This Is the Age Most Americans Pay Off Their Student Loans
from Citizens Financial Group suggests that 60 percent of student debt borrowers expect to pay off their loans in their 40s. Data collected at the state level supports these findings. A study
from the OneWisconsin Institute
finds that it takes graduates of Wisconsin universities 19.7 years to pay off a bachelor's degree and 23 years to pay off a graduate degree.
The Federal Reserve
reports that there are that there are 6.8 million student loan borrowers between the ages of 40 and 49 and that together, these graduates hold a collective $229.6 billion in debt. That means that Americans in their 40s with student loan debt each have an average balance of $33,765.
Many predict that the long-lasting effects of student debt will impact the housing industry, as well as how Americans finance retirement."
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Publication Date: 7/5/2017