Introduction

Motivation

In recent years, the rise of parent-held student loans used to pay for a child’s education has raised alarms, as increasingly many low-resourced families borrow staggering amounts of uncapped Parent PLUS debt. Ineligible for the most generous income-driven repayment plans, parent-borrowers often languish in their debt with little opportunity for recourse.

President Biden’s debt cancellation plan, announced August 2022, would have included Parent PLUS borrowers under certain income thresholds. Following the Supreme Court’s June 2023 ruling barring President Biden’s student debt relief plan, the Department of Education initiated a Negotiated Rulemaking to provide student debt relief through its authority under the Higher Education Act. In order to pass judicial review, this relief has been expected to be smaller in scale than the August 2022 plan and likely target certain subsets of borrowers.

On February 22 and 23, 2024, the Negotiated Rulemaking Student Loan Debt Relief Committee discussed proposed text for relief to “those experiencing hardship that is not otherwise addressed by the existing student loan system,” a group that may include an outsized number of Parent PLUS borrowers due to their lack of income-driven repayment options. Negotiators identified parent-borrowers who have student loans for their child’s education plus loans for their own education as one group that may be in particular need of relief based on hardship.

Borrowers with both parent-loans and own-loans may have gone to college as adults and completed degrees while raising their children, and they are willing to borrow on top of their own debt to benefit their children’s future. In a sense, they have put themselves doubly at risk of financial security in the hopes that the promise of higher education will deliver for their family, like a candle burning on both ends.

Little descriptive analysis has focused on this subgroup of parent-borrowers, including whether this is indeed a group of borrowers who are more likely to experience financial hardship. In this document, I analyze survey data to obtain insights about these borrowers and their financial lives.

Data source

The Survey of Household Economics and Decision-making (SHED) is an annual survey conducted by the Federal Reserve, capturing a nationwide representative sample of U.S. adults. It provides a valuable contribution to the understanding of Parent PLUS loans, as one of the only major surveys that asks respondents if they have loans for a child or grandchild’s education.

Pooling five years of SHED data from 2018 through 2022, I divide borrowers into five groups:

  • No student loans: Respondents who are neither current nor former student loan borrowers.
  • Had student loans, paid them off: Respondents who indicated that they once borrowed student loans that they have repaid, and who do not currently hold any student loan debt.
  • Only own loans: Respondents who hold student loan debt for their own education, but not debt for a child’s education.
  • Only parent loans: Respondents who hold student loan debt for their child’s education, but not debt for own education.
  • Both parent and own loans: Respondents who hold student loan debt for their own education and for a child’s education.

This can help determine whether borrowers in the last category, those carrying student loans for both their own education and their child’s education, are distinctly burdened and in need of relief. In the text summaries of the tables, I refer to these borrowers as double-up borrowers.

Analysis

The findings in this document are presented in tabs, first for all respondents, then for specific subsets based on age, race/ethnicity, degree attainment, income, and retirement status. Toggle between the tabs to explore subsets, and hover your mouse over charts to view bar lengths.

Please note that this document does not contain statistical tests and phrases such as “more/less likely” are used with respect to sample means and sample percentages. Population weights are used at all times, and all statistics should be treated as estimates. The survey does not ask respondents whether their student loans are federal or private, so these results should be understood to include all student loans regardless of who was the original lender.

The first table, below, provides the sample sizes and the estimated share of U.S. adults for each group. There are an estimated 1.8 million double-up borrowers, and they comprise roughly 3.9 percent of the 46 million U.S. adults with student loans. (Note that the number of parent-borrowers in this table exceeds Parent PLUS totals in the federal student loan portfolio, which is likely because of cases where both parents identify themselves as co-owners of the same loan for their child’s education.)

