Retirees are more and more indebted to older students

When Eads' son was diagnosed with cancer, he retired early. His son is finally dead.

During these difficulties, Mr. Eads borrowed in many abstentions, which are temporary deferrals in which interest is generated. The 71-year-old now owes more than $ 60,000, more than double what he originally borrowed.

"Whatever happened to me is not their fault," Eads said. "But we have the impression that the people who manage the loans are putting obstacles in front of you."

He and his wife now live about $ 2,600 a month between their two social security checks and a small pension that he receives from his 20-year career as a chemist for the government.

"We do not travel or anything else," he said. "It's difficult"

Since he is enrolled in an income-based repayment plan that limits his monthly payments to a percentage of his income, he is not responsible for the payment at this time.