Graduating with student loan debt is an all too common reality for new college degree holders beginning their careers. But there's another, often overlooked cohort of debtors facing their own set of challenges: Americans over the age of 55 approaching their retirement years. About 2.2 million people over the age of 55 have outstanding student loans, according to data from the Federal Reserve Board's 2022 Survey of Consumer Finance .
Half of debtors aged 55 and over, who are still working, are in the bottom half of income earners, making under $54,600 a year, according to 2022 SCF data analyzed by researchers behind the report. The latter's relatively small incomes mean they sharply feel the effects of putting a portion of their salary toward paying off student loans, making it hard for them to retire and save for retirement.