Report: Those 50 and Over Hold Almost 20 Percent of All Outstanding Student Loan Debt
In news that likely won’t come as a surprise to a number of law graduates, a Barclays report released Wednesday found that those over 50 hold nearly 20 percent of all outstanding student loan balances and account for an even higher percentage of past-due debt.
Those between 50 and 59 are responsible for 15.5 percent of the nation’s student loan balances. And those 60 and over hold 4.2 percent, with average debt exceeding $18,000, the Chicago Tribune reports.
Past-due balances held by those age groups account for 16.9 percent and 4.8 percent of the overall pool, respectively.
Recent articles in Bloomberg and Pro Publica recount the travails faced by those with college and graduate degrees, and their parents, in a difficult economy.
Earlier ABAJournal.com posts detail the issues faced by a number of law graduates:
Was It Worth It? With Debt of Up to $250K, Some Law Grads Are Dubious
In ‘Perfect Storm’ of Hard-to-Find Jobs and Stagnant Pay, Law Grads Can’t Escape Hefty Student Loans
Bankruptcy Lawyers Warn of Looming Student Loan ‘Debt Bomb’
Law Grads ‘Indentured Servants’ to Loans, Law Prof Says; Law School Crisis a Symptom of Weak Economy
