Abby Shafroth, co-director of advocacy at the NCLC, states that this debt is now threatening millions of people's ability to meet their basic needs in old age. The growing burdens of student loan debt among older adults aren't just a minor issue, but a significant crisis that requires urgent attention. The increasing number of elderly individuals struggling under the weight of student loans highlights a grave systemic problem that policymakers must urgently address.
Tia Caldwell, senior policy analyst at New America, emphasized the role of Parent PLUS loans in this crisis. She noted, 'The government offered Parent PLUS loans to parents regardless of whether they could afford it, leading many into a trap.' She pointed out the severe implications of this, including the seizure of Social Security benefits, which can plunge elderly borrowers into poverty as they age, particularly when they rely on Social Security as their primary income.
Recommendations from policy groups suggest crucial changes, urging lawmakers to replace Parent PLUS with grants and implement critical protections. Shafroth argues, 'The federal government shouldn't be pushing 60- and 70-year-olds into poverty because they tried to get an education decades ago.' The proposed measures emphasize the need for a compassionate approach to support older borrowers who are struggling under the weight of their student loans.
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