Nearly 9 Million Older Americans Still Have Student Loan Arrears

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According to the data, about 9 million Americans aged 50 and over still have student debt, either because of the loans they took to pay for their own education or for the education of their children. new data left this month from the Ministry of Education. And the total amount of debt they owe is growing faster than for any other age group.

According to Betsy Mayotte, president of the Student Credit Counseling Institute, the focus is on young people in their 20s and 30s. But about 20% of those still in debt on student loans are people aged 50 and over, “and among the US citizens in arrears on student loans, those over 65 are the fastest growing.”

One reason is that more and more people are going to college and graduate school, said Anki Chen, an economist at the Center for Pension Research at Boston College. “In addition, there has been an increase in the number of parents who either agree to sign a contract or receive a PLUS loan for their children,” Chen said.

People over 50 who still have student debt also tend to struggle to pay off more than younger borrowers, Mayotte said.

“We talk a lot about how, you know, it delays buying a home, delays some people from getting married or having children,” but according to Mayotte, for seniors who are still paying student loans, it can make it much more difficult. task. save for retirement – or even retirement.

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