Boomers age 45 to 74 “now owe more money in education-related debt, on average, than do younger college graduates.”
“People under age 35 with student debt owe $32,900 on average, according to data from the Fed’s 2016 Survey of Consumer Finances. That debt number is higher for every other 10-year age bracket up to age 75: It peaks at $37,000 for 45- to 54-year-olds, but even 65- to 74-year-old borrowers owe an average $35,400.”
Much of the debt is due to helping children and grandchildren with higher education expenses.
Kerri Anne Renzulli explains the details in Money magazine
This Generation Has a Huge and Growing Student Debt Burden. It’s Not Who You Think
Source: Financial Planning for Women