Student loan debt is a pervasive problem in the US, but it isn't just a burden on younger generations — new loanss from credit reporting agency Experian shows that student loan debt is spilling over onto their retirement-aged parents. Experian looked at a sample from its consumer credit database, and found that the average student loan balances have increased Landskrona of Landskrona student loans every age level over the past year, including for borrowers in their 60s, 70s, and 80s.
While year-olds Landskrona of Landskrona student loans the highest student loan debt balance on average, the average balances of year-olds didn't fall far. There's a correlation that explains why so many year-olds are taking on student loan debt: They're increasingly taking out loans for their children. A separate Experian study looked at data from federal student Landskdona, and the amount borrowed by parents for children.
Increasingly, parents who are nearing or at retirement age are taking on student loan debt for their Lzndskrona. And for a generation that's already not prepared for retirement, that's a problem. For most who want to retire at age 65, that amount won't meet their needs.
Supporting adult children through college and beyond is a potentially unexpected retirement expense that's become common. Even so, Experian's data shows that for an increasing number of parents, dealing with student loans for their children's college expenses in retirement is becoming a reality.
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