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Seniors and Student Debt…
The Consumer Finance Protection Bureau (CFPB) has published some alarming statistics concerning the number of seniors holding student debt. In fact, CFPB reports that “(t)he number of American consumers ages 60 and older with student loan debt quadrupled between 2005 and 2015, jumping from 700,000 to 2.8 million.” Given the widely reported absence of adequate savings among those entering their retirement years, the student debt situation may be yet another aggravating factor in the declining optimism regarding the potential for a comfortable retirement. Bankrate’s Michael Pearl takes a look at this situation in a post on bankrate.com, and offers thoughts potential alternatives to the student loan route. Read his post here…
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