CFPB Raising Concerns About Older Student Loan Borrowers
Seniors are the fastest growing segment of the student loan market, as more are borrowing to pay for their children's and grandchildren's education, while living on a fixed income. From 2005 to 2015, the number of Americans age 60 or older with one or more student loans quadrupled from about 700,000 to 2.8 million, and average debt load owed by an older borrower roughly doubled from $12,000 to $23,500. The CFPB is raising concerns that student loan servicing problems are adding to the distress. See also this overview. [1/6/17]
