Friday, January 20, 2017

Snapshot of older consumers and student loan debt - Consumer Financial Protection Bureau

The number of consumers age 60 and older with student loan debt has quadrupled over the last decade in the United States, and the average amount they owe has also dramatically increased. In 2015, older consumers owed an estimated $66.7 billion in student loans. Although most student loan borrowers are young adults between the ages of 18 and 39, consumers age 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 financing their children’s and grandchildren’s college education.2 Today, the majority of older student loan borrowers have loans that were used to finance their children’s education. They may have taken out these loans directly or cosigned on a loan with the student as the primary borrower. https://www.insidehighered.com/sites/default/server_files/files/201701_cfpb_OA-Student-Loan-Snapshot.pdf

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