An alarming number of Americans are entering retirement with student loan debt. Normally, student loan borrowers are between the ages of 18 to 39. However, a 2017 report issued by the Consumer Financial Protection Bureau, showed that people over the age of 60 are the fastest-growing sector of the U.S. population carrying student loan debt.
More than 2.8 million Americans over the age of 60 are carrying some type of student loan debt. This figure has skyrocketed from the 700,000 individuals reported in 2005. Between 2012 and 2017, the balance carried by people over the age of 60 nearly doubled from $12,100 in 2012 to $23,500 in 2017.