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Tag Archives: deferment

How Can You Still Have Student Loans at Age 40?

Since closing on the first part of my business sale, we now have enough money to pay off our student loans. Before you start congratulating me, remember that I am 39 years old, and my husband is 43. How on earth do you have student loans in your 40’s? Start Late My husband didn’t decide to become a teacher until he had one failed attempt at college and several different jobs. He was 27 before he started college for real. He graduated at age 31, and then went right into a master’s program. He did work while getting his master’s, but didn’t really finish school until age 33. I finished my residency and started repaying my loans when I was 27. Most four year college graduates would already have 5-10 years on us. While I never think it’s too late to change careers, and I think our loans were worth it , it’s wise to think about how much debt you want to be paying off as you get older. Take Deferments and Forbearances When I was a resident, I put my loans into forbearance. The $600 a month payment seem like too much at the time, although I probably ...

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