Student loan forgiveness plan bringing relief to millions of borrowers over 50

MILWAUKEE (CBS 58) -- The Biden administration's student loan forgiveness plan is bringing relief to millions of borrowers.

And a large number of those are not young people fresh out of college -- but rather people over the age of 50.

"There's about 9 million borrowers over 50 out of the 42 million student loan borrowers out there so that's something like 20 percent of borrowers," said owner of Student Loans Over 50 Erik Kroll.

Erik Kroll -- the owner of the business Student Loans Over 50 -- says within those 9 million borrowers, more than one million of them have loan balances over $100,000, making the loan forgiveness announced by the Biden administration a drop in the bucket.

"This really holds people back psychologically, emotionally from thinking they can enjoy a retirement. It keeps people working longer than they want to, it causes a great deal of stress," said Kroll.

Borrowers over 50 include people who were students with large loans or loans that have ballooned because of interest -- but also parents who took out loans for their children as part of the Parent Plus Loan program.

Kroll says the issue has grown so recently that there aren't many resources like advisors to help people navigate the complicated system.

But Kroll says it's something people should consider to help manage their loans.

"You really want to look up a financial advisor, student loan advisor, you really want to talk to someone who has that specialized knowledge with student loans if that's what you're looking to get help with," said Kroll.