Student Loan Debt Crisis Also Hitting Aging Baby Boomers

The Student Loan Debt Crisis Isn't Just A Problem For Millennials

The student loan debt crisis has hit the baby boom generation. Roughly 4% of Americans between ages 65 to 74 carried federal student loan debt in 2010. This figure is up from 3% in 2004 according to a report by the Governmental Accountability Office (GAO).

Senator Bill Nelson (D-FL) was the first to recognize the problem:

Some may think of student loan debt as just a young person's problem. Well, as it turns out, that's increasingly not the case.

The report also stated that the total amount of the debt grew from $2.8 billion in 2005 to about $18.2 billion last year.

The GAO found 25% of loans held by people 65 to 74 and the number of these older Americans who had their Social Security benefits offset to pay student loan debt increased about 500% from 31,000 to 155,000 in the past decade.

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