A hypothetical 70-year-old retiree called Raymond owes $200,000 (£150,000) after borrowing to help his children through college. Financial advisers say the case illustrates why older parents should review their loan terms before using retirement savings to clear education debt.
The example comes as student loans affect a growing number of older Americans. The National Consumer Law Center reported in September 2024 that the number of adults aged 60 and over with student debt had increased sixfold over two decades. The total debt held by that group had risen nearly 20-fold.
