A recent report indicates that 2.8 million people in the U.S. over the age of 60 have student debt. In 2018, Americans over the age of 50 owed more than $260 billion in student loans, up from $36 billion in 2004, according to the Federal Reserve. Although many of the borrowers took out loans later in life, some co-signed or took out loans for children and grandchildren.

The student loan bill is tough at any age…but the sad fact is that many Americans are having to work into their 70s and 80s to pay it off. So, if you think you’re heading that direction, try to find a way to throw a little more at your balance every month or kiss your thoughts of a relaxing retirement goodbye.

Mandy’s Fabulously Frugal Fact is made thrifty by:

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