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The Student Loan Crisis: Gen Z and Millennials Are Three-Way More Into Unmanageable Debt.
“generation Z And Student Loans: Shaping The Future Of Borrowing”
As policymakers debate what to do about the student loan crisis, survey data shows a wide disparity between Gen Z, Millennials, and older generations in their concerns about student loan debt.
Are Millennials Responsible For Their Own Student Debt?
Those entering college have long grappled with the question “what degree is worth to you?” Going to college often means full-time work for four or more years. In addition to the opportunity cost is the actual cost of paying for college, books, supplies, room, board, and other expenses. For most of the last century in the US, many students and their families saw the cost and still gambled on college.
Over time, new schools grew as they were established to accommodate the growing student population. But along with this increase in education came an increase in tuition fees. A degree that cost $10,000 a year for the Silent Generation, Baby Boomers, and Generation X would cost $15,000 in 1999, when the older Millennials started school. That same year of education cost the first members of Generation Z about $23,000.
According to the National Center for Education Statistics, the average cost for the 2020-21 school year was over $35,000.
We wanted to see how, as the cost of college has risen, the pattern of paying for college has changed or not. To do this, we surveyed over 2,500 US adults across generations. Although we were primarily interested in racial differences, we also looked at trends among races, income brackets, gender, and other variables. We used the results of this survey, along with data from NCES and other sources, to paint a picture of how college has become and still is affordable for most Americans.
Millennials With Student Loans To Lose 6.5% Of Spending Power As Repayments Resume
Our analysis divided college costs into three categories: family income, student loans, and “other” (which included resources such as grants and part-time work). For each income category we asked how important this source was or whether it was in paying for college – or not their source of income at all. We’ll start by looking at how the use of family care has changed over the years.
Family contributions can come from a long-term college savings account, in-kind wealth such as an inheritance, or, for high earners, it can simply come out of the family’s overall income. According to the Education Data Initiative, these parental contributions often make up a large portion of a student’s college expenses, at least for those in college.
Our analysis found consistent and significant differences in how dependent different generations are on these types of family contributions.
The most unusual cleavages should not fall between traditional name generations. Here, we took an average of Gen Z and Younger Millennials (from their teens to early 30s), Older Millennials and Gen X (from their mid-30s to late 50s), and Younger Boomers, Older Boomers, and the Silent Generation (from their late 50s ). fifties to late seventies and beyond).
Wages Have Fallen 43% For Millennials. No Wonder They’ve Lost Hope
“Students of previous generations did not have to rely on parental support to the same extent to pay their bills when they could do so with summer jobs and modest loans,” says Melanie Hanson, Editor-in-Chief of EDI Refinance.
The results of our survey supported this. Among those who attended or plan to attend college, only 23% of Gen Zs and Young Millennials did not rely on family finances for college at all, compared to 37% of Older Millennials and Gen X. This 14 percent spread is sharper than the difference between Older Millennials through Gen X on the one hand and Baby Boomers and adults on the other.
Breaking it down into younger generations, we see that Younger Boomers are the least likely to rely on family money, with 48% saying they didn’t spend that money on college.
When it came to analyzing student loans by generation, there was no similar trend as we saw for family savings. Instead, there was a clear indication that one generation was more wedded to debt than others.
Meet The Typical American Gen Zer: Debt, Savings, Trends
Millennials were the most likely to cite loans as an important part of paying for college, with only 29% responding that they did not use loans to pay for their education. The generation before them, Gen X, was thirteen percentage points more likely to avoid debt. The generation behind them, Gen Z, was 8 percentage points more likely to avoid debt. Something about those aged 26 to 41 – or about the time they reached that age – led them to remain more dependent on loans than either of the two closest cohorts.
Millennials were also more likely to describe loans as “essential” to paying for their education.
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