More than 2 million of 2.8 million older borrowers took out loans to pay for their children’s or grandchildren’s educations—not their own. (Photo: Getty)

You might be used to thinking of student debt as a millennial problem—or at least as a millennial-and-GenX problem. But seniors are being crushed under student debt, with 2.8 million of Americans over the age of 60 paying off federal or private student loans.

In fact, according to a report from the Consumer Financial Protection Bureau, not only do these older borrowers owe $23,500, on average, two thirds of them also have mortgages and credit card bills at the point in their lives when they’re probably seeing an increase in their medical expenses. (Check the CFPB blog for tips for older borrowers.)


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