According to the Consumer Financial Protection Bureau’s “Snapshot of Older Consumers and Student Loan Debt”, the age demographic in which student loan debt is increasing fastest is Americans over the age of 60. Factors for the explosion of debt in this group, according to the report, include it taking longer for borrowers to repay their loans and more parents and grandparents borrowing to help finance higher educations for their children or grandchildren.
Additional CFPB research broke down the debt held by older borrowers in every state. It found that in Wisconsin there are nearly 60,000 people over age 60 with student debt in 2017, nearly double the roughly 39,000 in 2012.
One Wisconsin Now notes that, amid this growing crisis of student loan debt, Governor Scott Walker and the Republican-led Legislature have refused to take up a bill introduced in 2013, 2015 and again in 2017, to help Wisconsin borrowers refinance their student loans. Federal refinancing legislation offered by Senator Tammy Baldwin and Representative Mark Pocan has also been killed by GOP majorities.
“Student loan debt is a growing, multi-generational crisis that burdens not just recent graduates entering the workforce but threatens the secure and well-deserved retirements for those who’ve worked their adult lives,” said One Wisconsin Now Executive Director Scot Ross.
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MADISON, Wis. – According to the latest research, student loan debt in Wisconsin isn’t just for the young. A study from the Consumer Financial Protection Bureau (CFPB) finds that borrowers over age 60 is the age demographic in which debt is growing the fastest.