January 17, 2017
Number of older Americans with unpaid student debt leaps in past ten years
Press Herald - The number of older Americans taking on student debt on behalf of their children and grandchildren has quadrupled in the past decade, with consumers 60 and older now holding $66.7 billion in student loan debt, according to a new report by the Consumer Financial Protection Bureau. The skyrocketing cost of college has placed a particular burden on older Americans, many of whom are struggling to pay back growing debts in their retirement years, the report said. Nearly 40 percent of federal student loan borrowers 65 and older are in default, the highest rate for any age group, the data shows.