CFPB issues warning and tips for older student loan borrowers

The Consumer Financial Protection Bureau has issued a press release warning older borrowers that student loan servicing problems can jeopardize their long-term financial security. According to a Bureau report, Snapshot of older consumers and student loan debt, older borrowers struggling to make payments complain about obstacles to enrolling in income-driven payment plans and accessing their protections as cosigners. In the last decade, the number of older student loan borrowers has quadrupled and the amount of debt per older borrower has roughly doubled, as many take out loans for children or grandchildren. The CFPB Blog also provided four tips to help older borrowers address common problems with their student loans.