More people are carrying student loan debt into their 60s, but likely not for their own education. Often, the debt is from loans they took out to help a grandchild or other relative.
Consider a report released by TransUnion this week that looked at shifts in the debt consumers take on by age. Of the people 60 and older who had student loan debt, about 40 percent of the debt was for loans they had co-signed. Even some of the loans they had in their own names may have been to pay for a relative’s education, says Charlie Wise, vice president in TransUnion’s Innovative Solutions Group.