Total
Basic information about borrower groups in pooled SHED sample
Student loan category Respondents in pooled sample, 2018 to 2022 Estimated annual number of U.S. adults, 2018 to 2022
No student loans 38,622 171,323,551
Had loans, paid them off 9,360 34,626,731
Only own loans 7,951 34,994,596
Only parent loans 2,315 9,254,390
Both parent and own loans 430 1,801,115
Total 58,678 252,000,600
Age < 50
Basic information about borrower groups in pooled SHED sample
Student loan category Respondents in pooled sample, 2018 to 2022 Estimated annual number of U.S. adults, 2018 to 2022
No student loans 14,102 79,810,085
Had loans, paid them off 3,919 17,483,619
Only own loans 6,795 31,032,034
Only parent loans 330 1,688,204
Both parent and own loans 156 750,900
Total 25,302 130,764,800
Age >= 50
Basic information about borrower groups in pooled SHED sample
Student loan category Respondents in pooled sample, 2018 to 2022 Estimated annual number of U.S. adults, 2018 to 2022
No student loans 24,520 91,513,466
Had loans, paid them off 5,441 17,143,112
Only own loans 1,156 3,962,562
Only parent loans 1,985 7,566,186
Both parent and own loans 274 1,050,215
Total 33,376 121,235,600
Black or Hispanic
Basic information about borrower groups in pooled SHED sample
Student loan category Respondents in pooled sample, 2018 to 2022 Estimated annual number of U.S. adults, 2018 to 2022
No student loans 8,175 48,931,609
Had loans, paid them off 1,582 6,670,667
Only own loans 2,625 12,505,086
Only parent loans 542 2,708,136
Both parent and own loans 211 1,019,214
Total 13,135 71,834,600
White
Basic information about borrower groups in pooled SHED sample
Student loan category Respondents in pooled sample, 2018 to 2022 Estimated annual number of U.S. adults, 2018 to 2022
No student loans 27,553 107,836,116
Had loans, paid them off 6,999 24,868,908
Only own loans 4,616 19,785,525
Only parent loans 1,623 5,922,041
Both parent and own loans 185 694,475
Total 40,976 159,107,200
College degree
Basic information about borrower groups in pooled SHED sample
Student loan category Respondents in pooled sample, 2018 to 2022 Estimated annual number of U.S. adults, 2018 to 2022
No student loans 14,981 54,345,287
Had loans, paid them off 7,729 27,607,663
Only own loans 5,702 23,780,842
Only parent loans 1,259 4,298,475
Both parent and own loans 295 1,117,155
Total 29,966 111,149,200
No college degree
Basic information about borrower groups in pooled SHED sample
Student loan category Respondents in pooled sample, 2018 to 2022 Estimated annual number of U.S. adults, 2018 to 2022
No student loans 23,641 116,978,264
Had loans, paid them off 1,631 7,019,068
Only own loans 2,249 11,213,754
Only parent loans 1,056 4,955,915
Both parent and own loans 135 683,960
Total 28,712 140,851,000
Income < $75K
Basic information about borrower groups in pooled SHED sample
Student loan category Respondents in pooled sample, 2018 to 2022 Estimated annual number of U.S. adults, 2018 to 2022
No student loans 24,119 109,373,847
Had loans, paid them off 3,420 11,563,739
Only own loans 5,216 22,534,409
Only parent loans 865 3,306,451
Both parent and own loans 208 842,481
Total 33,828 147,620,800
Income >= $75K
Basic information about borrower groups in pooled SHED sample
Student loan category Respondents in pooled sample, 2018 to 2022 Estimated annual number of U.S. adults, 2018 to 2022
No student loans 14,207 60,799,626
Had loans, paid them off 5,885 22,857,208
Only own loans 2,717 12,376,543
Only parent loans 1,443 5,924,350
Both parent and own loans 222 958,634
Total 24,474 102,916,400
Retired
Basic information about borrower groups in pooled SHED sample
Student loan category Respondents in pooled sample, 2018 to 2022 Estimated annual number of U.S. adults, 2018 to 2022
No student loans 15,659 55,707,120
Had loans, paid them off 2,702 7,850,368
Only own loans 411 1,537,778
Only parent loans 699 2,460,413
Both parent and own loans 92 409,400
Total 19,563 67,965,200
Not retired
Basic information about borrower groups in pooled SHED sample
Student loan category Respondents in pooled sample, 2018 to 2022 Estimated annual number of U.S. adults, 2018 to 2022
No student loans 22,893 115,256,293
Had loans, paid them off 6,651 26,747,757
Only own loans 7,533 33,410,434
Only parent loans 1,615 6,786,421
Both parent and own loans 338 1,391,715
Total 39,030 183,592,600

The following analysis will start with demographic breakdowns, followed by financial characteristics, student loan characteristics, and then indicators of hardship. For key findings, jump to the Conclusion section.

