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Baby boomers and student debt — the problem no one is talking about

As the ranks of older Americans with student debt has grown so have the challenges these borrowers face in coping with the debt.

Borrowers in their 60s struggle to get into the student loan repayment plan that best fits their needs and face hostile debt collection tactics among other challenges, according to a Consumer Financial Protection Bureau review of complaints from older student loan borrowers between 2012 and 2016.

The findings add to a growing body of evidence that student loan debt is putting baby boomers’ financial health in jeopardy. The number of borrowers over the age of 60 with student loan debt grew from 700,000 in 2005 to 2.8 million in 2015, according to data from the Federal Reserve Bank of New York cited by the CFPB.

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