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Seniors and the Student Loan Debt Crisis
The numbers are frightening…according to the Consumer Financial Protection Bureau (CFPB), the last decade has seen a dramatic increase in the number of older Americans with student loan debt, much of which is attributable to loans they’ve co-signed on behalf of family members. In fact, one private credit scoring service pegs the “average senior’s student loan debt” at just over $40,000, a heavy burden for folks at a point in life where income is minimal and relatively fixed. And as the inevitable default rate soars, the amount of Social Security garnishment also rises, further threatening the financial stability of many seniors facing this situation. Fox Business Network’s Linda Bell examines this quandary in a post on www.foxbusiness.com, which can be accessed here…
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