The fastest-growing age group of those carrying student loan debt might surprise you.
Amid calls for the Biden administration to cancel such debt for many Americans, emerging data show it s becoming a growing burden for those 50 and older.
According to the Federal Reserve Bank of New York, the 50+ age group now represents more than 20% of borrowers in the U.S., up from nearly 10% in the mid-2000s.
Joe Valenti, senior strategic policy advisor for AARP, said it s become an intergenerational issue that presents different problems for older adults. It s about being able to retire and have the money that you need for basic expenses, Valenti explained.
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