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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