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Almost 17 percent of outstanding past-due balance of student loans is held by those over 50

Becky Yerak and Kristin Samuelson, Chicago Tribune reporters: “A report released Wednesday by Barclays notes that 15.5 percent of outstanding student loan debt is owed by people 50 and older, including 4.2 percent held by people 60 and older. Those are staggering amounts given that outstanding student loan debt has surpassed $1 trillion, exceeding the amounts owed on credit cards and auto loansThe older borrowers also account for a larger share of the past-due balance outstanding, with those older than 50 responsible for 16.9 percent of the past-due balance, Barclays analyst Cooper Howes said in the report. The average student debt burden for borrowers older than 60 is $18,250. Most student loans have a 10-year repayment plan, Howes said, but debt owed by older Americans hasn’t been paid on that traditional schedule…The age data used in the Barclays report came from a Federal Reserve Bank of New York report.”


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