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Student Loan Debt among Senior Citizens

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11 September 2023, 07:10 AM
Axtremus
Student Loan Debt among Senior Citizens
https://hechingerreport.org/as...e-debt-keep-working/

A few surprising statistics:

quote:
  • The number of people age 60 and older who still have student loan debt has sextupled since 2004, and the amount they owe is up 19-fold, the think tank New America reports; there are now 3.5 million of them, who collectively owe more than $125 billion in student loans.

  • This is not, by and large, debt that parents assumed to send their kids to college. For three-quarters of federal borrowers 65 and older, it’s money they borrowed for their own educations and have been paying off for decades the Government Accountability Office, or GAO, found.

  • Some 114,000 Americans have had their Social Security garnished because they couldn’t make their student loan repayments.


  • And then there is this that is not surprising:

    quote:
    “something we heard a lot in our focus groups is that when someone had a negative experience with their college loans, they were more likely to tell younger generations that higher education wasn’t worth it.”


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