student loan debt meets social security

Paying for College
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<p>[Student</a> Loan, Meet Social Security: Seniors Still Stuck with School Debt - DailyFinance](<a href=“Stock Portfolio & Tracker - Yahoo Finance”>http://www.dailyfinance.com/2012/05/01/student-loans-meet-social-security-seniors-stuck-school-debt/?icid=maing-grid10|htmlws-main-bb|dl8|sec3_lnk3%26pLid%3D157117)</p>

<p>important article! Here’s some excerpts:</p>

<p>And, unlike college grads in their twenties, these older borrowers don’t have a lifetime to pay off their debt; in fact, as recent stories have shown, a growing number of borrowers are facing garnishment of their Social Security checks to pay tuition debts that are decades old.</p>

<p>…almost a third of student loan debt is held by people aged 40 and over, and 4.2% – roughly $42 billion – is held by people over the age of 60. Some of this loan debt is the result of cosigning – grandparents or other elder relatives helping family members borrow for college.</p>

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<p>Yep, it’s easier to grab grandma’s ss check than it is to try to catch a vagrant young college grad who has nothing. That’s why asking anyone to cosign is really putting them on the spot. It’s even more of a slap in the face if the student is dead or disabled, and the loans still lives on.</p>