More than two million Americans aged 55 and older still have student loan debts as of 2022, according to a new survey released Wednesday.
The Federal Reserve Board’s 2022 Survey of Consumer Finances found that 2.2 million United States citizens aged 55 and above are struggling to pay off their debts, just as they head towards the retirement. The student loan debt is even impeding their ability to retire, the survey found, because roughly half of the respondents are making less than $54,600 a year, according to CBS News . But those borrowers, on average, owe approximately $58,000.
“Three policies would help minimize the negative impacts of student debt on retirement savings: student loan forgiveness, income-based repayments – key components of the Saving on a Valuable Education (SAVE) plan – and preventing garnishment of Social Security benefits to repay student loans,” an analysis of the data said. The report was published […]
— Read More: justthenews.com
