“You should do everything you can to have the debt put into your children’s name and you can help them pay it off with what you can afford,” said Anable.
For retired clients who have already co-signed or taken out a student loan for a child or grandchild, options for relieving the debt burden are limited.
“One solution is you don’t ignore it. You put a pen to paper and come with a game [plan] to pay it back,” says Anable.
“A lot of the time, it ends up they get a part-time-job,” said Leibowitz. “Or they modify their spending behavior.”