Student Loan Debt Is Affecting Older Borrowers
Student loan debt is affecting older borrowers. Between 2005 and 2015, the number of consumers aged 60 and older with student loan debt quadrupled — and their debt load doubled, according to the Consumer Financial Protection Bureau.
"You have older borrowers saddled with this student loan debt and that is, sort of, hindering their ability to accomplish other personal financial goals, so, such as retirement planning, or buying or maintaining their home," said Andrew Pentis, certified student loan counselor in Tucson, Lending Tree.
According to the CFPD, borrowers 60 and older are the fastest growing age-segment of the student loan market. This trend is not only the result of borrowers carrying student debt later into life, but also the growing number of parents and grandparents paying for their kids and grandkids.
Nearly 40% of federal student loan borrowers age 65 and older are in default.