Millions of Americans in their 60s are paying off college debt

Published: Jan. 14, 2022 at 7:00 AM EST
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RICHMOND, Va. (WWBT) - Millions of Americans in their 60′s are paying off student loans. According to the US Department of Education, 2.3 million Americans 62 years of age or older carry, on average, $37,739.13 in student loan debt.

While this is a small sub-group of all who owe, it’s still eye-opening because this group has the highest average loan debt amount.

Comparatively, recent college graduates owe on average $34,000.

If your grandparents are part of the sub-group who owe more, experts say refinancing may help. That could shorten the loan term but be ready for higher monthly payments.

The big reason to share this information is for upcoming college students. It’s a good lesson to never take out more in total loans than you can reasonably expect to make in your first year out of college.

Copyright 2022 WWBT. All rights reserved.

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