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How did they manage that? GenX wasn't generally subject to the onerous student debt mess. For everyone over 50, college was much cheaper and easier to get into.

How did they manage that? GenX wasn't generally subject to the onerous student debt mess. For everyone over 50, college was much cheaper and easier to get into. If nothing else, the population was smaller!

lapcat 3y ago
Graduate school. Half of all student loan debt is held by graduate students. https://www.cnbc.com/2021/07/16/graduate-students-owe-around-50percent-of-all-student-debt.html https://www.cnbc.com/2021/07/16/graduate-students-owe-around... It's also the case that back in the 80s, the elite ultra-expensive schools did not offer generous financial aid like they do now, so middle class kids had to pay themselves.
starttoaster 3y ago
Many people go to college later on in their lives too. I've mostly seen them in community colleges because they're easier to adapt into your adult lifestyle than a university, but I've also seen older people seeking education at university. Not saying that's the majority of the 9 million, but it could make up a fair chunk.
dv_dt 3y ago
The front end of GenX were not, but by the tail end of GenX many more were.
ourmandave 3y ago
I've got Parental Plus loans paying for my daughter's college. I was aggressively paying them off before COVID.
brewdad 3y ago
As one around 50 years old who needed loans to get through school, I graduated with about $20k in loans. My first year was paid for with scholarships and savings from working in high school but the scholarships were mostly one-time deals, so I had to borrow for the rest. My first job out of school paid me $32k a year and I was NOT underpaid for the time. I was able to pay my loans off in about 7 years but mainly because I lived with my girlfriend (now wife) and we shared expenses. Point is, yes the balances are higher now but so are the salaries. The average student with my degree from my school makes about $80k to start now, so if they have $60k in loans, we are in similar situations.

lapcat 3y ago

Graduate school. Half of all student loan debt is held by graduate students. https://www.cnbc.com/2021/07/16/graduate-students-owe-around-50percent-of-all-student-debt.html https://www.cnbc.com/2021/07/16/graduate-students-owe-around... It's also the case that back in the 80s, the elite ultra-expensive schools did not offer generous financial aid like they do now, so middle class kids had to pay themselves.

starttoaster 3y ago

Many people go to college later on in their lives too. I've mostly seen them in community colleges because they're easier to adapt into your adult lifestyle than a university, but I've also seen older people seeking education at university. Not saying that's the majority of the 9 million, but it could make up a fair chunk.

dv_dt 3y ago

The front end of GenX were not, but by the tail end of GenX many more were.

ourmandave 3y ago

I've got Parental Plus loans paying for my daughter's college. I was aggressively paying them off before COVID.

brewdad 3y ago

As one around 50 years old who needed loans to get through school, I graduated with about $20k in loans. My first year was paid for with scholarships and savings from working in high school but the scholarships were mostly one-time deals, so I had to borrow for the rest. My first job out of school paid me $32k a year and I was NOT underpaid for the time. I was able to pay my loans off in about 7 years but mainly because I lived with my girlfriend (now wife) and we shared expenses. Point is, yes the balances are higher now but so are the salaries. The average student with my degree from my school makes about $80k to start now, so if they have $60k in loans, we are in similar situations.