PHILADELPHIA (CBS) — It’s been decades since college and still too many baby boomer are drowning in debt from a student loan.
People 60 years and older are the fastest growing age group for student loans. Some debt is because they’re still paying off college loans, but Mike Falco, a financial advisor with Falco Wealth Management of Berwyn, Chester County, says the main reason is they co-signed for their children who can’t or won’t repay the obligation. And, if you signed for the loan, you are responsible.
“The parents do it because it affects their credit,” Falco said, “and these days if you miss nine months of payments on a student loan, the government’s gonna come in and they’re going to attach your tax refund or even your social security benefits.”
If you’re stuck with the bill and need help, contact the lender and work out a payment plan.