The number of student loan borrowers over the age of 60 is on the rise across the United States, according to new research released by the Consumer Financial Protection Bureau (CFPB).
The data shows that, increasingly, more older adults are shouldering student debt. CFPB said there is cause for concern as older borrowers — who are repaying loans for their own education, co-signing loans for someone else’s education, or borrowing on their children’s behalf — may struggle to repay these loans while living on fixed incomes during retirement.
The numbers show that overall, the number of older student loan borrowers is up at least 20 percent in every state, including the District of Columbia and Puerto Rico. Further, the number of older borrowers increased by 46 percent or more in half of all states.
The state-level data compiled by CFPB not only looks at the number of older borrowers, but also the median amount owed, and the proportion and number of older borrowers in delinquency.
In more than three-quarters of states, the median student loan balance of older borrowers increased by more than $1,000. In addition, the total outstanding student debt held by borrowers over age 60 increased by more than 50 percent.
Also, in all but five states, the proportion of older borrowers in delinquency increased.