giant corporations and offload the cost of higher education onto students and their families," Warren wrote in a blog post last month, adding, "It's time to end that experiment."

Seth Frotman, a student debt expert, told CBS News that the government will seize Social Security benefits to pay loans, something that is "driving tens of thousands of older Americans into poverty."

A recent INSIDER poll has revealed that a huge majority, around 77%  of likely Democratic primary voters support Warren's plan, and 36% said they strongly support it. Overall, 57% of Americans polled said they at least somewhat support Warren's plan, while 21% at least somewhat oppose it.
3 million senior citizens in the US are still paying off their student loans 3 million senior citizens in the US are still paying off their student loans Reviewed by Tim on August 22, 2019 Rating: 5

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