www.newsweek.com Open in urlscan Pro
75.2.107.81  Public Scan

Form analysis
4 forms found in the DOM

GET https://www.newsweek.com/search/site/

<form autocomplete="off" action="https://www.newsweek.com/search/site/" method="get" accept-charset="UTF-8"><input class="form-text" title="Enter the terms you wish to search for." placeholder=" 🔍&nbsp;Search" type="text" name="q" value="" size="15"
    maxlength="128">
  <input type="hidden" name="form_build_id" value="form-fZ682WsdOVy0CvQPbIUL2T6In25EQtbU6DClgu3ttr8">
  <input type="hidden" name="form_token" value="NjTiMzKKqA3lZiZaca71FcNN-AlbGkwHKY6-BFpKd3U">
  <input type="hidden" name="form_id" value="search_block_form">
</form>

GET https://www.newsweek.com/search/site/

<form autocomplete="off" action="https://www.newsweek.com/search/site/" method="get" accept-charset="UTF-8">
  <input placeholder="Search" type="text" name="q" value="" size="15" maxlength="128" class="form-text">
</form>

<form class="free-signup">
  <input type="hidden" id="utm_source" value="">
  <input type="hidden" id="registration_url" value="">
  <input type="hidden" id="site_form" value="article_inline_newsletter_Bulletin">
  <input type="hidden" class="message" value="You're subscribed! Thank you for signing up to receive The Bulletin newsletter.">
  <input type="hidden" class="newsletter_type" value="Bulletin">
  <input type="email" name="email" id="email_address" class="form-text" placeholder="Email address" autocomplete="email">
  <input onclick="return gtmAnalyticsEvent()" type="submit" class="form-submit" value="Sign me Up">
</form>

<form class="free-signup">
  <input type="hidden" id="utm_source" value="">
  <input type="hidden" id="registration_url" value="">
  <input type="hidden" id="site_form" value="article_inline_newsletter_Bulletin">
  <input type="hidden" class="message" value="You're subscribed! Thank you for signing up to receive The Bulletin newsletter.">
  <input type="hidden" class="newsletter_type" value="Bulletin">
  <input type="email" name="email" id="email_address" class="form-text" placeholder="Email address" autocomplete="email">
  <input onclick="return gtmAnalyticsEvent()" type="submit" class="form-submit" value="Sign me Up">
</form>

Text Content

 * U.S.
 * World
 * Science
 * Health
 * Life
 * Rankings
 * Opinion
 * Entertainment
 * Fact Check
 * My Turn
 * Education
 * Sports Sports Betting Podcasts Better Planet Vault Mightier Autos Newsletters
   Unconventional Vantage Experts

Subscribe for $1
Login

×
Subscribe for $1 Login
 * U.S.
   
 * World
   
 * Science
   
 * Health
   
 * Life
   
 * Rankings
   
 * Opinion
   
 * Entertainment
   
 * Fact Check
   
 * My Turn
   
 * Education
   
 * Sports
   
 * Sports Betting
   
 * Podcasts
   
 * Better Planet
   
 * Vault
   
 * Mightier
   
 * Autos
   
 * Newsletters
   
 * Unconventional
   
 * Vantage
   
 * Experts
   


 * Education

 * Baby Boomers
 * Student Loan Debt
 * Money


STUDENT DEBT STILL WEIGHING DOWN GEN X

Published Feb 07, 2024 at 11:09 AM EST Updated Feb 08, 2024 at 8:26 AM EST


00:57
Millennials Struggle To Repay Debt As Rates, Balances Spike
By Suzanne Blake
Reporter, Consumer & Social Trends
FOLLOW

27
Share



When many think of the student debt crisis, they picture young recent graduates
working in the service industry and unable to secure a job in the field they
paid for a pricy degree in.

However, the numbers are in—and it's not the younger generations struggling the
most to pay back their student loans. Instead, Gen X and Baby Boomers are behind
on their student loans more than any other age group, recent New York Fed data
found.



Across the country, student loan debt stands at $1.6 trillion as of last
quarter, and a hefty portion of that is held by the generations who went to
school before university costs tripled and inflation skyrocketed.

According to Alex Beene, a financial literacy instructor for the state of
Tennessee, the assumption that Gen X could avoid the student loan crisis because
of cheaper costs is wrong.


WASHINGTON, DC - JUNE 30: Student loan borrowers demand President Biden use
"Plan B" to cancel student debt Immediately at a rally outside of the Supreme
Court of the United States on June 30, 2023... WASHINGTON, DC - JUNE 30: Student
loan borrowers demand President Biden use "Plan B" to cancel student debt
Immediately at a rally outside of the Supreme Court of the United States on June
30, 2023 in Washington, DC. (Photo by Paul Morigi/Getty Images for We The 45
Million) More

"That fails to take into account that many in this age group have returned to
school countless times over the years to earn higher degrees and in turn racked
up significant amounts of debt," Beene told Newsweek.


