Wright Abshire, Attorneys, A Professional Corporation
Houston: 713-660-9595
The Woodlands: 936-273-2773
Fayette County: 979-278-4095

Are student loans interfering with older Texans' estate plans?

Many of our Houston readers probably think of student loans as something that affects only college- and middle-aged Texans. Unfortunately, as the national student debt load continues to grow, the number of people who are not affected by student loans in some way is also steadily declining.

In fact, a large number of people over 60 are now dealing with student loan debt, causing many to delay their retirement or drastically alter their estate planning in order to meet their student loan obligations. And it is not only grandchildren or other family members who are incurring the debt: many of the loans are taken out by Americans near retirement age.

According to AARP, people over the age of 60 currently owe approximately $43 million in student loans, and nearly 10 percent of the debt holders are more than 90 days past due on their loans. The number of over-60 debtors who are delinquent on loans has increased by about 4 percent since 2005, and that number is likely to continue growing in the coming months and years.

Because older Americans have less time than their younger counterparts to repay their debts before they reach retirement, student loan debt can have a huge effect on the financial health and future of people over the age of 60. A large amount of outstanding student loans can force the delay of retirement, can make it more difficult to pay for medical needs or long-term care, and can significantly affect estate plans. As such, it is clear that reform is needed in order to protect older Americans from the serious harm that student loan debt can cause.

Source: AARP, "Student Loans Crushing Hopes for Some Near Retirees," Carole Fleck, Nov. 12, 2012

No Comments

Leave a comment
Comment Information

We Believe in Client Satisfaction Here is what our clients say about our hands-on approach to elder law and estate planning.

  • Thank you for your caring expression of sympathy. But more importantly, I want you to know how much your warmth as human beings has been palpably present in all the social and business intercourse we have experienced with you. Your willingness to allow yourselves to be completely human as you ply your trade adds a dimension to your professional stature which is unparalleled by most of your profession. Please don't change. You stand head and shoulders above the crowd. - L.T
  • Everyone in the firm was extremely cordial, courteous and professional, which made our family feel at ease knowing that our needs would be expertly managed. - R.L.
  • Everyone I came in contact with were kind and helpful. They were so professional as well as personable. I loved them. - J.B.
  • Very helpful in a family time of need. Excellent staff and service. After dealing with the State I have no idea how anyone could take this journey without the law firm's services. - L.N.
  • The firm did all things especially well. I was always impressed by the competent manner in which everyone worked and was confident that it would be "mission accomplished..." – J.T.
  • No detail was overlooked. Everything went very well. We feel so fortunate that your firm is well informed, capable and willing to do so much for us. I can't thank you enough for everything! - N.C.
Learn More
Email Us for a Response

Have a question about elder law in Texas? We can help. Schedule A Consultation Now

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

"The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an attorney-client relationship. Confidential or time-sensitive information should not be sent through this form."

Contact Our Texas Elder Law Attorneys Today We have 3 locations to better serve you. Contact our office closest to you.

Bellaire Office
4949 Bissonnet Street
Bellaire, TX 77401

Phone: 713-660-9595
Fax: 713-660-8889
Bellaire Law Office Map

Bellaire Office

The Woodlands Office
3117 College Park Drive, Suite 240
The Woodlands, TX 77384

Phone: 936-273-2773
Fax: 713-660-8889
The Woodlands Law Office Map

The Woodlands Office

Carmine Office
1055 Deer Haven Road
Carmine, TX 78932

Phone: 979-278-4095
Fax: 713-660-8889
Carmine Law Office Map

Carmine Office
Back To Top