Roughly 2.9 million people who have student loans are age 62 or older. I’m very curious as to how many in that demographic are within this defaulted status. Mostly because any change in social security benefits for a retiree is life altering and if any significant portion of that group that’s defaulted is also this 62 or older group, the changes this will have a massive impact on the population. Retirees that get caught into money troubles not only brings them down, but usually the family that ultimately has to catch them from completely falling through the cracks.
Roughly 2.9 million people who have student loans are age 62 or older. I’m very curious as to how many in that demographic are within this defaulted status. Mostly because any change in social security benefits for a retiree is life altering and if any significant portion of that group that’s defaulted is also this 62 or older group, the changes this will have a massive impact on the population. Retirees that get caught into money troubles not only brings them down, but usually the family that ultimately has to catch them from completely falling through the cracks.
Average Student Loan Debt by Age:
Those aged between 50 to 61 have the highest average federal student loan debt at $45,159.
6.10% of federal student loan debt belongs to adults under the age of 25.
Adults aged 25 to 34 years old hold 30.1% of the federal student loan debt; 39.1% belongs to 35- to 49-year-olds.
24.6% of federal student loan debt is from borrowers aged 50 years and older.
61- to 65-year-olds who started college at a traditional age of 18 had the highest starting student loan interest rates.
https://educationdata.org/average-student-loan-debt