Student loans are burdening all generations. Earlier this month, the Consumer Financial Protection Bureau released a report showing that older Americans are carrying student loan debt into retirement more than ever before. In fact, 2.8 million Americans age 60 and older owe a significantly large amount of student debt—a number that has quadrupled over the last decade.
According to the report, 73 percent of older borrowers took out loans to help pay for the education of their children or grandchildren. Additionally, more than half of all cosigners for private student loans nationwide are now over age 55. This is causing numerous problems, as the report went on to state that those with outstanding student loans are more likely “to report that they have skipped necessary health care needs such as prescription medicines, doctors’ visits, and dental care because they could not afford it.”
With financial wellness and student loan relief on track to become one of the next best employee benefits—and with student loan debt becoming a growing problem for many older Americans—these options may become an important benefit for all age groups.
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Read the full article: Older people also mired in student debt
See the report: Snapshot of older consumers and student loan debt