About half of
young households owing student debt are headed by a college graduate, while only 35 % of young households overall are college educated.
Section 2 turns to demographics and highlights the greater education and occupational prestige of
young households owing student debt.
Not exact matches
BMO says 84.4 per cent of
households headed by
young people
owe some form of debt, compared with 82 per cent of the same
households in 1984.
The Pew Research analysis also finds that a record 40 % of all
households headed by someone
younger than age 35
owe such debt, by far the highest share among any age group.
Among the college educated, the mean age of the student debtors is about a year
younger than
households not
owing student debt (30.8 vs. 31.9).
But
young student debtor
households have much less wealth than their peers not
owing such debt.
Younger households tend to be more highly leveraged than older
households, and student debtor
households tend to be more leveraged than
households that do not
owe student debt.5 Among the
young and college - educated, student debtor
households are nearly twice as leveraged as their counterparts lacking student debt — 67 % vs. 34 %.
Among
young households whose heads lack at least a bachelor's degree, student debtors are more likely than those without student debt to
owe on vehicle loans, credit card debt and other types of debt and are just as likely to have a mortgage and other installment debt.
Student debt burdens are weighing on the economic fortunes of
younger Americans, as
households headed by
young adults
owing student debt lag far behind their peers in terms of wealth accumulation, according to a new Pew Research Center analysis of government data.
«A Record One - in - Five
Households Now
Owe Student Loan Debt: Burden Greatest on
Young, Poor.»
The typical or median amount
owed on all outstanding student loan balances is about $ 13,000 among
young households with such debt.3 This comports closely with other recent student debt figures.