Newsletter
The Bulletin
Your daily briefing of everything you need to know

By clicking on SIGN ME UP, you agree to Newsweek's Terms of Use & Privacy
Policy. You may unsubscribe at any time.

Gen X is also known as the sandwich generation, and their financial obligations
are often larger than either the Baby Boomers before them or the millennials
after them. Gen X routinely juggles paying off mortgages, helping their children
with college and young adulthood as well as caring for elderly parents who also
might require financial support.

"It doesn't come as a surprise to me that older Americans are struggling the
most with their student debt," Michael Lux, the founder of the Student Loan
Sherpa, told Newsweek.

Older Americans also saw the Federal Family Education Loan program terminated in
2010. Instead of getting out of their debt, though, they were stuck with
complicated loans and see some of the fewest repayment options, Lux said.


Read more
 * Biden's Ed Department Is Making College Less Accessible
 * Student loan tip from woman who had $155,000 debt wiped
 * Bankruptcies spike as Americans grapple with debt and inflation

Enrolling in an income-driven repayment plan can also entail "jumping through
many hoops," he said.

"Temporary programs have come and gone. Add in the well-documented struggles of
servicers tasked with helping borrowers navigate repayment, and you have a
recipe for confusion and falling behind," Lux said. "For new graduates,
repayment is by no means simple, but it is far less complicated than what most
borrowers older than 50 face."



And as Gen X and Baby Boomers face retirement, the consequences of their high
student debt could wreak havoc on their lives.

"If you're saddled with student debt, not to mention loans for a home, car, or
credit card, it could make the reality of retirement much further away than what
your age suggests," Beene said.

The average American with credit card debt also had $7,932 in unpaid credit card
bills last year, a New York Life's Wealth Watch Survey found, a sharp climb from
$6,321 the year before.



In this specific debt field, Gen X was also doing worse than other generations,
owing an average of $9,254 and contributing $312 each month. Baby Boomers
weren't much better, owing $8,288 and contributing $388 each month.

Gen Z and millennials, in comparison, owed an average of just $5,337 and $7,280
respectively.

When it comes specifically to student debt though, the larger system may very
well be at fault for Gen X, Boomers and others' difficulties in paying back
their loans, Fred Amrein, the CEO and founder of PayForED, said.



"The entire college admission process is built on access and not affordability,"
Amrein told Newsweek. "It is the largest financial borrowing decision that
people make without a third party approval."

Both Parent PLUS and Grad Plus plans allow parents or graduate students to
borrow up to the cost of attendance with no formal loan underwriting and a
minimal credit score. For many borrowers, this doesn't set them up for success.

"It is a highly emotional decision for parents," Amrein said, adding that
colleges only provide financial information for one year at a time.



And as many Americans begin to have children later in life, student loans are
more likely to derail your retirement plans, a situation Gen X is feeling
acutely right now.

"There is no transparency to the final cost and amount of debt for both the
student and parent to see," Amrein said. "They cannot project what the monthly
payment will be at graduation."

Are you struggling to repay your student loans? Newsweek wants to hear from you.
Contact us at personalfinance@newsweek.com.




UNCOMMON KNOWLEDGE

Newsweek is committed to challenging conventional wisdom and finding connections
in the search for common ground.

Newsweek is committed to challenging conventional wisdom and finding connections
in the search for common ground.


Request Reprint & Licensing Submit Correction View Editorial Guidelines




ABOUT THE WRITER

Suzanne Blake
FOLLOW


Suzanne Blake is a Newsweek reporter based in New York. Her focus is reporting
on consumer and social trends, spanning from retail to restaurants and beyond.
She is a graduate of UNC Chapel Hill and joined Newsweek in 2023. You can get in
touch with Suzanne by emailing s.blake@newsweek.com.

Languages: English

Suzanne Blake is a Newsweek reporter based in New York. Her focus is reporting
on consumer and social trends, spanning ... Read more

To read how Newsweek uses AI as a newsroom tool, Click here.








Trending
 1. 
    01
    
    
    TOM BRADY MAKES WAVES IN SUPER BOWL EVEN IN RETIREMENT
    
    
    0 comments
 2. 02
    
    
    JOE BIDEN BETTING ODDS FALLING SHARPLY AFTER MISERABLE WEEK
    
    
    162 comments
 3. 03
    
    
    RIHANNA FANS SLAM 'MESSY' USHER HALF-TIME SHOW: 'SAVE US'
    
    
    1 comments
 4. 04
    
    
    TRAVIS KELCE EARNS AMUSING NICKELODEON LABEL DURING UGLY SUPER BOWL HALF
    
    
    1 comments
 5. 05
    
    
    I TRIED THE EGG DIET AND WAS SURPRISED BY THE RESULTS
    
    
    15 comments
 6. ← Back To Homepage


THE DEBATE


WOMEN'S SPORTS ARE UNDER THREAT AT EVERY LEVEL—INCLUDING THE OLYMPICS

By Jocelyne Lamoureux, Monique Lamoureux, and Jennifer C. Braceras
VS


THE BILL TO BAN TRANS ATHLETES IN OLYMPICS IS SHAMEFUL

By Frankie Perez

Opinion
 * Women's Sports Are Under Threat at Every Level—Including the Olympics
   By Jocelyne Lamoureux, Monique Lamoureux, And Jennifer C. Braceras
   
