Student loans have become one of the heaviest financial burdens for Americans. As of this year, student loan borrowers owe a whopping $1.7 trillion in federal and private student loan debt, according to the Federal Reserve. It may seem that student loan debt is most often a problem for younger and middle-aged Americans, but data from the Consumer Financial Protection Bureau says otherwise. It found nearly 40% of borrowers 65 and older have defaulted on their loans.
What’s even more concerning is that for many, age 65 is when people start thinking about claiming Social Security benefits, if they haven’t done so already. This financial burden can add even more pressure on Americans nearing, or in, retirement.
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