Monday, July 15, 2024
Hawai'i Free Press

Current Articles | Archives

Tuesday, September 19, 2017
Hawaii: 10,464 Student Loan Debtors Over Age 60
By News Release @ 9:15 PM :: 5304 Views :: Hawaii Statistics, Higher Education

A nationwide look at how student debt impacts older adults

by Stacy Canan and Seth Frotman CFBP, AUG 18, 2017

In January 2017, we released a snapshot on older Americans and student loan debt . We are now providing additional data regarding the scope and growth of student debt among older borrowers (ages 60 and older) in each of the 50 states, Puerto Rico, and the District of Columbia. These new data further demonstrate the significant growth of student debt among the older population in each state, Puerto Rico, and the District of Columbia, and the proportion of older borrowers struggling to make their payments. 

The state-level data show the 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. Here are some particularly noteworthy findings.

  • The number of older borrowers increased by at least 20 percent in every state, including the District of Columbia and Puerto Rico, and the number of older borrowers increased by 46 percent or more in half of all states.
  • In more than three-quarters of states, the median student loan balance of older borrowers increased by more than $1,000, and the total outstanding student debt held by borrowers over age 60 increased by more than 50 percent. 
  • In all but five states, the proportion of older borrowers in delinquency increased. 

These new data on older borrowers reinforce our recommendations from January and a continued cause for concern as an increasing number of older adults are asked to shoulder student debt. Consumer complaints show that older borrowers who are repaying loans for their own education, co-signing loans for someone else’s education, or borrowing on their children’s behalf, may struggle to repay these loans while living on fixed incomes during retirement.   

Check out our tips to help older student loan borrowers navigate problems with their student loans. If you are having problems with your student loans, visit our Repay Student Debt tool. This interactive resource offers a step-by-step guide to show borrowers their repayment options, especially when facing default. Student loan borrowers experiencing problems related to repaying student loans or debt collection can also submit a complaintto the CFPB.

You can find more information on our students and older adults pages.

TABLE 1: NUMBER OF BORROWERS AGE 60 AND OLDER WITH STUDENT LOAN DEBT BY STATE

  • HI
  • 2012 -- 8,400
  • 2017-- 10,464 
  • Percent Change -- 25%

TABLE 2: MEDIAN STUDENT DEBT BALANCE PER BORROWER, IN DOLLARS, FOR BORROWERS AGE 60 AND OLDER

  • HI
  • 2012 -- $15,225
  • 2017-- $16,884
  • Percent Change -- 11%

TABLE 3: TOTAL STUDENT DEBT BALANCE, IN DOLLARS, FOR BORROWERS AGE 60 AND OLDER

  • HI
  • 2012 -- $272,074,200
  • 2017-- $387,892,000
  • Percent Change -- 43%

TABLE 4: PORTION OF BORROWERS AGE 60 AND OLDER IN DELINQUENCY ON STUDENT LOANS

  • HI
  • 2012 – 13%
  • 2017—15%

TABLE 5: NUMBER OF BORROWERS AGE 60 AND OLDER IN DELINQUENCY ON STUDENT LOANS

  • 2012 -- 1,056
  • 2017-- 1,536
  • Percent Change -- 45%

Read … Full Report

HNN: Nation's student debt crisis also puts heavy burden on Hawaii's Baby Boomers

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

Aloha Pregnancy Care Center

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii

FIRE

Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Habele.org

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii Military History

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Together

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

July 4 in Hawaii

Land and Power in Hawaii

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

MentalIllnessPolicy.org

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

Natatorium.org

National Parents Org Hawaii

NFIB Hawaii News

NRA-ILA Hawaii

Obookiah

OHA Lies

Opt Out Today

Patients Rights Council Hawaii

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii

RailRipoff.com

Rental by Owner Awareness Assn

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

School Choice in Hawaii

SenatorFong.com

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii