NEW YORK(Reuters) – Allen Lomax understands just just how retirement is meant to get: by the golden years, you ought to have paid down your home, accumulated a pot that is big of, and then face the years ahead without fear.
The near future isn’t quite shaping up like this for him.
Years ago, the 69-year-old from Sylva, new york took away about $130,000 in federal loans for grad college. Their hopes of sooner or later wiping that bill clean were dashed as he destroyed their well-paying task in their belated 50s; your debt ballooned to $170,000, and remained with him even with he declared bankruptcy.
Now semi-retired as well as on Social Security, “there’s no chance that cash is supposed to be be repaid, ever” Lomax stated.