Growing Number of Americans with Student Debt Are Seniors, Paying for their Children

Source: New York Times

The fastest growing group of Americans with college loan debt are over the age of 60, according to a recent report from the Consumer Financial Protection Bureau.

Many older Americans have been borrowing money for their children to go to college, and now have to face thousands of dollars worth of debt along with all the interest accrued over the years.

Currently more than 2.8 million Americans over the age of 60 are struggling with student debt, with the average loan somewhere around $23,500. The majority of these borrowers are paying back college education for their children, while only 27 percent of borrowers from this group are paying back their own loans.

Now, many parents face financial issues from these exorbitant loans and in many cases, borrowers believe they will not be able to pay back the full amount in their lifetime.

Read Full Story: New York Times

Education, News
Education, News