[Students] Financial Aid Topic: Student loans & turning 65! Rumor Mill At It Again!!

[Maria Ramos]

Those infamous "They" and "S(he)" are at work again! 

So before 'they' and 'she' or 'he' get out of hand, here is the
scenario.

 

'They' said that when I (the student) become 65 years old I (the
student) will not have to repay my student loans because I will be
retired"

 

Well, I hate to burst someone's bubble and possible future plans but
unfortunately  as it stands right now, the "They's" have it incorrect.
Though there are some provisions specific to the programs that will
forgive some of the loans, such as working in certain fields, locations,
etc... age and retirement are not a factor. 

 

Regardless of how old a person is or how young, for that matter, there
are only 2 ways of getting out of repaying federal student loans;

To be declared Permanently Disabled           

Or one dies

 

Neither one is really a good option to take. So, for those out there
that may think when one retires at 65 the federal loans will 'retire'
with them - don't think so. Federal loans do not go away with bankruptcy
either. And the IRS will garnish refunds and wages. 

 

As an aside, the same applies for state loans. The state can and do
garnish wages if one works for a state agency. 

 

 

Maria del C. Ramos

Director, Office of Financial Aid and Scholarships
Texas A&M University-Commerce

PO Box 3011

Commerce, TX 75249-3011

Phone: 903-886-5091

Fax: 903-886-5098
http://web.tamu-commerce.edu/
"Most business men generally are so busy coping with immediate and
piecemeal matters that there is a lamentable tendency to let the "long
run" or future take care of itself. We often are so busy "putting out
fires," so to speak, that we find it difficult to do the planning that
would prevent those fires from occurring in the first place. As a
prominent educator has expressed it, Americans generally "spend so much
time on things that are urgent that we have none left to spend on those
that are important."

Gustav Metzman

 

Please take a minute to complete our We Care
<http://web.tamu-commerce.edu/audience/onestopshop/>  survey online and
let us know how we are doing!

 

 

 

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