A surprising 3.5 million people, age 60 or older, hold more than $125 billion in student debt. The number of older people saddled with these loans has skyrocketed in less than two decades. One-third of older borrowers wind up in default and suffer significant consequences. They risk having their Social Security benefits garnished and being pushed into poverty.
We bring your attention to RRF Foundation for Aging’s Issue Update, as part of our Call to Action to curb rising debt for older adults. This Issue Update:
- describes the student loan debt issue and its impact on older people
- shares RRF’s public comment to the U.S. Department of Education on proposed rules, which, among other actions, would cancel remaining balances on very old loans and bring relief to 2.3 million older adults with student loan debt
- calls for funders, advocates, and older adults themselves to help promote better policies to address the threat that unaffordable student loans place on the economic security of older people.
We welcome your partnership with us to curb student loan and other forms of debt to improve the economic well-being of older adults. We hope to hear from you. Thank you for sharing this issue update with others who may be committed to addressing these issues.
