Baby boomers are more likely than millennials or Generation X to feel that college debt is impeding progress on their financial goals. Many baby boomer parents have over-extended themselves financially to fund their children’s college education and have, comparatively, income-earning years to address the issue.
Student loan debt balances over the last five years have grown across each generation. On a percentage basis, the largest increase in student loan debt is among 60 to 69-year-olds, who have experienced a 72% increase in college debt.
Percent Stating That College Debt is a Major Barrier to Meeting Their Financial Goals
Late Baby Boomers (54 – 60): 52%
Gen X (38 – 53 yrs.): 30%
Early Millennials (30 – 37): 38%
Later Millennials (23 – 29): 32%
Federal Student Loan Forgiveness & Repayment
Eliminating student debt – one client at a time