Overview

• Over 2.2 million people aged 55 and older have outstanding student loans, according to Federal Reserve data.
• Nearly 40% of those over 65 have defaulted on their student loans, risking garnishment of Social Security benefits.
• Older workers with lower incomes are particularly vulnerable, with many earning less than $54,600 annually.
• Policy changes such as debt forgiveness and preventing Social Security garnishment could alleviate these financial pressures.
• Experts advise older borrowers to explore income-driven repayment plans and seek financial counseling.