Older borrowers owe a larger amount of student loan debt than they did a decade ago. In fact, nearly 40 percent of federal student loan borrowers age 65 and older are in default, according to a 2017 report released by the Consumer Financial Protection Bureau.
While a statute of limitations exists for most types of debt, including private student loans, it doesn't apply to federal student loans, such as Stafford, Perkins, Parent PLUS and federal consolidation loans.
According to the U.S. Department of Education website, "You can't avoid repaying your student loans because you didn't know you had to repay them."
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