A 60-year-old took out student loans to help her kids succeed. She's facing retirement with a $156,000 balance.
Source: Business Insider ·
She doesn't have a college degree of her own, but she's staring down a six-figure student-loan balance she took on to give her kids a better life.
From the source
Nansi Lynch has $156,000 in student loans that she took out to help her kids get a college education.Jonathan Pitts-Wiley for BINansi Lynch never went to college. But she's approaching retirement with a $156,000 student-loan balance."I don't get rid of it until I turn 75 years old," Lynch said. "I've never heard of something so disastrous in my life."The 60-year-old took out federal parent PLUS loans, which carry the highest federal interest rate of 9.07%, for both of her children. Previously, parents could borrow the full cost of attendance. In July, the Trump administration imposed a lifetime borrowing cap of $65,000 per dependent for new parent PLUS loans, in an attempt to address spiraling debt.Under her pre-existing income-driven repayment plan, Lynch's monthly student-loan payments were $238. Lynch worries her payments will increase when her forbearance ends early next year. Business Insider has heard from many borrowers who saw their payments jump over the past year, pushing…