The ballooning amount of student debt is creating a new group of debtors: people over 65. Seniors are taking on larger amounts of debt to finance their children’s and grandchildren’s advanced educations. Seniors’ student debt load has risen more than six-fold in the last ten years, although it’s still only about 5 percent of the $1.3 trillion total in the U.S. Over-65 student loan borrowers are twice as likely to default on the debt as under-50s and have less retirement savings as their less debt-encumbered peers.
Photo credit: Modern Consumer
