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Older Borrowers Struggle with High Student Loan Debt

September 8, 2024

Nearly 43 million Americans have outstanding federal student loans. While recent graduates are typically the focus of the student debt discussion, older borrowers between ages 50-61 actually carry the highest average balance at $45,159 per person. Paying off the debt can be a challenge, especially for borrowers near retirement age who can face dire consequences for defaulting. Special Correspondent Joie Chen travels to a Philadelphia suburb to meet a 67-year-old whose debt has snowballed to over $331,000.  

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