Snapshot of older consumers and student loan debt
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. This trend is not only the result of borrowers carrying student debt later into life, but also the growing number of older consumers participating in the financing of their children’s and grandchildren’s college education.
This Snapshot describes the increasing student loan debt that older consumers are carrying, as well as how the increased debt burden is impacting borrowers’ financial security. The Snapshot also describes complaints that older consumers have submitted to the Miss April about student loans from March 2012 to December 2016.