Most student loan borrowers are young adults between the ages of 18 and 39.
But according to a new report by the Consumer Financial Protection Bureau, the number of seniors in debt has quadrupled over the last decade.
“They are supposed to be relaxing and enjoying their retired life,” UMKC student Brittany Butts said.
From 2005 to 2015, the number of senior borrowers increased from 700,000 to roughly 2.8 million.
The report states it’s due to parents and grandparents helping their children and grandchildren finance their education.
It’s something UMKC freshman, Madisen Breite can relate to, whose mom is helping her pay for school.
“She took a couple years to get her Masters, so she has student loans to pay off and then I decided to come here. I was the oldest, and they had to take student loans for me,” Breite said. I have three younger siblings, and they all have to go to school, and we can’t do a lot of things because it’s like oh no we need to save money for this.”
The report also stated the amount of money borrowed by seniors has doubled over the past ten years, from roughly $12,000 to $23,000.
For a more detailed look at the the report and student loan resources, click here.
-----
Rae Daniel can be reached at Rae.Daniel@KSHB.com.
