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While Baby Boomers have almost as much credit card debt as millennials (48% compared to 47%, respectively), their student. Student debt is a baby boomer problem, too | Miami Herald. In the 2016 report, the global consulting and accounting firm found that 11 percent of their baby boomer employees carry student loan.
Student debt is a baby boomer problem, too. At the time she and her husband had ample resources to pay back the debt, but then a series of events – caring for three orphaned grandchildren, her husband’s death, her daughter’s death, retirement and a serious illness – forced her to stop monthly payments.
Even though more millennials carry student debt than do baby boomers, the debt is more likely to negatively affect the financial goals of seniors than their younger counterparts. Many older individuals, particularly those who have suffered unexpected calamities, such as the death of a spouse, property damage from severe weather, job loss or illness, filing for bankruptcy may become necessary.
student loan debt Now Big Problem for Baby Boomers. Overall student debt more than doubled to $1.3 trillion over that period. According to the student loan debt clock, the total level of student loan indebtedness stands at over $1.4 trillion today. The federal government backs most of that debt. In other words, the taxpayer is ultimately on the hook.
Compared with previous generations, Millennials – those ages 22 to 37 in. roughly a quarter of Baby Boomers and about three-in-ten gen xers (29%). The share of young adult households with any student debt doubled from. With this divide comes generational differences on specific issue areas, from.
Recent news headlines suggest millennials are being too thrifty, and thereby killing. This generation will replace the Baby-boomers as they retire.. Millennial student loan debt affects all of us because it has a direct impact on our economy. We are still facing the same problems as the baby boomers.
A generation of college students buried in debt – Duration: 6:39. Chicago Sun-Times 8,652 views
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Student loan debt is a large burden not just for recent graduates, but for many baby boomers as well. Learn more about how to help manage your student loan obligations. As rising student loan debt continues to make headlines, much of the focus is placed on current students and recent graduates.