The number of borrowers over age 65 losing out on a portion of their Social Security check to pay off student loans is up 540%
As the ranks of older Americans with student debt has grown so have the challenges these borrowers face in coping with the debt.
Borrowers in their 60s struggle to get into the student loan repayment plan that best fits their needs and face hostile debt collection tactics among other challenges, according to a Consumer Financial Protection Bureau review of complaints from older student loan borrowers between 2012 and 2016.
The findings add to a growing body of evidence that student loan debt is putting baby boomers’ financial health in jeopardy. The number of borrowers over the age of 60 with student loan debt grew from...