Education Debt Has Become the Norm

For today's young adults, getting a college degree means going into debt, according to the Federal Reserve Board's Survey of Household Economics and Decision-making. Student loans are nothing new, of course. But in the past, most of those who went to college graduated debt free. Only 28 percent of Boomers (aged 60-plus) with a bachelor's degree, ever had to take out a student loan. Today, student debt is the norm. Among Millennials (under age 30) with a bachelor's degree, 62 percent have had to go into debt to get an education.

This is the percentage of Americans by age and highest degree completed who ever took out loans for their own education...

Some college or certificate
Under age 30: 43%
Aged 30 to 44: 39%
Aged 45 to 59: 24%
Aged 60-plus: 13%

Associate's degree
Under age 30: 54%
Aged 30 to 44: 48%
Aged 45 to 59: 35%
Aged 60-plus: 18%

Bachelor's degree
Under age 30: 62%
Aged 30 to 44: 55%
Aged 45 to 59: 48%
Aged 60-plus: 28%

Graduate degree
Under age 30: 75%
Aged 30 to 44: 64%
Aged 45 to 59: 60%
Aged 60-plus: 36%

Source: Federal Reserve Board, Report on the Economic Well-Being of U.S. Households in 2017