Student loan deadbeats are older than you think

It’s really eye opening to see the amount of student debt held by people who you typically would expect to have all those loans paid off by now. I definitely don’t want to be one of those and that’s one of the original motivators behind the Debt Free 32 blog.

Economy

The largest share of student loan deadbeats are celebrating their 25th college reunions.

Borrowers age 40-49 have the highest proportion of loans that are at least 90 days behind, according to new data published by the Federal Reserve Bank of New York. And that’s been true each quarter since 2005.

Here’s a profile of who holds student loans as of the first quarter of 2012:

  • There are 14 million more student loan borrowers now than there were in 2005, for a total of 37 million.
  • About 25 million are age 39 and under.
  • More than 7 million are age 50 and older.

And then it comes to debt levels:

  • Thirty-somethings have the largest share of debt, about 1/3, or $307 billion. On average, their balance is $28,906.
  • Debt levels of those in their 50s increased to $106 billion, from $34 billion in 2005. The average balance is $23,183.
  • Those age…

View original post 41 more words

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s