There has been a 20% increase in student loan debt borrowing in the over 60 set in from 2012 to 2017. Of this 20%, 73% borrowed for either a child or grandchild’s’ education. As parents, we have the innate desire to help our children any way we can, however, if you are not careful in examining the terms of the loan, discussing repayment expectations with any co-signers involved and the ramifications of defaulting on the loan, the main carrier on the note will end up footing the entire bill. Coupled with the uncertainties of our own lives as we age, especially unforeseen health issues, this can put retirees in a tight spot. So how do you help your children further their education without learning a hard lesson yourself in the process?
Dealing with Student Loan Debt as We Age