Millenials, with all their college bills, aren't the only age group carrying a heavy debt burden. Now, seniors are getting in on the act as well.
There's been much talk about the growth of the student loan burden. Along those lines, an analysis released last week by TransUnion shows college debt among 20-somethings is indeed affecting their ability, or desire, to take on additional loans—most notably mortgages.
A decade ago, student loans accounted for only 12.9 percent of the total debt load carried by people ages 20 to 29. As of 2014, it's now 36.8 percent. In 2005, mortgage debt among that age group made up 63.2 percent of their total debt load. That's now dropped to 42.9 percent.
In raw numbers, the average student loan balance for those with loans jumped to $29,575 from only $17,442 in 2005, according to TransUnion. A separate study released Tuesday by Pew Research shows those balances aren't merely ballooning, but that the profile of the borrowers is changing as the rich are borrowing more for college. Fully half of high-income families now borrow for college, according to Pew, more than double those who did in the 1992-93 year.