When people consider defaulted figuratively speaking, the image you to first pops into the mind was out-of an earlier person soon out of college.
However, bodies data show that a growing number of boomers and retirees try suffering in weight away from figuratively speaking they can’t afford to pay-off.
Centered on good 2017 report throughout the User Economic Cover Bureau (CFPB), exactly how many people 60 and you may older that have student loans quadrupled from around 700,one hundred thousand so you’re able to 2.8 mil some one ranging from 2005 and you will 2015. The average obligations owed of the earlier consumers and additionally nearly doubled throughout that point, supposed off $several,100 so you’re able to $23,five-hundred.
Very the elderly borrowed having school or cosigned student education loans on the account of their infants and grandchildren. However some Americans 50 and you will elderly obtained obligations to invest in their unique studies or help a partner secure a degree. Continue reading Learn the loan details and you may loan servicer