After a three-year pause, payments on federal loans are set to resume in October.
Theresa didn’t think she was putting her retirement in jeopardy more than 30 years ago, when she began taking out parent loans to put her three children through college. Yet now, in their 70s, she and her husband still have nearly $41,000 left to pay—one reason she plans to continue working for as long as she can.
Higher education costs have ballooned out of reach for many American families. To cope, it’s very easy to take out student loans, yet can be very hard to pay them back. So it’s no surprise that for many, the burden has stretched into midlife and beyond. Nonpayment of student loans carries serious consequences. The government can garnish a portion of your wages—and later, your Social Security check—to put toward what you owe.
Research Repayment Options In June, the U.S. Supreme Court overturned President Joe Biden’s proposal to cancel up to $20,000 in federal student loan debt for eligible borrowers. Yet more targeted options for loan forgiveness remain. Parent PLUS loans are generally ineligible for SAVE. Parent PLUS borrowers who consolidate their loans into a Direct Consolidation Loan may be eligible for another income-driven repayment option, called ICR. All borrowers can check eligibility for income-driven repayment plans here.
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