PHILADELPHIA – Councilwoman Cherelle L. Parker (9th District) today introduced a resolution authorizing Council’s Special Committee on Student Loan Debt to hold a hearing to explore the impact of student loan debt on older borrowers in the City of Philadelphia.
The number of people age 60 and older with student loan debt has quadrupled over the last decade in the United States, increasing from about 700,000 individuals to 2.8 million, according to a January 2017 report from the Consumer Financial Protection Bureau (CFPB) entitled “Snapshot of older consumers and student loan debt.” At the same time, the average amount these older borrowers owe almost doubled from $12,100 in 2005 to $23,500 in 2015.
“We know that rising student loan debt is a national problem for borrowers of all ages, but research shows that many older borrowers are already facing other types of debt, which is compounded by student loan debt. Furthermore, the majority of these student loans are because more and more parents and grandparents are now taking out loans to finance their children’s and grandchildren’s education,” Parker said.
“This debt poses a significant threat to the retirement security of our seniors, and consequently, the stability of our neighborhoods. While there are programs that offer help to younger borrowers, many of them do not apply to older borrowers, so the goal of our hearing will be to come up with a set of solutions that will assist this age group.”
Read the resolution:
Parker – Student Loan Debt and Older Borrowers
Councilwoman Cherelle L. Parker represents the 9th District, which includes East Mt. Airy, West Oak Lane, East Oak Lane, Lawncrest, Burholme, Olney and parts of Oxford Circle and Logan. She is Chair of Council’s Committee on Labor and Civil Service and Vice Chair of Council’s Committee on Commerce and Economic Development.