Demographics

Age and retirement status

Total
Age and retirement status
Student loan category Average age Share who are retired
No student loans 50.3 32.6%
Had loans, paid them off 49.4 22.7%
Only own loans 34.4 4.4%
Only parent loans 57.1 26.6%
Both parent and own loans 51.6 22.7%
All adults 48.2 27.0%
Age < 50
Age and retirement status
Student loan category Average age Share who are retired
No student loans 33.5 3.4%
Had loans, paid them off 36.9 2.2%
Only own loans 31.4 1.7%
Only parent loans 44.6 4.5%
Both parent and own loans 42.9 22.2%
All adults 33.7 3.0%
Age >= 50
Age and retirement status
Student loan category Average age Share who are retired
No student loans 65.0 58.1%
Had loans, paid them off 62.1 43.6%
Only own loans 57.6 25.2%
Only parent loans 59.9 31.6%
Both parent and own loans 57.8 23.1%
All adults 64.0 53.0%
Black or Hispanic
Age and retirement status
Student loan category Average age Share who are retired
No student loans 46.0 25.4%
Had loans, paid them off 49.0 23.6%
Only own loans 36.5 6.7%
Only parent loans 56.0 30.5%
Both parent and own loans 51.0 26.2%
All adults 45.1 22.2%
White
Age and retirement status
Student loan category Average age Share who are retired
No student loans 52.8 37.1%
Had loans, paid them off 50.1 23.8%
Only own loans 33.1 2.9%
Only parent loans 58.0 25.9%
Both parent and own loans 52.2 17.2%
All adults 50.1 30.2%
College degree
Age and retirement status
Student loan category Average age Share who are retired
No student loans 50.0 30.3%
Had loans, paid them off 49.3 22.1%
Only own loans 34.4 3.0%
Only parent loans 57.6 24.4%
Both parent and own loans 51.6 17.4%
All adults 46.8 22.1%
No college degree
Age and retirement status
Student loan category Average age Share who are retired
No student loans 50.5 33.7%
Had loans, paid them off 49.6 24.9%
Only own loans 34.2 7.4%
Only parent loans 56.7 28.5%
Both parent and own loans 51.7 31.5%
All adults 49.4 30.9%
Income < $75K
Age and retirement status
Student loan category Average age Share who are retired
No student loans 48.5 33.4%
Had loans, paid them off 49.0 29.7%
Only own loans 33.0 5.7%
Only parent loans 57.7 34.6%
Both parent and own loans 51.1 26.3%
All adults 46.4 28.9%
Income >= $75K
Age and retirement status
Student loan category Average age Share who are retired
No student loans 53.4 30.8%
Had loans, paid them off 49.5 19.1%
Only own loans 36.8 2.0%
Only parent loans 56.8 22.2%
Both parent and own loans 52.0 19.6%
All adults 50.7 24.2%
Retired
Age and retirement status
Student loan category Average age Share who are retired
No student loans 68.4 100.0%
Had loans, paid them off 66.0 100.0%
Only own loans 53.7 100.0%
Only parent loans 65.2 100.0%
Both parent and own loans 53.5 100.0%
All adults 67.6 100.0%
Not retired
Age and retirement status
Student loan category Average age Share who are retired
No student loans 41.6 NA
Had loans, paid them off 44.5 NA
Only own loans 33.5 NA
Only parent loans 54.2 NA
Both parent and own loans 51.0 NA
All adults 41.1 NA

Remarks: Double-up borrowers are slightly younger than borrowers with only parent-loans, and are somewhat less likely to be retired. Double-up borrowers without a college degree are more likely to be retired (31.5%) than those with a college degree (17.4%), potentially indicating that they have greater difficulties completing repayment before they reach retirement age.

