It’s tough enough to deal with student loan debt you can’t pay when you’re a 20-something, but imagine dealing with it when you’re in your 60s or 70s. “This population often gets ignored because people hear the words ‘student loans’ and they think 20-year-olds,” says Persis Yu, a staff attorney with the National Consumer Law Center.
It’s a big — and growing — problem. Americans age 60 and older owe roughly $43 billion in student loan debt and more than 10% are 90 days or more delinquent.
There are some unique challenges that older Americans, many of whom are partially or fully retired, face.