If you’re over 50, you may be among the 9.45 million Americans with student loan debt.

You can take steps to get that debt under control.

Do you know where to find the information on your loans? If you have federal loans (and that’s what most people have), log into your account at studentaid.gov. You may not remember or realize that you have an account there, but that’s where you’ll find a complete list of federal loans. If you attended school for several semesters or years, it’s likely that you have more than one loan. It’s common to have several loans, disbursed by Remember that you may have more than one loanList every loan: servicer, balance, interest rate, loan type (Direct / FFEL / Perkins / private), and whether any are Parent PLUS.
Confirm who owns it (especially for older FFEL loans): federally held vs privately held FFEL changes what programs you can use.
Pull your federal loan history (to see repayment/forbearance months, consolidation, etc.). This matters a lot for forgiveness timelines.

For many people 50+, the best move is a payment tied to income—not a big fixed payment that competes with retirement savings.

If you’re federal and your payment is straining cash flow, look at income-driven repayment (IDR) options.
The point: cap payments, protect monthly cash flow, and keep the loan in good standing (and potentially qualify for forgiveness depending on the plan and your history).

If you’re in government, public schools, universities, 501(c)(3)s, or many hospitals:

Make sure you’re on a qualifying repayment plan and certify employment.
Don’t assume you “missed the window”—people in their 50s/60s still complete PSLF every year. The upside is huge: tax-free forgiveness for the remaining balance after qualifying payments.

Common for 50+ borrowers:

FFEL loans (from the 1990s/2000s) may not qualify for newer repayment/forgiveness features unless you consolidate into Direct (depends on goals and what you’d be giving up).
Parent PLUS loans have more limited paths; there are still strategies, but you need to be clear whether the debt is yours or for a child you borrowed for.

If you’re close to retirement:

Don’t sacrifice retirement savings to rush-pay federal loans if an income-based option can keep payments manageable.
Build a simple comparison:
- “Pay aggressively” vs “pay the minimum on a protective plan” vs “aim for forgiveness”
- Include what happens when you stop working and income drops.

If you’re on an income-driven plan, your Adjusted Gross Income (AGI) matters.

Use retirement contributions (401(k), 403(b), traditional IRA if eligible), HSA, etc. to reduce AGI.
Be careful with large IRA conversions or big capital gains in a single year—they can spike payments.

Default can trigger wage garnishment and Social Security offsets (for federal debts), plus fees.
Long forbearances can quietly explode balances. If you need relief, prefer an IDR plan or a structured option rather than repeatedly pausing.

Refinancing federal loans into private loans can permanently kill access to IDR, PSLF, and federal protections.
Refinancing can make sense for private loans if you have strong credit and stable income, but keep terms flexible and avoid extending the loan forever.

For federal loans: options typically include getting current via repayment arrangements and using programs that return loans to good standing.
The key is speed: the longer you wait, the more expensive and stressful it gets.

Start with your loan servicer for federal programs (document everything).
If your situation is complex (PSLF, consolidation choices, Parent PLUS, potential forgiveness timeline), consider a reputable nonprofit student loan counseling resource. Avoid “debt relief” companies that charge big fees to do paperwork you can usually do for free.