While we may think of only Millennials drowning in student loan debt, apparently they aren’t the only generation still shelling out dough for that diploma. A new survey finds 37% of student loan borrowers over the age of 35 have fallen behind on their payments, while 17% have completely defaulted on their loans.
And it’s pretty apparent that most folks in the older generation didn’t expect they’d be in the position they are in. In fact, three-fourths of Gen Xers and Baby Boomers didn’t think they’d still be repaying loans at this stage in their lives, and when it comes to just Boomers, that number jumps to 94%.
Things are so bad for some people, that 29% of folks would prefer to get student loan assistant from their employers rather than healthcare, with 75% of folks saying that employer-provided student loan benefits would be helpful. But that’s not all. Debt is so bad for some that 60% of those over 35 are unable to save for retirement because of their student loan debt.
Source: The Business Journal