Student Debt Rises Among the Oldest Borrowers
Steven Johnson, The Chronicle of Higher Education
Over two recent decades, older students drastically increased the rates at which they borrowed for college. They also are racking up higher debts.
The data, gathered through the National Postsecondary Student Aid Study from the 1995-96 to 2015-16 academic years, showed higher borrowing rates among undergraduates 30 and older who completed or expected to complete their college program.
The report showed other phenomena at work: Besides financing their own education, older Americans were taking out or cosigning loans for family members. When the family members defaulted, it left the older borrowers on the hook for student debt, endangering their retirement plans.