(3TV/CBS 5) -- What is the first thing that comes to mind when you hear student loans? Millennials? Gen Yers? How about baby boomers? 

That last age group is facing a big amount of debt.

86 billion dollars. That is the amount of student load debt people 60 and older have.

According to the Wall Street Journal, baby boomers hold student loan debt for two reasons, they either went back to school during the great recession or they took loans out for their children.

In the worst cases, some baby boomers are giving up a part of their social security to pay for student loans in their golden years.

This can lead to problems just as older adults are about to retire, according to financial experts.

Some are having to work longer and others are relying on credit cards for expenses.

CBS 5 This Morning sat down with Dana Anspach a financial planner with Sensible Money in Scottsdale.

Anspach said baby boomers need to attack whatever student load debt they have and maybe think real hard about taking on more for their children.

“What’s going to be the trade-off later?” she said. “Are you going to have to downsize the house, cut back on your own spending, find a second job or work a little longer? It’s the trade-offs you need to understand.”

Anspach said to pay down your debt, you need to start looking at your expenses and making some cuts.

She said look at streaming subscriptions like Netfilx and Hulu to see if you can save money there. Look at phone bills and other monthly bills to see where you can make some cuts.

Another option is to try and bring in more income. That can be with a second job. Anspach said some share economy jobs may be a quick way to make money.

Airbnb, Lyft and Uber are all quick ways to make some extra cash to pay down debt.

Anspach said a part time job does not need to last forever. She said you can pick one up and quit after you knocked out your debt. 

An Arizona native, born and raised in Mesa, and graduate of Arizona State University, meteorologist Ian Schwartz brings you the forecast weekday mornings on CBS 5 This Morning.

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