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Cleveland Plain Dealer
Nearly two-thirds of
student loan borrowers over 35 are still paying them off
Karen Farkas
April 11, 2017
CLEVELAND, Ohio - Almost two thirds of student loan borrowers over the
age of 35 are still paying off their debt, according to a new survey.
In a survey of 909 student loan borrowers over the age of 35, more than
37 percent had fallen behind on their student loan payments and 17
percent had defaulted on their loans, according to IonTuition.com,
which helps borrowers monitor, manage and repay student loans.
According to the Government Accountability Office, student loan debt
currently spans three generations - 44 percent of Millennials have
debt, 26 percent of Generation X and 13 percent of Baby Boomers,
IonTuition said.
The company said the impact of student loan debt on millennials is
widely discussed, but it wanted to explore how student loan debt
affects the financial wellness of older generations.
Increasingly, borrowers are extending the life of their loans,
attending college later in life or co-signing on loans for children and
others, the report said.
Those surveyed included people who have taken out or co-signed for
student loans.
According to the report:
Almost 75 percent of respondents did not expect to be repaying student
loans at this stage in their lives. Among Baby Boomers, that segment
jumped to 94 percent.
54 percent feel their student loan payments are too high.
40 percent regularly assist with payments on cosigned education loans.
Nearly half who cosigned for loans are concerned that the borrower may
not pay back their loans.
17 percent are not confident they'll be able to pay off their student
loans.
35 percent are not confident their savings will allow them to retire
comfortably and on time.
11 percent stated they already know they won't be retiring on time.
75 percent have some sort of college degree.
62 percent agree their education was important in securing their job.
76 percent think it would be great if employers provided resources to
help manage student loans responsibly.
36 percent would prefer student loan repayment benefits, such as
contribution matching or automatic payroll deductions, over a 401(k).
29 percent would prefer student loan repayment benefits over health
benefits.
Read this and other articles at the Cleveland Plain Dealer
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