5 Cities Where Boomers Have the Most Student Loan Debt
Written by
Heather Altamirano
Edited by
Daria Uhlig
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Student loans are a necessary way to pay for college, but they can also be a big financial burden. Student loan debt in the United States now totals $1.753 trillion, per the Education Data Initiative, with baby boomers (ages 60 to 78) carrying an average balance of $41,877, according to Experian.
Fred Amrein, a student loan repayment and college funding expert, CEO and founder of PayForEd, previously told GOBankingRates, “The traditional dependent student can only get $27,000 in their own name over the first four years. The balance needs to be funded by either savings or cash flow. At today’s college cost, not many families can afford that.”
So, parents are taking out loans to help their kids go to college.
“Under the current rules and limits, the parents have two major borrowing options: private loans or federal Loans,” Amrein said. “Either way, the parents will need to cosign for the private loans, or under the Parent PLUS option, it is legally their responsibility.”
In an analysis of about 428,000 anonymized credit reports of its users, LendingTree found that while baby boomers are the least likely generation to have student debt, they have the second-highest median balance compared to younger generations. Interesting to note is the fact that those balances vary quite a bit from one city to the next.
Here’s a look at the places where boomers have the most student loan debt.
1. Stockton, California
- Median balance of student debt among boomers: $49,780
- Percentage of boomers with student loan debt: 8.7%
The average student loan balance is $36,891 in California, according to the Education Data Initiative. At $49,780, the median balance among Stockton boomers is 34% higher.
2. Charleston, South Carolina
- Median balance of student debt among boomers: $47,753
- Percentage of boomers with student loan debt: 12.9%
South Carolinians carry an average student loan balance of $37,551, according to the Education Data Initiative. Charleston boomers’ debt is $47,753 — 27% higher.
3. Albuquerque, New Mexico
- Median balance of student debt among boomers: $41,155
- Percentage of boomers with student loan debt: 10%
Albuquerque boomers’ median student loan debt is nearly 23% higher than the overall average of $33,493 for New Mexico, per the Education Data Initiative.
4. Boise, Idaho
- Median balance of student debt among boomers: $40,670
- Percentage of boomers with student loan debt: 8.3%
Boise boomers’ student loan balances are nearly 26% higher than the overall state average, reported by the Education Data Initiative to be $32,403.
5. Salt Lake City, UT
- Median balance of student debt among boomers: $40,556
- Percentage of boomers with student loan debt: 5.0%
At $32,751, per the Education Data Initiative, Utah’s average student loan debt is 19% lower than the $40,556 median for Salt Lake City boomers.
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