WASHINGTON (AP) — An Associated Press analysis of data finds that America’s crushing surge of student debt, now at $1.2 trillion, has bred a disturbing new phenomenon: School loans that span multiple generations within families. Weighed down by their own loans, many parents lack the means to fund their children’s educations without sinking even deeper into debt. Americans over 40 account for 35 percent of education debt, up from 25 percent in 2004, according to the New York Federal Reserve. And adults from 35 to 50 years old owe about as much as people fresh out of college do — an average of $20,000.
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. ﻿