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Benjamin Franklin on money wearing a mortarboard (Photo: Shutterstock)

Though good news for many, President Joe Biden’s recent student loan cancellation moves highlight an enormous problem. Student loan debt in this country now weighs in at $1.7 trillion, and it generally takes the average student more than 20 years to repay their loan.

It’s no wonder grandparents want to help their grandchildren pay for college. And a lot of them do: The Department of Education recently reported that close to 9 million Americans over 50 have student debt. Betsy Mayotte, president of the Institute of Student Loan Advisors, says that Americans over 65 are the fastest-growing population carrying student loan debt.

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