Home News More Older Borrowers Are Taking on More Student Loan Debt – NASFAA

More Older Borrowers Are Taking on More Student Loan Debt – NASFAA

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While younger students have historically borrowed at higher rates than their older classmates, new data from the Department of Education (ED) found that a larger number of students above the age of 29 have been taking out loans to finance their education. This report comes out as more older students continue to enroll in higher education and stakeholders debate ways to adapt financial aid policies to fit their needs, such as developing free-tuition programs targeted at adult learners.

Focusing only on those who completed their programs, the data found that in 1995-96, 60% of students age 24 to 29, 35% of students age 40 to 49, and 19% of students age 50 and older took out student loans. In 2015-16, however, the number of students age 24 to 29 who borrowed only increased by 6 percentage points, while the number of students age 40 to 49 and 50 and older who borrowed increased by 36 percentage points and 52 percentage points, respectively.

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