For students about to commit to thousands of dollars in debt for college, here’s some depressing news. Americans older than 60 still owe about $36 billion in student loans, according to new research from the Federal Reserve Bank of New York.
Since student loans cannot be dismissed in bankruptcy, like other debts, the cost of college follows many for years. More than 10 percent of student loans are delinquent. As a result, Social Security checks can be garnished. A story in Monday’s Washington Post tells the story of senior citizens struggling to make ends meet under the burden of student debt.
Of the $85 billion in past-due student loans, people older than 50 owe about 12 percent, and those 60 or older owe 5 percent, the new Federal Reserve report shows.
A version of this news article first appeared in the College Bound blog.