Americans 60 years and older are shouldering more and more student debt. Not for their own education, but to pay for college for their children.
A new government report shows that between 2012 and 2017, the number of older Americans saddled with student loan debt jumped by at least 20-percent in every state.
In Ohio, the number of older borrowers jumped by 43-percent. The median balance is more than $17,000.
In Ohio, 15-percent of older borrowers are in delinquency.
As national student loan debt reaches $1.3 trillion, the Consumer Financial Protection Bureau warns this is a problem that could impact everyone.
“There are real concerns about what are the true implications this is having for people who are entering retirement, going into fixed income or seeing their income decrease,” said Seth Frotman, with the Consumer Financial Protection Bureau.
The CFPB says borrowers should make sure they understand their obligations if they are taking out loans, or co-signing for loans.