Education Loan Debt Soaring Among Grownups Over 50, AARP Study Discovers

Education Loan Debt Soaring Among Grownups Over 50, AARP Study Discovers

Growing balances might be a surprise with their your your retirement plans

Editor’s Note: a mention of the the MIT AgeLab task happens to be expanded to provide greater detail.

Education loan debt keeps growing at alarming rates for grownups age 50 and older, based on a report that is new AARP. Fifteen years back, borrowers in this age bracket accounted for $47 billion associated with the country’s education loan financial obligation. By this past year, that figure had grown to $289.5 billion.

Spending money on advanced schooling is starting to become an intergenerational burden, ensnaring more older grownups and delaying or battering the your retirement plans of numerous of them. The report says that in 2015 “approximately 29 % associated with 6.3 million borrowers many years 50-64 had been in default, ” meaning payments on that loan had been at the very least 270 times overdue. Read more