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We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo
Student loans can follow borrowers well into their retirement years Nearly 36 million federal student loan borrowers are age 60 and older, And the number of older Americans with education debt has quadrupled in the past decade,
With fixed incomes and limited budgets, many seniors struggle to manage student loan payments. The constant stress of debt in their golden years causes some to delay retirement or raid retirement savings. Others see their Social Security checks garnished when they fall behind on payments.
Fortunately, options exist to find relief from the burden of student loans after age 65. Federal and private loans may qualify for special repayment plans, loan forgiveness programs, or settlement offers.
Let’s review some of the most common questions older borrowers have about student loan forgiveness.
Are Federal Student Loans Forgiven at Age 65?
There is no automatic federal student loan forgiveness at age 65 or any other age. The U.S. Department of Education does not discharge your remaining debt simply because you reach a certain age.
However, some federal repayment and forgiveness programs can provide seniors relief:
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Income-driven repayment (IDR) plans – Federal loans qualify for IDR plans that base your payment on income and family size. After 20-25 years of payments, any remaining balance is forgiven.
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Public Service Loan Forgiveness (PSLF) – Those working full-time for the government or a nonprofit may qualify for tax-free forgiveness after 120 payments. Parent PLUS loans also qualify.
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Total and permanent disability (TPD) discharge – Permanently disabled borrowers can have federal loans discharged. Certain income limits apply.
So while age alone doesn’t trigger forgiveness, older borrowers can utilize the options above to seek relief.
Can the Government Garnish Social Security for Student Loans?
If you default on federal student loans, yes. The government can seize up to 15% of Social Security retirement and disability benefits to collect on the defaulted debt.
Over 114,000 Americans over age 50 have their benefits garnished. The number has increased 540% in the past decade.
To stop wage garnishment, you must resolve the default, usually through loan rehabilitation or consolidation. Then you can enroll in an affordable IDR plan.
Do Private Student Loans Qualify for Forgiveness?
Private student loan lenders are not required to offer forgiveness programs. However, some may allow settlements to repay a percentage of the balance. Expect to settle for 50% or less of what you owe.
Before considering this route, ask the lender about affordable repayment plans or deferments. Just know that settling a loan requires defaulting first, which damages your credit.
Should I Refinance Federal Loans to a Private Loan?
Think carefully before refinancing federal loans. While you may secure a lower interest rate, you lose access to IDR plans, deferments, and loan forgiveness programs.
It may make sense with variable-rate FFELP loans. But weigh the pros and cons first. Keep federal perks and protections if possible.
Are Parent PLUS Loans Eligible for Forgiveness?
Yes. If parents or guardians borrowed PLUS loans for a child’s education, the IDR plans and PSLF program apply.
For PSLF, the parent – not the child – must work full-time in public service. After 120 payments, the Education Department forgives the remaining PLUS loan balance.
What if I’m Struggling to Repay Private Student Loans?
Unfortunately, private lenders rarely offer seniors repayment help or forgiveness. But you have options, including:
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Ask about better repayment terms, lower payments, or deferment.
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Refinance loans to get a lower interest rate. This can reduce monthly payments.
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Settle loans for less than you owe. Expect major damage to your credit.
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File bankruptcy to discharge private student loans. This is difficult but possible.
If you co-signed private loans for kids or grandkids, discuss a plan so you’re not stuck with payments.
Are Student Loans Discharged When You Die?
With federal loans, yes. The government discharges any remaining balance upon the death of the primary borrower. This applies to loans borrowed for your own education.
Private student loans often include death discharge provisions as well. But check loan documents to confirm this benefit.
In both cases, avoid default before you die. The government can still garnish Social Security benefits even if it plans to discharge the loans later.
Can I Use My Retirement Savings to Pay Off Student Loans?
It’s generally not advisable to tap 401(k) funds, IRA savings, or pension income to pay off student debt. These assets provide key income in retirement. Preserve them if possible.
However, if you have private loans, it may make sense in some cases. Run the numbers to see if settling debt with retirement savings provides overall savings and peace of mind. Just understand the long-term costs.
Could Student Loan Forgiveness for Seniors Happen?
Loan forgiveness targeted specifically at seniors seems unlikely. However, Democrats have proposed bills to make repayment more manageable. Ideas include:
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Capping Social Security garnishment at 5% instead of 15%
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Discharging loans after 10 years of payments instead of 20-25 years
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Automatically discharging loans for disabled borrowers
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Ending collections on defaulted loans after 10 years
So while age-based forgiveness may not arrive, incremental policy changes could ease the burden. Call your representatives in Congress to voice support for reforms.
Key Takeaways
While automatic student loan forgiveness at age 65 or older doesn’t exist yet, relief is available:
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Federal loans can qualify for income-driven repayment and forgiveness programs.
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Private loans may offer affordable payments or settlement options, but often with credit damage.
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Avoid default, or resolve it quickly, to prevent Social Security garnishment.
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Weigh the pros and cons before tapping retirement savings to pay student debt.
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Incremental policy changes may provide seniors more protections in the coming years.
The bottom line is student loans don’t have to ruin retirement. With the right repayment plan or loan forgiveness program, it is possible to enjoy your golden years debt-free.
What older student loan borrowers can do
It’s important for older adults to know that programs and resources exist to help borrowers in need. From repayment plans and forgiveness programs to borrower advocates and communities, you may be able to find assistance and relief.
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Calendar Icon 13 Years of personal finance experience Lauren strives to simplify complex loan products and processes with over 12 years of experience in personal finance.
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Bankrate is always editorially independent. While we adhere to strict , this post may contain references to products from our partners. Heres an explanation for . Our is to ensure everything we publish is objective, accurate and trustworthy. Bankrate logo
Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next.
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy.
Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Bankrate logo
Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions.
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers.
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo
Are student loans forgiven at age 65?
FAQ
At what age do student loans get written off?
What happens to student loans when you turn 65?
Is there any student loan forgiveness for seniors?
No, the federal government doesn’t forgive student loans at age 50, 65, or when borrowers retire and start drawing Social Security benefits.Apr 29, 2025
What age are student loans forgiven?
Borrowers who have reached 20 or 25 years (240 or 300 months) worth of eligible payments for IDR forgiveness will see their loans forgiven as they reach these milestones. ED will continue to discharge loans as borrowers reach the required number of months for forgiveness.