According to a report by the Federal Reserve Bank of New York consumer credit, of the $85 billion in past due student loans, nearly 20 percent of the debt were held by senior citizens, with Ylan Mui, The Washington Post.
When you think of student loans, you think of students and recent graduates -- younger people in their 20s and 30s working to pay off the thousands of dollars in debt from undergraduate and graduate schools.
It's a good bet you don't think of people in their 60s, 70s and even 80s struggling to pay off student debt. But new research shows that Americans 60 and older owe $36 billion in educational debt and account for 5 percent of delinquent student loans.
In some cases, the debt was incurred when adults went back to school later in life. In other cases the debt resulted from co-signed loans taken out by children.
Washington Post reporter Ylan Q. Mui, wrote about the research in The Washington Post and appeared on CNBC to discuss the trend:
According to a report by the Federal Reserve Bank of New York, of the $85 billion in past due student loans, nearly 20 percent was owed by people 50 and older. With Ylan Mui of The Washington Post.