College graduates without a college-educated parent have lower incomes and less wealth, on average, than those with a parent who has a bachelor’s or higher degree.
In 2012, a record 69% of the nation’s new college graduates had taken out student loans to finance their education. Graduates from more affluent families are much more likely to borrow today than 20 years ago.
Student debt burdens are weighing on the economic fortunes of today’s young adults. Among the college-educated, those with outstanding student debt are lagging far behind those who are debt free in terms of household wealth.