Nation's student debt crisis also puts heavy burden on Hawaii's - Hawaii News Now - KGMB and KHNL

Nation's student debt crisis also puts heavy burden on Hawaii's Baby Boomers

(Image: Wikimedia Commons) (Image: Wikimedia Commons)
HONOLULU (HawaiiNewsNow) -

It's not just Millennials who are burdened by skyrocketing student loan debts.

A new report from the Consumer Financial Protection Bureau finds that Baby Boomers, including those in Hawaii, are increasingly shouldering student debt burdens.

From 2012 to 2017, the report found, the number of borrowers in Hawaii who are 60 or older and have student loan debt increased by 25 percent to nearly 10,500 people.

Their average debt balance: Nearly $17,000 (up 11 percent from five years ago).

And altogether, their debt balance equates to $388 million. That's up 43 percent from 2012.

Additionally, more than 1,500 student loan borrowers in Hawaii who are 60 or older are in delinquency, up 45 percent from 2012.

No state is immune from the problem.

The number of older borrowers had increased by at least 20 percent from 2012 in every state. In more than half of states, the increase was 46 or more.

"Consumer complaints show that older borrowers who are repaying loans for their own education, co-signing loans for someone else’s education, or borrowing on their children’s behalf, may struggle to repay these loans while living on fixed incomes during retirement," the organization said.

Copyright 2017 Hawaii News Now. All rights reserved.

Powered by Frankly