School Debt and the AARP

The AARP has taken an interest in student loan issues over the past few years.

Why would an organization focused on retirement be worried about the student loan crisis?

Well…

Over $18.2 Billion in school debt is held by individuals aged 60 and up and roughly 200,000 seniors have had or are having their Social Security benefits garnished in debt collection.

Although responsible for a small portion of the total school debt held by Americans, they are more likely to be behind on payments.

It’s not their debt they are paying off. Typically, it’s debt they took on to help finance the education of their children or grandchildren.

The concern is how school debt, whether for themselves, their children, or their grandchildren, can deter home ownership and muck up retirement plans.

It can be lifelong debt. 20-30 years for their own debt, 20-30 years for their children’s debt, and who knows how many for their grandchildren…

So…

How do we combat this growing issue?

We have our dollar do two jobs for us at the same time. By doing so, the typical individual or family can be debt-free in 9 years or less, without spending any more than they already spend.

How do we do that?

There is no “cookie-cutter” solution. As each individual’s or family’s circumstances are unique, a solution for those circumstances must be designed and implemented.

Contact us to discover what we can help you do for yourself and your family.

 

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