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Millennials are defined as those born between the years 1981 and 1996. That means the oldest Millennials graduated high school around 1999, while the youngest graduated high school around 2014. The economy plays a big role in student debt—especially for this generation—but with such a large time span the economy can differ over that time period. It certainly did from 1999 to 2014. The Great Recession plays an important role in Millennial student debt and, though its impact varied across different ages within the generation.

Unemployment for 18- to 35-year-olds hit 13% at the height of the recession in 2010, a time when many Millennials were in high school. Due to such poor economic conditions, college enrollment spiked as many enrolled in college though they might not have otherwise. Others already working lost their jobs and enrolled in an effort to reskill and increase their chances of better employment once the economy recovered. And while public institutions—who were forced to charge higher tuition to make up for the difference in state funding—absorbed most of the increase, the for-profit sector more than doubled its undergraduate enrollment within six years. The for-profit sector is already more expensive on average and for-profit institutions have been plagued with dismal graduation rates, poor job placement success, and even fraud, leaving students saddled with debt they often can’t afford. Even as the economy has recovered, the problems of the for-profit sector have persisted.

Student debt data is somewhat limited, inhibiting experts’ ability to diagnose the different problems around student debt. The federal student loan portfolio offers a snapshot of the existing cumulative debt for Millennials. As of Q2 of the 2019 fiscal year, for borrowers ages 25 to 34—a significant share of the Millennial population—there was $497.6 billion in outstanding student loan debt for about 15.1 million borrowers. This translates to an average student debt of around $33,000 dollars for each borrower. For those ages 24 and younger, there was a cumulative loan balance of $124.6 billion for 8.1 million borrowers—an average of about $15,000 per borrower, though many of those borrowers may still be in school.


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