The student loan debt crisis is at an all-time high, but it appears that when it comes to the age of the borrower, this type of debt does not discriminate. According to Experian, a review of student loan balances across different age categories showed that borrowers who were in their 30s and borrowers who were in their 60s carried around the same amount of student loan debt.
According to Experian, the average 30-year-old borrower owes $36,406 in student loan debt while the average 60-year-old borrower owes $35,637.
Experian found that the average student loan balance held by borrowers in their 60s, 70s and 80s has increased significantly. The average student loan balance for borrowers between the ages of 60 and 69 went up $1,700 in the second quarter of 2018 alone, to an average balance of $35,637.
One reason for this increasing level of debt has to do with the fact that parents are taking out loans for their children to attend college. The number of parent PLUS loans has increased by 13 percent since 2015, and the amount borrowed has increased by 38 percent during that same time period.
Many parents have every intention of paying the loans off before they reach retirement, but the problem is many of them still end up having the loan balances when they retire. This puts an additional financial strain on them.
Another problem is the fact that many of these borrowers do not have enough in retirement, making this additional expense even more difficult to handle. As members of the Gen X generation near retirement, 48 percent of them have less than $50,000 saved for their retirement.
For borrowers who are struggling with student loan debt, relief options are available. Many student loan borrowers are unaware that they have rights and repayment options available to them, such as postponement of loan payments, reduction of payments or even a complete discharge of the debt. There are ways to file for bankruptcy with student loan debt. It is important you contact an experienced Miami bankruptcy attorney who can advise you of all your options. As an experienced CPA as well as a proven bankruptcy lawyer, Timothy Kingcade knows how to help clients take full advantage of the bankruptcy laws to protect their assets and get successful results. Since 1996 Kingcade Garcia McMaken has been helping people from all walks of life build a better tomorrow. Our attorneys help thousands of people every year take advantage of their rights under bankruptcy protection to restart, rebuild and recover. The day you hire our firm, we will contact your creditors to stop the harassment. You can also find useful consumer information on the Kingcade Garcia McMaken website at www.miamibankruptcy.com.
Source: Business Insider- Americans in their 60s have nearly as much student loan debt as people in their 30s.
