Student Debt Spans Generations: Characteristics of Parents Who Borrow to Pay for Their Children’s College Education

Katrina M Walsemann and Jennifer A Ailshire

The Journals of Gerontology: Series B, 2017, vol. 72, issue 6, 1084-1089

Abstract: Objectives: Discussions: of student debt often overlook the debt parents take on to pay for their children’s education. We identify characteristics of parents with child-related educational debt among the late baby boom cohort. Method: Data come from the National Longitudinal Survey of Youth 1979, a nationally representative sample of individuals born between 1957 and 1964. We restrict our sample to parents who had any children aged ≥17 and answered questions on educational debt during midlife (n = 6,562). Craggit models estimated (a) having any child-related educational debt and (b) the amount of debt owed among debtors. Results: Black parents and parents with more education, higher income, and higher net worth were more likely to report child-related educational debt than White parents and parents with no degree, low-income, or negative net worth. Among debtors, high-income parents had more debt than low-income parents. Discussion: Our findings suggest concerns about the student debt crisis should extend to aging parents.

Keywords: Income; Race/ethnicity; Wealth (search for similar items in EconPapers)
Date: 2017
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Citations: View citations in EconPapers (3)

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The Journals of Gerontology: Series B is currently edited by Psychological Sciences - S. Duke Han, PhD and Social Sciences - Jessica A Kelley, PhD, FGSA

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