CFPB releases state-level data on student debt impact on older borrowers

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The CFPB has released a new report, “Older consumers and student loan debt by state.”  The new report is intended to be a supplement to the CFPB’s January 2017 “Snapshot” report that contained statistics on the growing number of consumers age 60 and over (older consumers) who owe student loan debt and the growing amount of such debt.

The new report contains state-level data showing the changes between 2012 and 2017 in the number of older borrowers, the median amount owed, and the proportion and number of older borrowers in delinquency.  Findings highlighted by the CFPB as “particularly noteworthy” include:

  • The number of older borrowers increased by at least 20 percent in every state, including D.C. and Puerto Rico.
  • In more than three-quarters of states, the total outstanding student debt held by borrowers over age 60 increased by more than 50 percent.
  • In all but five states, the proportion of older borrowers in delinquency increased.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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