ABSTRACT

Older Americans: Inability to Repay Student Loans May Affect Financial Security of a Small Percentage of Retirees, Statement of Charles A. Jeszeck, Director, Education, Workforce, and Income Security, Testimony Before the Special Committee on Aging, U.S. Senate   [open pdf - 914KB]

From the Highlights: "Recent studies have indicated that many Americans may be approaching their retirement years with increasing levels of various kinds of debt. Such debt can reduce net worth and income, thereby diminishing overall retirement financial security. Student loan debt held by older Americans can be especially daunting because unlike other types of debt, it generally cannot be discharged in bankruptcy. GAO [Government Accountability Office] was asked to examine the extent of student loan debt held by older Americans and the implications of default. This testimony provides information on: (1) the extent to which older Americans have outstanding student loans and how this debt compares to other types of debt, and (2) the extent to which older Americans have defaulted on federal student loans and the possible consequences of default. To address these issues, GAO obtained and analyzed relevant data from the Federal Reserve Board's Survey of Consumer Finances as well as data from the Department of the Treasury, the Social Security Administration, and the Department of Education. GAO also reviewed key agency documents and interviewed knowledgeable staff."

Report Number:
GAO-14-866T; Government Accountability Office-14-866T
Publisher:
Date:
2014-09-10
Copyright:
Public Domain
Retrieved From:
Government Accountability Office: http://www.gao.gov/
Format:
pdf
Media Type:
application/pdf
URL:
Help with citations