Student loan debt is no longer just a young persons’ concern. Approximately 8.4 million 50+ Americans owe $289.5 billion in student loans according to a recent AARP study. That’s approximately 20% of total student debt, making growth of student loan debt among older borrowers the greatest in any age group. Whether living in poverty or not, older adults must balance their obligations often within a fixed income and they are often forced to choose between paying student loan debt or for housing and health care.
Today, SeniorLAW Center joined with the Student Borrower Protection Center, the Center for Responsible Lending , the Lawyers’ Committee for Civil Rights Under the Law, New Jersey Citizen Action and Community Legal Services of Philadelphia, in filing an amicus brief in support of holding Navient, one of the largest student loan servicers in the nation, responsible for steering borrowers into more costly repayment programs or into forbearance, which allow students to temporarily postpone repayment while interest continues to accrue. The impact on older borrowers and borrowers of color means that their education costs more and that they will be paying their loans off for a longer time.
We support Attorney General Shapiro’s efforts to enforce Pennsylvania law protecting all consumers.
See press release.