CFPB Releases Report on Student Loan Debt Owed by Older Consumers

The CFPB has released a new report, “Snapshot of older consumers and student loan debt,” that provides statistics on the growing number of consumers age 60 and over (older consumers) who owe student loan debt and the growing amount of such debt. The report also discusses complaints about student loan debt submitted by older consumers to the CFPB from March 2012 to December 2016. According to the CFPB, the report can offer insight to policy makers examining “potential changes to the higher education finance market, including changes to federal student loan programs,” as to “how changes in the availability of borrowing and repayment options may affect the long-term financial well-being of older consumers.”