Can I Ever Stop Paying My Federal Student Loans?


Dear Steve,

Went to Remington College after getting let go from my employer of 25 years. Was not able to apply the training. $20000 worth of federal student loans. I am 62 years old.

Is there an age that you don’t have to pay loans?




Dear Horses,

Unfortunately, when it comes to federal student loans, a failure to pay those loans can result in getting your Social Security payments garnished.

Federal student loan debt is for life.

You have two logical solutions. The first would be to make sure you are on the standard 10-year repayment plan and pay the debt off. The second approach would be to look at one of the Income-Driven Repayment plans and consider having your payment adjusted for your current income. As your income goes down you can ask to have your payment adjusted.

However, it is highly unlikely you will ever pay off your loans. Read Why Income Based Student Loan Payments Can Be a Terrible Trap for more details.

It is interesting that student loans are one of the types of debts that have the greatest financial impact and consequences but schools pass out easy access to them like they are a prize. As you have discovered, they are not.

At least Remington College appears to have a better track record than most schools and some of their locations have an exceptionally high graduation rate.

Remington College

If your federal student loans were causing you severe financial hardship and an “undue burden” then you might be able to get them discharged in bankruptcy. However, with the current status of the application of the rules surrounding discharge, I think you’d have a better chance of winning the lottery.


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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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