American citizens hold staggering amounts of student debt. But what many may not realize is how much of that financial obligation is owed by people who aren’t borrowing for themselves, but for their kids and grandkids.
Americans over 60 have now amassed over $67 billion in student debt.As quartz.com reports,the debt has accrued as a result of older Americans borrowing to put the younger members of their families through school.
And in recent years, the number of Americans over 60 with student debt has soared. According to a new report from the Consumer Financial Protection Bureau, the number of debtors over 60 has quadrupled in the last ten years. That makes older borrowers the fastest growing segment of the 44 million student loan borrowers nationwide.
Since the beginning of the 21st century, the average annual tuition at four-year institutions has nearly doubled.