Whenever lots of people think of defaulted student education loans, the image that first comes in your thoughts is of a person that is young very very long away from university.
But federal government data reveal that a growing quantity of boomers and retirees are enduring underneath the fat of student education loans they can not manage to repay.
In accordance with a 2017 report through the Consumer Financial Protection Bureau (CFPB), the number of individuals 60 and older with figuratively speaking quadrupled from about 700,000 to 2.8 million people between 2005 and 2015. The normal debt owed by older borrowers additionally almost doubled through that time, going from $12,000 to $23,500. Continue reading →
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