The crushing weight of student loan debt isn’t a problem affecting just younger Americans; a new study shows older Americans are shouldering an increasing share of the nation’s collective $1.34 trillion student loan debt.
According to a new report by FICO, the percentage of Americans ages 65 and older with student loan dues increased 300% from 2006 to 2016, compared to 100% for Americans ages 35-64. This statistic will continue to rise as the population ages and older employees turn to workforce retraining programs to learn new labor skills, the data analytics company estimates.
As previously reported by FOX Business, outstanding student loan debt has increased by more than 457% since 2003. Correspondingly, average loan balances have grown among individuals. The FICO data shows that retirement-aged Americans, 65 and older, owed $28,268 on average in 2016 – a 40% increase over the past 10 years. Individuals between the ages of 55 and 64 owed $33,915 last year, a 42% jump since 2006.
According to a new report by FICO, the percentage of Americans ages 65 and older with student loan dues increased 300% from 2006 to 2016, compared to 100% for Americans ages 35-64. This statistic will continue to rise as the population ages and older employees turn to workforce retraining programs to learn new labor skills, the data analytics company estimates.
As previously reported by FOX Business, outstanding student loan debt has increased by more than 457% since 2003. Correspondingly, average loan balances have grown among individuals. The FICO data shows that retirement-aged Americans, 65 and older, owed $28,268 on average in 2016 – a 40% increase over the past 10 years. Individuals between the ages of 55 and 64 owed $33,915 last year, a 42% jump since 2006.
