Student loan debt among seniors 65 and older rose by more than 600% between 2005 and 2014.
When thinking of student loan debt, many consider it a young person’s problem.
Seniors might have student loans for a number of reasons. Many of the seniors, 80%, have student loans due to loans taken out to fund their own education but 20% of seniors are saddled with debt taken out for a child or dependent.
With repayment terms of 10 to 25 years, older Americans may be paying on student loan debt that they accrued when they were considerable younger.
Mid or late career change and subsequent re-training can require older student loan debt holders to pay on their loans well into retirement age.
While the number of seniors with student loan debt is comparatively few, households headed by those 65 and older reported to having some kind of debt.
If you find yourself struggling with student loan, or any kind of debt, or would like to find out about becoming debt free, call Debthelper at 800-920-2262, or visit @ www.debthelper.com.