Older Americans with Student Loan Debt

Unaffordable student loans are often seen as a problem afflicting young people, but in 2022, 3.5 million Americans over the age of 60 held $1.25 billion in student loan debt. The number of Americans approaching retirement age with student loan debt skyrocketed over 500 percent in roughly the last two decades. New America has been investigating the reasons behind the growth and exploring what the change means for seniors and their families.

Seniors hold different types of student loans for different reasons. Some have loans that they took out to finance their own college education. Others took out federal Parent PLUS loans or co-signed private loans to help children and other family members secure college financing. New America has studied both groups separately, since each has different life circumstances and policy needs.