Millennials face the highest amount of student debt of any generation
Around the time many of our parents were starting their careers, few households led by young adults were burdened by student debt. In 1989, for instance, only 15 percent of households led by 25- to 34-year-olds carried some level of student debt – compared to 42 percent in 2013.
Not only are millennials more likely to assume student debt than previous generations, but the amount of debt they’ve taken on is also far higher. In 1989, 25- to 34-year-old households carried an average student debt of just $1,850, adjusted for inflation. By 2013, the average debt level had surged to $13,536 – a more than 630 percent increase.
More young people than ever before are going to college – and that’s great. But with student debt levels rising and incomes largely stagnant, it’s no wonder our generation worries we’ll be worse off than our parents.