Older consumers found to be racking up more student loan debt

Minimum wage increases to $10.10 an hour starting January 1.

(WTNH) — More people are found to be racking up student loan debt later in life.

The study, done by Consumer Financial Protection Bureau, looked at consumers 60 years and older.

It showed their debt has quadrupled over the last decade.

The study looked at the trend as the result of borrowers carrying student debt later into life, in addition to the growing number of older consumers participating in the financing of their children’s and grandchildren’s college education.

You can read the full study, ‘Snapshot of older consumers and student loan debt.’