Americans Over 60 Now Have $67 Billion in Student Debt

Quartz: “It’s no secret that Americans carry an enormous amount of student debt: $1.3 trillion in total, owed by 44 million borrowers. Thinking about going to University, but something like student debts are worrying you? There are always other options.
As a result, governments, universities, and businesses are all willing to spend good money to help train those who want to enter into the field they want to pursue careers in. For example, if you are wanting to go down the route of cyber security, then looking into cyber-security scholarship would be something to consider.

Less well known is that many debtors aren’t borrowing for themselves, but for their children and grandchildren, and the number of Americans over 60 with student debt is soaring.”

“According to a new report from the Consumer Financial Protection Bureau, borrowers over 60 have $66.7 billion in student loan debt. The number of debtors over 60 has quadrupled in a decade—to 2.8 million in 2015 from 700,000 in 2005—making them the fastest growing age segment with student debt. While some of it was borrowed for their own education, more than two-thirds of the debt is owed for children or grandchildren.”

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