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18 Jul 2012

Older Americans Grappling With Student Loans

Our Colorado Springs Chapter 7 bankruptcy attorneys have talked a great deal about the student loan debt trap that many young people have found themselves in over the last few years.

However, a new element of this crisis has recently emerged: That of older adults who are battling student loan debt. We're not talking about the parents of college students (although, they too are struggling).


These are individuals who have perhaps gone back to college either to change careers or boost their skill set. However, what certainly seemed like a smart move a handful of years ago has now left them burdened with debt and with fewer job prospects to boot.

It's important to note that unfortunately, a Chapter 7 bankruptcy will not erase student loan debt, except in extreme circumstances (your bankruptcy lawyer can help you explore whether that is a possibility for you). But what a bankruptcy can do is free you from the other debts that may have piled up as you worked your way through school.

These are not individuals who were careless about their future or reckless about their money. Here are some examples:

1. A 51-year-old who acquired nearly $90,000 in student loan debt after graduating from chiropractic college 15 years ago. Financial aid officers told her she could likely expect to repay it within five years. But with the economy tanking, she was never able to get her practice off the ground. Able to make the minimum payments, her loan has ballooned to over $150,000.

2. A 59-year-old attended school for arts administration back in the 1980s. He didn't finish his degree, but ended up taking various field-related jobs. As other financial obligations took priority, his student debt kept getting put to the back burner. He still owes$20,000.

3.  A 64-year-old who attended law school after earning a Ph.D. in immunology, and then sent two children to college at top universities. Collectively, the family owes about $120,000.

Not all of these individuals are in terrible shape, but many live paycheck-to-paycheck. That means one medical emergency or personal injury could send them into a tailspin of debt.

You do have the ability to take the reins on the situation before that happens.

We can help.

Stephen H. Swift

Managing Attorney
Law Office of Stephen H. Swift, P.C.

Client Testimonials

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    "My attorney (Matthew Hansen) is a very kind person.  I felt very confident in his skills. He is very knowledgeable and efficient.  He didn't make me feel embarrassed to be filing for bankruptcy.  Thank you Matthew!  Laura was very friendly, and everyone I interacted with was very nice and helpful as well." 

     

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    Cris is absolutely wonderul!! While Alicia was extremely courteous and humorous!!!  Stephen (Swift) was extremely professional and courteous. One of the nicest gentlemen that I have Had the pleasure of working with. I can't thank him enough."
        

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    "Upon my first visit to the office, I was in an unfamiliar part of town.  I was also bewildered and experiencing anxiety.  I was not even sure I should be there or how to proceed in a very new situation where my back was against a wall.  The first person I met in the office was the lovely receptionist.  I have to say that she has the absolutely right demeanor and is extremely successful in her position.  She has a slight but comforting smile and persona.  She is confident but not arrogant in processing the needs of clients.  I do not feel that this is a small achievement in any way.  I feel this person in many ways sets the tone for the office as the gate keeper of the office and emotional clients.  She definitely helped me thru this process with her silent and dedicated service to me, the clients and the office."

     

    John C., Colorado Springs, CO

     

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    "Upon entering Steve's office, one immediately knows they have entered his "zone".  Steve will talk, think, contemplate, then act.  He then spins his chair around, garbs paper, types on the computer and zaps something thru the printer.  Occasionally, a document needs to be scanned or something else from outside the office is needed, and Zap someone appears without having to yell down a hall or call out.  There is definitely a team here that is in sync.  There may be a question out of the blue suddenly or a brief conversation about something else.  The whole time, Steve is on point.  I felt from day one, a trustworthy confidence in placing my future in his hands.  I was not wrong.  I also never once felt rushed, brushed off or that my concerns were not his.  I felt that Steve is in this for me and his clients.  I have a debt, gratitude and confidence in Steve and the Swift team that far exceeds the fees pain." 

     

      – John C., Colorado Springs, CO

     

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    "Thank you to everyone who worked on my case.  My driving priviledges are now restored and I have a fresh start.  I am very grateful to the Swift Law Firm!   Everyone was very kind and helpful and easy to talk to.

    Ward was very knowledgeable and knows the pros and cons of your case. Definitely a man to listen to concerning your case, and he was very helpful!

    Matt Hansen is a good man, very helpful, gives good advice  AND he is willing to go the extra mile.  Steve Swift is a man of action who knows his profession.  He lifted a heavy burden, and I cannot thank him enough for an excellent job!"  

     

      - Henry R., Colorado Springs, CO  

     

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