Seniors Owe Billions in Student Loan Debt

The U.S. Consumer Financial Protection Bureau (CFPB) estimates that Americans aged 60 and older owe more than $86 billion in unpaid college loans, reports CBS News . Forty percent of borrowers 65 and older are in default, with many now having their Social Security benefits garnished to cover those debts. "The fastest growing segment of student loan borrowers are actually older Americans," warns former CFPB employee Seth Frotman. He adds that the federal government is offering seniors zero relief from this policy. "They will literally seize your Social Security benefit," Frotman warns. "Because of student loans, we are literally driving tens of thousands of older Americans into poverty."