When it comes to student loans we usually associate recent graduates or sometimes parents who helped their children pay for school, but retirees would not be the first to come to mind of those who carry student loan debt.
Americans the age of 60 and older are part of the borrowers who have debt from student loans. 2 million borrowers 60 and older were reported from the Federal Reserve Bank, in 2005, to hold about $700,000 in student loan debt. Their debts are usually from going back to school, helping their children pay for school, or in some cases not being aware that there loans were still outstanding. From the latter, interest builds up and payments for going into default from not making loan payments, which could severely increase the amount you owe.