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Gen Z Has Worse Student Debt Than Millennials

  • Bigger share of younger generation has loans, and more due
  • Many Gen Z-ers are still in school and could take on more debt
Bloomberg business news
Biden Unveils Sweeping Student Debt Relief Program

Younger Americans face a bigger student loan burden than the previous generation, according to the Federal Reserve Bank of St. Louis, highlighting that school debt will be a major economic issue for decades to come.

About 36% of older Gen Z-ers -- those aged 20 to 25 -- have student loan debt compared to 31% of millennials (now 36- to 41-years-old) when they were around that age, according to the regional Fed’s post on Thursday. The average student loan balance for the younger set was also 13% higher at $20,900.