As we get older, it becomes increasingly popular to profess being young at heart and say things like “60 is the new 30.” Who wouldn’t want to feel and act younger? Unfortunately, the latest trend in turning back the clock isn’t quite so enjoyable.
Research shows that student loan debt isn’t just for younger people anymore. According to the Consumer Financial Protection Bureau (CFPB), the number of Americans aged 60 and older with student loans ballooned from 700,000 to 2.8 million between 2005 and 2015. With an estimated $66.7 billion in debt outstanding in 2015, these older Americans represented the fastest-growing segment of the student loan market.
That’s not exactly how you want to feel younger as you approach retirement. It means that millions of Americans now carry a hefty burden that threatens their ability to enjoy financial freedom in their golden years.