Question of the Day: What's the average student loan debt for Americans over 60?

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Feb 06, 2018
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Student Loans, Question of the Day, Research, Paying for College

Answer: $23,500

Questions:

1. Did you expect people over 60 to still have student debt? Why or why not?

2. What do you think causes someone to still have student debt at age 60?

3. How do you think having student debt as impacts their lifestyle?

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Behind the numbers (from Experian State of Credit 2017):

Americans over 60 are the fastest-growing segment of student loan borrowers, according to the Consumer Financial Protection Bureau. From 2005 to 2015, their average debt load doubled, from $12,100 to $23,500. Delinquencies in that group nearly doubled during that span, and the number of people seeing their Social Security benefits seized over student loans has more than quadrupled.

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About the Authors

Tim Ranzetta

Tim's saving habits started at seven when a neighbor with a broken hip gave him a dog walking job. Her recovery, which took almost a year, resulted in Tim getting to know the bank tellers quite well (and accumulating a savings account balance of over $300!). His recent entrepreneurial adventures have included driving a shredding truck, analyzing executive compensation packages for Fortune 500 companies and helping families make better college financing decisions. After volunteering in 2010 to create and teach a personal finance program at Eastside College Prep in East Palo Alto, Tim saw firsthand the impact of an engaging and activity-based curriculum, which inspired him to start a new non-profit, Next Gen Personal Finance.

Danielle Bautista

Danielle is a native of Southern California and a recent graduate from the University of Maine, where she braved the frigid winters—a feat in and of itself—and earned her Bachelor's degree in International Affairs. She has a passion for working with non-profit organizations and serving populations in underprivileged communities. When Danielle isn't writing NGPF blog posts, spearheading various outreach projects, or managing contests and flash surveys, you can find her doing some sort of outdoor activity, learning a new hobby, or cracking what she thinks are witty puns!