Older workers who are still carrying student loan debt may have a harder time saving toward retirement.The research evaluates more than 2.2 million people over age 55 with outstanding student loans, according to the Federal Reserve Board's 2022 Survey of Consumer Finance.
Those who had not completed their degrees were more likely to be at financial risk, since their incomplete education likely hasn't. That includes about 14.9% of workers ages 55 to 64 and 17.3% of workers 65 and over, according to the research.The middle 40% of earners — with incomes between $54,600 and $192,000 — owe an average debt of $48,174.
The research suggests certain policies can help reduce the negative consequences of older Americans' student loan burden — forgiving student debt, making debt repayment easier and preventing the garnishment of Social Security benefits to repay student loans., federal student loan borrowers may be eligible to forgo making payments, or pay reduced monthly sums, depending on their incomes. After a certain period, loans may be forgiven.
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