Student loan debt affects more than 44 million Americans, a collective $1.67 trillion in outstanding student loans. Members of the Baby Boomer generation owe the largest portion of student loan debt, as well as borrowers who earn higher incomes.
According to a recent study by Fidelity, that surveyed 250,000 outstanding student loans, Baby Boomers owed 33 percent (33%) more debt in 2020 than they did in 2019. The biggest reason for this increase has to do with the number of Baby Boomers who took out Parent Plus loans to help their children and grandchildren attend college.