Borrowers in their 60s are struggling more than ever with student loans. According to studies, borrowers over 60 are having a hard time getting into the correct repayment plans as well as other nefarious debt collection tactics to keep them paying.

On the topic of student loans, millennials often get all the attention. Maybe rightly so, they are a large portion of the student debt crisis and the number of millennials entering repayment and adding to the $1.3 trillion of total US student loan debt is staggering. However, the baby boomers aren’t quite out of the woods either.

Borrowers in their 60s are struggling more than ever with student loans. According to studies, borrowers over 60 are having a hard time getting into the correct repayment plans as well as other nefarious debt collection tactics to keep them paying. In fact, the number of borrowers over the age of 60 has grown from 700,000 in 2005 to 2.8 million in 2015. To put in perspective how much these senior student loan borrowers are struggling, nearly 40% of federal student loan borrowers over the age of 65 are in default.

“These borrowers do exist,” said Persis Yu, the director of the Student Loan Borrower Assistance Project at the National Consumer Law Center. “We hear a lot of rhetoric about the kids. The reality is, the issue really is bigger than what gets talked about.” These older borrowers are stuck with their back against the wall. They are running into the same issues that other borrowers are forced to put up with but their potential for increased income and financial stability to support the crushing weight of student debt is significantly lower.

“When they are unable to get a payment plan for example or get released from a cosigned loan, those kinds of problems can have a larger impact on an older borrower who is no longer in a position of their lives that they’re likely to have increasing income,” she said.

Repayment plans become increasingly important for older borrowers. They need the lower payments more than most do. They already have their set bills to pay for to support their own lives and to throw on top of that student loan payments would throw everything off course. We are already seeing their Social Security benefits be garnished, which is what a lot of people count on in retirement. The crisis needs to be addressed and in the mean time for anyone who needs help, contract Ameritech Financial for a commitment-free loan analysis.