Student loan debt burdens baby boomers

According to research, the amount of student debt held by the American elderly has escalated in recent years, the New York Times reported on September 12.

According to the “Household Debt and Credit Report,” unsettled student loan debts held by senior citizens reached $43 billion from the $8 billion recorded nine years ago. Data from the Treasury Department stated that since last July 31, the Social Security benefits of nearly 140,000 elderly citizens are being deducted to cover their unpaid student loans. The Federal Reserve Bank of New York stated that an estimated 2 million elderly in America aged 60 and above are plagued with student loan debts.

Suffering from overwhelming student loan debts can be frustrating, especially if you depend on Social Security benefits and your finances are already limited. However, if you are experiencing this in Birmingham, the lawyers at Greenway Bankruptcy Law, LLC, may work for you. Find out how our lawyers may possibly help you get rid of your debts today by calling (205) 324-4000.    

Paula GreenwayPaula Greenway

Paula Greenway is a native of Birmingham and has focused her practice on consumer bankruptcy since 1996. She is licensed to practice law in all jurisdictions throughout the State of Alabama. Paula has handled over 5,000 bankruptcy cases ranging in complexity throughout her career and prides herself on being able to come up with creative solutions to her clients’ financial issues.