Student loan debt is increasing among older adults, according to data released Friday by the Consumer Financial Protection Bureau, suggesting that more prospective senior living community residents may face a big impediment to making a move.
The new information builds on the CFPB’s January report about the student loan debt of consumers aged 60 or more years, adding state-level data that show changes between 2012 and 2017 in the number of older borrowers, the median amount owed and the proportion and number of older borrowers in delinquency.
- The number of older borrowers increased by at least 20% in every state, and the number of older borrowers increased by 46% or more in half of all states.
- In more than three-fourths of states, the median student loan balance of older borrowers increased by more than $1,000, and the total outstanding student debt held by 60+ borrowers increased by more than 50%.
- In all but five states, the proportion of older borrowers in delinquency increased.
The five states with the highest number of 60+ borrowers with student loan debt in 2017:
- California (317,472)
- New York (260,352)
- Texas (222,144)
- Florida (208,320)
- Pennsylvania (201,744)
The median student loan debt balance per 60+ borrower in those states in 2017 ranged from $14,500 to $18,200.
The five states that saw the biggest percent change in 60+ borrowers with student loan debt from 2012 to 2017:
- Delaware (93%)
- New Hampshire (73%)
- New York (64%)
- Georgia and Maryland (63%)
- Mississippi (62%)
The median student loan debt balance per 60+ borrower in those states in 2017 ranged from $12,400 to $19,300.
The five states where the median student loan debt per 60+ borrower is the highest:
- Maine ($23,599)
- New Mexico ($20,088)
- Delaware ($19,271)
- Maryland ($18,710)
- New Jersey ($18,608)
States with the highest total student loan debt balance for all 60+ borrowers in 2017:
- California ($11.27 million)
- New York ($9.18 million)
- Florida ($7.13 million)
- Pennsylvania ($6.83 million)
- Texas ($6.76 million)
The states with the highest percentage of 60+ borrowers in delinquency on their student loans (also including Washington, D.C.) in 2017:
- District of Columbia (30%)
- Mississippi, Nevada and Oklahoma (22%)
- Georgia, South Carolina and West Virginia (20%)
See the entire report here.