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Would you postpone your retirement to pay off your student loans?

Saving for education
(Photo: BrianAJackson)

It’s a top concern for many young Americans: Student loans.

Many of us owe thousands of dollars.

That’s why a Virginia representative introduced a bill that would help college graduates deal with student debt now, but postpone retirement later.

Congressman Tom Garrett (R-Virginia) introduced The Student Security Act of 2017 last April.

Recently, the congressman has been making people aware of this bill via social media, which has become a conversation starter among millennials as a way to help with their debt.  

It would allow $550 in loan forgiveness, in exchange for raising your retirement age by one month. For a year, $6,600 would be forgiven.

Under the bill, there would be a cap of $40,150 in debt relief, which would mean they would not be able to claim Social Security benefits for six years and one month past the normal retirement age.

Congressman Garrett has spoken out about congress not showing urgency to address the millions of Americans across the country who are struggling to pay $1.3 trillion in student debt.

“No one can deny that millions of Americans face tens-of-thousands of dollars in debt-per-student. These economic pressures inhibit key life events, like home-buying, starting a family, and worst of all, harnessing ideas and starting businesses,” he said. “If we fail to take substantive steps to change course, we will lose much of the potential from this generation. This loss would be devastating, as too would be the loss of its energy, ideas, and vision that create jobs and opportunity.”

What do you think about this?

10 news reporter Shannon Valladolid is working on this story for our 6:30 p.m. newscast.

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