A new report finds that Americans in the 60 plus age group owe more than $86 billion in student loan debt.
“The average senior student loan borrowers owed around $33,800 in 2017, up 44 percent from 2010…
Overall student loan debt rose 161 percent for people aged 60 and older from 2010 to 2017—the biggest increase for any age group.”
KD College Prep President David Dillard said several trends are working together: parents paying for kid's school, older adults going back to school due to career changes in a volatile economic situation and a rising cost of education.
"If you're making enough money, the student debt is never an issue. The issue is when your career plans don't pan out the way you expect, or you paid a large price for something that didn't have great earning potential," said Dillard.
He said look for colleges that fit your pocketbook and have a strong career placement programs.
Dillard said his advice to a college student and their parents—whoever is footing the tab would be the same: you can't have champagne taste on beer money—decide on your budget.
"We're seeing parents taking on more of the financial burden for their kid's education, but not necessarily being in strong financial shape themselves," said Dillard.
He said be an educated shopper and look for colleges who are marketing their financial aid, scholarships and work study programs.