Categorized | Debt Stories

Senior Citizens are Bound to College Loan Debt unto Death They Do Part

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I took out a student loan of $4,000, for my son when he was still in college–he’s now forty-three years old, so you do the arithmetic.

The principal is now well over $10,000. I now draw social security and am required by law to send a percentage of my (meager) monthly social security check to Sallie Mae towards the interest on that student loan for the remainder of my days on planet earth–unless and until the president of the U.S. grants me a discharge of obligation.

Student loans cannot be discharged under bankruptcy. One can be old, broken and homeless and still be required to repay their student loan.

We need to start a movement to have the president discharge college loan debts (parent or student) of any senior citizen whose sole source of income is social security.

I’d volunteer for that!

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3 Responses to “Senior Citizens are Bound to College Loan Debt unto Death They Do Part”

  1. angela says:

    I am experiencing the same thing, though the student debt in my case was for my ex-husband. He had me sign, with him as co-signer, for a $2500 loan.

    We were later divorced, and he assured me that he would pay it off. He did not keep his word, as I found out much later.

    They have been keeping my tax returns and rebates for decades, and yet the original amount owed has tripled. I have never been credited for any money the government held from me.

    Now they are holding back part of my social security disability check every month, and the balance owed only continues to go up. There is no end to this.

    I agree that a discharge is in order for those drawing social security, but I want to include the discharge of student debt for all students, of all ages.

    Education should be a right, not an expensive privilege that will be paid for throughout an entire lifetime.

  2. Margo says:

    Why on earth did your son not pay this? Shame, shame on him.
    I sure hope there is some relief in sight for you.

  3. kwan says:

    Your son couldn’t pay off a $4,000 loan in 10 years??? That’s nothing!!! Come back and talk when it’s a $30,000 loan.

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