Whether they’re millennials, Gen Xers or boomers, Americans are increasingly weighed down by student loan debt. Not only does it threaten their ability to save for retirement, it’s keeping them from buying homes or cars.
According to research from the Association of Young Americans and AARP, student loan debt is exacting a toll on all three generations — not surprising when you consider that according to the Federal Reserve Bank of New York, borrowers owe more than $1.4 trillion in student loan debt. Of those with student loans, 45% of millennials, 48% of Gen Xers and 50% of boomers owe $30,000 or more.
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