When people hear the phrase “student loan debt” they usually picture young adults. However, more and more older adults carry education debt which can impact their financial security and inter in their ability to afford essential expenses, especially in their retirement years.
Unfortunately, according to recent research from the Fiscal Policy Institute, Americans aged 60 and up are actually the fastest-growing age segment within the student loan market. In just the past decade, the number of adults 60 and over who have student loan debt has quadrupled. And the amount these seniors owe has also risen dramatically. In 2012, individuals 60 and older collectively owed around $5.2 billion in educational loans but by 2017, that number was up to $9.2 billion.
Read the Fox 5 article “Why older Americans with student loan debt might want to consider refinancing”
Read FPI’s report “The Rising Burden of Education Debt on Older New Yorkers” and download it as a PDF.