How old will you be when you finally pay off your student debts?

Rosemary Anderson, from Watsonville, California, took out two student loans in her thirties when she earned her bachelor’s degree, and her master’s, totalling $64,000. She has worked at least one job most of her life, in addition to raising her two children.

But after health complications from lupus, and expenses from a divorce, Anderson, 57, fell behind on her payments eight years ago. With compound interest, the loans have ballooned to $126,000. With payments of $526 a month, she will be 81, she estimates, when she pays it down.

A growing percentage of aging Americans struggle to pay back their student debt. Tens of thousands of them even see their Social Security benefits garnished when they cannot do so. Read more →