According to research, the amount of student debt held by the American elderly has escalated in recent years, the New York Times reported on September 12.
According to the “Household Debt and Credit Report,” unsettled student loan debts held by senior citizens reached $43 billion from the $8 billion recorded nine years ago. Data from the Treasury Department stated that since last July 31, the Social Security benefits of nearly 140,000 elderly citizens are being deducted to cover their unpaid student loans. The Federal Reserve Bank of New York stated that an estimated 2 million elderly in America aged 60 and above are plagued with student loan debts.
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