Stat Of The Week: The Graying Student Debtor
The number of Americans aged 60 and older with student loan debt has grown fourfold over the last decade.
The NY Times ran a depressing op-ed this week highlighting a recent report from the Consumer Financial Protection Bureau which showed that the “number of Americans aged 60 and older with student loan debt has grown fourfold over the last decade, to 2.8 million in 2015 from about 700,000 in 2005. The average amount owed by these borrowers has nearly doubled, to $23,500.” The CFPB data lumps all “student debt” together, without distinguishing law school or other graduate school debt. But let’s go out on a limb and assume that this phenomenon of aging debtors holds true of law school graduates (average debt burden $140K+), but is worse in all the particulars.
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Brian Dalton is the director of research for Breaking Media. Feel free to email him with any questions or comments.
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