Student loan Debt- Senior Citizens

Student Loan Debt – Senior Citizens

 Older Americans are struggling under the burden of student loans—their children’s and their own.

A generation of Americans owe nearly $90 billion in student loan debt and their 60 or more years of age.

Many seniors took out loans to help pay for their children’s college tuition and are still paying them off.  Others took out student loans for themselves in the wake of the last recession, as they went back to school to boost their own employment prospects.  Some are having funds garnished from their Social Security checks.  The federal government, which is the largest student loan lender in the country, garnished the Social Security benefits, tax refunds or other federal payments of more than 40,000 people aged 65 and older in fiscal year 2015 because they defaulted on student or parent loan debt.

Debt Highlights:

  • On average, student loan borrowers in their 60s owed $33,800 in 2017, up 44% from 2010.
  • Total student loan debt rose 161% for people aged 60+ from 2010 to 2017
  • ED disbursed $12.7 billion in new “Parent Plus” loans during the 2017-18 academic year, up from $7.7 billion a decade prior.

WSJ article is available and can be accessed (subscription may be required) at;

Some related articles can be found at:

You Guess: What’s the Debt Burden for Americans Entering Retirement?

A Generation of Americans Is Entering Old Age the Least Prepared in Decades

The Cost of Supporting Parents and Adult Children

This entry was posted in General by gathard. Bookmark the permalink.

About gathard

Jim Gathard is the owner and principal of National Consulting Services, LLC a New York based consulting firm providing advisory in strategic planning, risk management, and organization management to financial services and higher education organizations Mr. Gathard has expertise and senior executive experience in private sector financial services, legislative and government relations, and higher education management. He has held senior business executive positions at JPMorgan Chase and Bank of America. Prior to his private sector experience Mr. Gathard has nearly twenty years in higher education administration as Deputy Provost/Executive Vice President, Vice President for Student Services and Compliance, Dean of Enrollment Management and Director of Student Financial Services. National Consulting Services, LLC clients include a broad spectrum of publically traded and private financial services firms and not for profit and for-profit organizations including colleges and universities. In the higher education space Mr. Gathard’s primary focus is the student segment including the student financial services, access and enrollment, institutional compliance and; financial literacy and debt management. Mr. Gathard serves on and is advisor to numerous industry and community related boards. Mr. Gathard has been a NYSFAAA member for more than 30 years.

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.