(The Hill) — Millions of Americans older than 55 have yet to clear their student loan debt, according to the Federal Reserve Board’s 2022 Survey of Consumer Finance released on Wednesday.

The survey showed 2.2 million individuals above 55 have student loan debt, and an analysis from the New School’s Schwartz Center for Economic Policy shows it is impeding their retirement plans.

Around 43 percent of borrowers in that age range are in middle-income brackets, according to the analysis. The average debt owed by older Americans who make less than $54,600 is around $58,000.  

Older Americans can still take years to finish paying their student loans, and more than 14 percent don’t even have a degree to show for their debt.  

“Three policies would help minimize the negative impacts of student debt on retirement savings: student loan forgiveness, income-based repayments – key components of the Saving on a Valuable Education (SAVE) plan – and preventing garnishment of Social Security benefits to repay student loans,” the analysis said.  

The data comes as the Biden administration has forgiven billions of dollars in student loans while seeking to make getting rid of the debt easier for the millions of Americans struggling with payments.