Many believe student loans are only a problem for college age students but after reading a report from the Consumer Financial Protection Bureau we’ve determined student loans are becoming a big issue for Americans over the age of 60. According to the CFPB report entitled Snapshot of older consumers and student loan debt the number of consumers age 60 and older with outstanding student loan debt quadrupled from 2005 to 2015. These 60 and older Americans in 2015 had on average $23,500 in student loan debt compared to an average of $12,100 in 2005. In total, Americans over the age of 60 owed $66.7 billion in outstanding student loans in 2015.
What might surprise you is most of these student loans are not [Read more…] about Over 60 and student loans