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As college costs continue to rise, it's becoming increasingly difficult for students to pay for it themselves. The total student loan debt in the United States has risen to a staggering $1.75 trillion. This has led many parents and grandparents to want to help carry a portion of their child's or grandchild's college debt. They shouldn't jeopardize their own financial future by entering retirement with someone else's student loan debt, though.
SEE MORE Tax Breaks to Help You Pay for College
Even so, the number of adults over the age of 62 with student loan debt has reached a startling 2.4 million borrowers. If parents and grandparents plan on helping to pay for college, they need to plan ahead to stay debt-free in their golden years. There are many ways they can start planning now to help with college costs while still saving for their retirement.
529 plans offer tax advantages
529 plans are investment accounts that can be used to pay for education for a specific beneficiary. Choosing a 529 plan also comes with tax benefits. It will grow federal tax-free and will not be taxed when the money is taken out. It's important to note that you can use a 529 plan from any state to help cover education expenses in any other state. However, depending on the state you live in
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Student loan debt is not just holding back young adults. It's increasingly an issue for older people, sending many of them into default and threatening retirement plans for some. In fact, people aged 60 and older are the fastest growing age segment of the student loan market, according to the Consumer Financial Protection Bureau.
And, according to the Federal Reserve Bank of New York, almost 23% of student debt was held by people aged 50 and older as of 2021.
An analysis from the CFPB found that 39% of consumers aged 60 and older who have student loan debt failed to take care of health care needs such as prescription medicines, doctors' visits, and dental care because they couldn't afford it, compared to 25% of older consumers without a student loan. And according to the Biden administration, a third of seniors with student debt was in default.
"This is a really big issue," says Erik Kroll, a certified financial planner whose company is called Student Loans Over 50, a subsidiary of Hilltop Financial Advisors, "This delays and destroys retirement dreams and adds a lot of stress and anxiety for someone. People in this age group with high balances, when I talk to them, are almost always embarrassed by the amount of loans they have, and it sometimes comes with a sense of hopelessness."
Paul S. Garrard, founder and president of PGPresents agreed: "I would say (it's) a significant challenge." He said it's a combination of old
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