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On Social Security with Student Loans
October 21, 2020
5:28 pm
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October 21, 2020
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I’m 67 and attended college later in life ending up with 73K in student loans. I lost my job due to COVID and now on unemployment which will be ending soon. My husband and I have Social Security and small pensions. My student loan is in government forbearance until 1/31 and is $827/month. I am looking into refinance options for my loans. The option that seems most favorable is the Consolidated Graduate Payment plan with payments from $111-$334 for 30 years, increasing about $10/month every 2 years. There is no loan forgiveness and I’m not planning on any public service forgiveness. I don’t know if this payment is understated because it doesn’t seem to have interested included. I’m wondering if this is due to the interest freeze. Do you think this is a good option for me? I also looked at the IBR and my payments would be approximately $300/month but that didn’t include what I actually earned in 2020 (income and unemployment) so it could be much higher. We still have a mortgage and a car payment and need the least monthly expense as possible.

Thank you very much for you help and opinion!!!

October 21, 2020
5:43 pm
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Indiana
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It sounds like your student loans are federal student loans. If they are DO NOT REFINANCE!

You mentioned that there was no loan forgiveness. Have you looked into income-driven repayment forgiveness? This might be an ideal option for you. Here is a link with a description of the various loan forgiveness programs: https://studentloansherpa.com/…..-programs/

If you and your husband are living on social security, the federal protections will be very important. This article was written primarly for Seniors with Parent PLUS loans, but many of the same concepts will apply to you as well: https://studentloansherpa.com/…..-security/

I think an article focused on student debt in retirement and living on social security might be useful. It will take me some time to put everything together, but I will try to post a link here in the next couple weeks when it posts. For now, feel free to reply with any additional questions.

October 21, 2020
5:58 pm
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Wow, what a quick response!!! Thank you. I will read these articles. Yes, they are federal student loans. Thank you again!

November 5, 2020
10:01 am
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Indiana
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If you are still working through this issue, I think this new article should be helpful: https://studentloansherpa.com/…..-security/

November 11, 2020
11:48 am
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Thank you Michael. I am still working through this issue. I appreciate the article very much.

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