Why more older Americans are taking on student loan debt
Roughly 9 million adults age 50 and older are still actively paying off federal student loan debt.
You have a world of options at your fingertips when it comes to paying down your loans. Knowing what they are is the key to becoming debt-free.
— Hanneh Bareham
Hanneh Bareham has been a personal finance writer with Bankrate since 2020. She started out as a credit cards reporter before transitioning into the role of student loans reporter. She is now a writer on the loans team, further widening her scope across multiple forms of consumer lending.
She has been featured in multiple national and regional media outlets, including Yahoo, CNBC, Business Insider, The Chicago Tribune, The Seattle Times and more. Her desire to empower borrowers comes from her own experiences as a college graduate managing her finances during a tumultuous economic climate. She aims to help others reach their goals through a better understanding of macroeconomic trends.
When she's not checking her repayment strategies with a loan calculator, Hanneh enjoys acting, baking and trying to find the best cup of coffee on the East Coast.
When it comes to taking out any sort of installment loan or repayment plan, it's so important to know exactly what you're signing up for. Before applying, read the terms and conditions or find the basic loan details — like interest rate ranges and repayment terms — on the lender's website to make sure you're doing what's best for your finances.
You have a world of options at your fingertips when it comes to paying down your loans. Knowing what they are is the key to becoming debt-free.
— Hanneh Bareham
Roughly 9 million adults age 50 and older are still actively paying off federal student loan debt.
Cost of living, safety and dining options all factor into a good college experience.
Average student loan debt amounts hit Gen Z the hardest.
Multiple resources are available to help people find ways to improve their homes.
When dealing with a debt settlement firm, be sure to protect yourself against fraud and other possibilities. Find out the warning signs, and what a debt settlement firm should be able to do for you.
If you get a big tax refund this year, consider using it to pay down your debt.