The growth in student loan debt has been well-publicized, but according to a recent a Washington Post article, large debt burdens are not limited to young adults. The Post cites data from the Federal Reserve Bank of New York that shows Americans 60 and older still have about $36 billion in student loan debt. The debt has forced some older Americans to continue working past their intended retirement date, while others have had wages and Social Security checks garnished.
The article reports that some seniors are still dealing with loans they took out to return to school mid-career. Others co-signed their children or grandchildren’s loans and were forced to make payments when the borrowers couldn’t find well-paying jobs.
