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Report Says Older Americans Are The Fastest Growing Group Of Student Loan Debtors.

February 26, 2020

The New York Times (2/26, Gorce) reports older Americans age 60 and over “are the fastest-growing group of college loan debtors,” according to a report by the Consumer Financial Protection Bureau. The article says, “A 2019 AARP Public Policy Institute report found that 15 years ago, borrowers 50 and over held $47 billion of the nation’s $455.2 billion in student loan debt,” a figure that “had risen to $289.5 billion of an overall $1.5 trillion” by 2018. The Times adds that AARP Public Policy Institute Director of Banking and Finance Lori Trawinski said, “The risks in co-signing a private loan include fewer repayment plan options; the possibility that the student will miss or skip payments, leaving the co-signer responsible; and an increase in the balance if the loan has an adjustable interest rate.” Furthermore, Trawinski said older co-signors were more likely to default than younger co-signors, according to a 2017 AARP Research study.

Last modified on 02/01/2021

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