Why seniors are upsizing

**SPEAKER_1** (0:00)
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**Novasafu** (0:31)
An economy where some are falling behind on student loan debt and others are upsizing their homes in retirement.
From Marketplace in Los Angeles, I'm Novasafo in for Kimberly Adams. Later this morning, the federal government releases the July tally of consumer prices. Forecasters are expecting a modest increase, up a tenth of a percent month over month. The annual rate is expected to remain around three and a half percent above the Fed's target. We also got new data this week about the state of household debt from the Federal Reserve Bank of New York. The report includes how much people owe on their student loans, as well as how much they're falling behind. Marketplace's Stephanie Hughes has that.

**Stephanie Hughes** (1:09)
The student loan delinquency rate ticked up to 10.6 percent in the second quarter. That's up 0.3 percent from earlier this year. Those are debts that are at least 90 days past due.

**Dalia Jimenez** (1:20)
I think the overall picture here is that people are having trouble figuring out how to make their payments.

**Stephanie Hughes** (1:26)
Law professor Dalia Jimenez studies student debt at the University of California, Irvine. She points out student loan payments were paused during the pandemic for over three years, and mispayments started to show up on borrower's credit reports just last January, which to some was a surprise.
Betsy Mayotte is president of the Institute of Student Loan Advisors.

**Betsy Mayotte** (1:46)
They stopped paying attention to their loans because they didn't have to for so long, and they're caught off guard.

**Stephanie Hughes** (1:51)
Mayotte calls the past five years the most chaotic and student loan policy history.
Another change, some borrower's had been on the Biden-era save plan, which is now defunct. It offered super low monthly payments, and people budgeted for things like their mortgages around that.

**Betsy Mayotte** (2:07)
And now that plan is gone, and their next lowest plan is a lot higher than what their save amount was. And there's most of the other decisions they made, there's no take back seats. You can't, it's not easy to just sell the house.

**Stephanie Hughes** (2:20)
Mayotte says the millions of people who were on the save plan are now getting notices they have to move to another one. She believes some of those borrowers will choose not to pay instead, and expects another spike of delinquencies.
I'm Stephanie Hughes from Marketplace.

**Novasafu** (2:34)
The New York Fed's household debt report, by the way, also found new auto loans hit a record $211 billion in the second quarter. Credit card balances rose a bit too.
Household finances, though, appear stable as the delinquency rate fell for all types of consumer loans.

**SPEAKER_6** (3:07)
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**SPEAKER_1** (3:36)
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Try Odoo for free at odoo.com. That's odoo.com.

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