Consumers age 62 and older have the lightest student loan burden, followed by those age 24 and younger.
by Megan DeMatteo
Over half of American students go into debt to pay for college, with average tuition prices starting around $22,000 and climbing even higher for private schools and graduate degrees.
With such staggering totals, Americans are looking to politicians in the hopes of debt relief. But while President-elect Joe Biden has big plans, it’s still unclear if and when some form of federal student loan forgiveness will be possible.
Collectively, U.S. student loan borrowers owe a total of $1.7 trillion in student debt, according to Federal Reserve data. Of all borrowers, consumers in their mid-30s had the highest balances in 2019, and with payments paused for most of 2020, that is more than likely still true.