U.S. Student Debt Burden Surges Among Seniors, 3 Million+ Owe Loans
More than 3 million Americans aged 62 and older now hold federal student loan debt, up from 1.8 million in 2018, highlighting the persistent burden of education borrowing.
The number of older Americans carrying federal student loan debt has surged, surpassing 3 million for the first time among those aged 62 and above. That compares to 1.8 million borrowers in the same age group in 2018, reflecting a sharp increase in long-term education debt burdens.
The data underscores the growing financial strain on retirees and near-retirees, who often rely on fixed incomes and may see Social Security benefits garnished to repay defaulted loans.
Source: First Squawk