Americans over 40 account for 35 percent of education debt, up from 25 percent in 2004, according to the New York Federal Reserve. A disturbing new phenomenon in the US is growing regarding the country's crushing surge of student debt, now at $1.2tn, with school loans now spanning multiple generations of families. Weighed down by their own loans, many parents are now lacking the means to fund their children's education, without sinking into further debt. The average debt for a college graduate has risen from about $30,000 in 2007 to $44,000 today, according to data released last week by the Department of Education. Additionally, further data shows that the fear of paying back student loans is reducing the numbers now applying to college in the US. ﻿
A disturbing new phenomenon in the US is growing regarding the country's crushing surge of student debt, now at $1.2tn, with school loans now spanning multiple generations of families. Weighed down by their own loans, many parents are now lacking the means to fund their children's education, without sinking into further debt. The average debt for a college graduate has risen from about $30,000 in 2007 to $44,000 today, according to data released last week by the Department of Education. Additionally, further data shows that the fear of paying back student loans is reducing the numbers now applying to college in the US. ﻿