 * The Cold War With China Over AI Dominance Is Already Here
   By Gordon G. Chang
   
 * The GOP Must Stay United To Confront the Border Crisis
   By Peter Roff
   
 * How To Improve Your Health With Social Connections
   By Beth Frates
   
 * Biden's Natural Gas Export Pause Is Good for the Working Class
   By Mark Wolfe And Tyson Slocum
   
 * How the United Auto Workers Can Help China's Uyghurs
   By Shmuly Yanklowitz
   
 * Mexico May Save Us From Our Own Crazy Gun Laws
   By Jonathan Lowy
   
 * Why the Supreme Court Will Likely Rule That Trump Has Immunity
   By Will Chamberlain
   
 * A New Way To Address Gun Violence You've Never Heard Of
   By Charlie Beck, Jens Ludwig, And Chico Tillmon
   
 * Did Trump's Supreme Court Argument Foreshadow a Third Term?
   By Aron Solomon
   
 * The Bill To Ban Trans Athletes in Olympics Is Shameful
   By Frankie Perez
   
 * State Officials Are Right To Sound Alarm on Pro-Abortion Ballot Measures
   By Marjorie Dannenfelser
   

Newsletter
The Bulletin
Your daily briefing of everything you need to know

By clicking on SIGN ME UP, you agree to Newsweek's Terms of Use & Privacy
Policy. You may unsubscribe at any time.

Premium Subscription

Digital + Monthly

 * Newsweek magazine delivered to your door
 * Unlimited access to Newsweek.com
 * Ad free Newsweek.com experience
 * iOS and Android app access
 * All newsletters + podcasts

Subscribe now
 * Unlimited access to Newsweek.com
 * Ad free Newsweek.com experience
 * iOS and Android app access
 * All newsletters + podcasts.

Subscribe now


TOP STORIES


DONALD TRUMP RAGES AGAINST LETITIA JAMES: 'LUNATIC'


NIKKI HALEY'S SON SLAMS 'SENATOR JUDAS' FOR BACKING TRUMP


BEYONCÉ TEASES COUNTRY ALBUM


FORMER TRUMP OFFICIAL ISSUES OMINOUS WARNING ABOUT POTENTIAL SECOND TERM


U.S.
World
Science
Health
Rankings
Opinion
Entertainment
Fact Check
My Turn
Education
Sports
Sports Betting
Podcasts
Better Planet
Vault
Mightier
Autos
Newsletters
Unconventional
Vantage
Experts

--------------------------------------------------------------------------------

Trending
Israel at War
Vladimir Putin
Russia-Ukraine War
Donald Trump
Subscriptions

--------------------------------------------------------------------------------

Digital+ Monthly (Ad Free Trial) $1.00
Digital+ Yearly $49.00
Premium Monthly $9.99
Premium Yearly $99

--------------------------------------------------------------------------------

U.S.
World
Science
Health
Rankings
Opinion
Entertainment
Fact Check
My Turn
Education
Sports
Sports Betting
Podcasts
Better Planet
Vault
Mightier
Autos
Newsletters
Unconventional
Vantage
Experts
Trending
Israel at War Vladimir Putin Russia-Ukraine War Donald Trump
Subscriptions
Digital+ Monthly (Ad Free Trial) $1.00
Digital+ Yearly $49.00
Premium Monthly $9.99
Premium Yearly $99
In The Magazine


February 16
2024 Issue
In The Magazine
February 16
2024 Issue
Newsletters in your inbox  See all
The Bulletin (Mondays to Fridays)
See Sample
The Gist of It (Daily)

The Josh Hammer Report (Wednesdays)
See Sample
The Frontlines (Thursdays)
See Sample
Israel at War (Tuesdays and Thursdays)

For The Culture (Tuesdays and Thursdays)
See Sample
Pawsitively (Mondays to Fridays)

Better Planet (Mondays)

My Turn (Sundays)

Sign up now
You can unsubscribe at any time.
By signing up you are agreeing to our Terms of Service and Privacy Policy

--------------------------------------------------------------------------------

Company
About Us
Masthead
Diversity
Announcements
Archive
Policies and Standards
Mission Statement
Leadership
Newsletters
Press Center

Editions:
U.S. Edition
日本
Polska
România

Contact
Advertise
Careers
Contact Us
Corrections

Terms of Use
Cookie Policy
Copyright
Privacy Policy
Terms & Conditions
Terms of Sale
GDPR Privacy Settings Do Not Sell My Personal Information

© 2024 NEWSWEEK DIGITAL LLC