This fall, 2020 college graduates will start paying back student loans, joining some 44 million Americans who owe an estimated $1.7 trillion in student debt, something millennials have been struggling with, as will Gen Zers in the near future.
They aren't the only ones. A report released Tuesday by Fidelity Investments shows that overall student debt has only increased during the pandemic, regardless of generation or occupation, with baby boomers bearing the biggest burden.
In part because of Parent Plus loans secured for their children, the amount of debt boomers owed increased by 33% over 2019, based on data derived from more than 250,000 loans reported by users of Fidelity's Student Debt Tool.
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Michael S. Fischer
Michael S. Fischer is a longtime contributing writer for ThinkAdvisor. He previously reported on trade and intellectual property topics for the Economist Intelligence Unit and covered the hedge fund industry for MARHedge and Reuters News Service.