Race and ethnicity

Total
Race and ethnicity
Student loan category White, Non-Hispanic Black, Non-Hispanic Hispanic Other, Non-Hispanic 2+ Races, Non-Hispanic
No student loans 62.9% 10.7% 17.9% 7.1% 1.4%
Had loans, paid them off 71.8% 9.0% 10.2% 7.6% 1.3%
Only own loans 56.5% 19.8% 15.9% 5.9% 1.8%
Only parent loans 64.0% 13.2% 16.1% 5.6% 1.1%
Both parent and own loans 38.6% 32.0% 24.6% 3.2% 1.7%
All adults 63.1% 12.0% 16.5% 6.9% 1.4%
Age < 50
Race and ethnicity
Student loan category White, Non-Hispanic Black, Non-Hispanic Hispanic Other, Non-Hispanic 2+ Races, Non-Hispanic
No student loans 54.7% 10.6% 24.4% 8.4% 1.8%
Had loans, paid them off 69.1% 6.4% 12.5% 10.6% 1.5%
Only own loans 58.3% 18.0% 16.0% 6.0% 1.7%
Only parent loans 46.0% 13.4% 26.9% 11.3% 2.4%
Both parent and own loans 37.4% 29.8% 28.5% 4.1% 0.2%
All adults 57.2% 12.0% 20.9% 8.1% 1.8%
Age >= 50
Race and ethnicity
Student loan category White, Non-Hispanic Black, Non-Hispanic Hispanic Other, Non-Hispanic 2+ Races, Non-Hispanic
No student loans 70.2% 10.7% 12.2% 5.9% 1.0%
Had loans, paid them off 74.6% 11.7% 8.0% 4.6% 1.1%
Only own loans 42.8% 34.0% 15.2% 5.5% 2.4%
Only parent loans 68.0% 13.1% 13.7% 4.4% 0.8%
Both parent and own loans 39.4% 33.6% 21.7% 2.5% 2.7%
All adults 69.5% 12.0% 11.9% 5.6% 1.1%
Black or Hispanic
Race and ethnicity
Student loan category Black, Non-Hispanic Hispanic
No student loans 37.4% 62.6%
Had loans, paid them off 46.8% 53.2%
Only own loans 55.5% 44.5%
Only parent loans 45.0% 55.0%
Both parent and own loans 56.6% 43.4%
All adults 42.0% 58.0%
White
Race and ethnicity
Student loan category White, Non-Hispanic
No student loans 100.0%
Had loans, paid them off 100.0%
Only own loans 100.0%
Only parent loans 100.0%
Both parent and own loans 100.0%
All adults 100.0%
College degree
Race and ethnicity
Student loan category White, Non-Hispanic Black, Non-Hispanic Hispanic Other, Non-Hispanic 2+ Races, Non-Hispanic
No student loans 69.6% 7.0% 9.9% 12.5% 1.0%
Had loans, paid them off 74.4% 7.3% 8.6% 8.5% 1.2%
Only own loans 61.7% 17.0% 12.9% 6.8% 1.6%
Only parent loans 70.9% 10.8% 8.0% 9.4% 0.9%
Both parent and own loans 39.5% 36.0% 18.7% 4.3% 1.4%
All adults 68.8% 9.6% 10.2% 10.1% 1.2%
No college degree
Race and ethnicity
Student loan category White, Non-Hispanic Black, Non-Hispanic Hispanic Other, Non-Hispanic 2+ Races, Non-Hispanic
No student loans 59.9% 12.4% 21.6% 4.6% 1.6%
Had loans, paid them off 61.8% 15.9% 16.7% 4.0% 1.6%
Only own loans 45.6% 25.9% 22.2% 4.1% 2.3%
Only parent loans 58.0% 15.2% 23.2% 2.4% 1.3%
Both parent and own loans 37.0% 25.5% 34.1% 1.3% 2.0%
All adults 58.6% 13.8% 21.5% 4.4% 1.6%
Income < $75K
Race and ethnicity
Student loan category White, Non-Hispanic Black, Non-Hispanic Hispanic Other, Non-Hispanic 2+ Races, Non-Hispanic
No student loans 57.5% 13.5% 21.4% 6.0% 1.6%
Had loans, paid them off 63.4% 14.1% 14.7% 5.8% 2.0%
Only own loans 51.5% 22.8% 18.4% 5.3% 2.0%
Only parent loans 55.4% 20.2% 17.3% 5.6% 1.5%
Both parent and own loans 32.9% 33.4% 28.3% 3.6% 1.8%
All adults 56.9% 15.2% 20.4% 5.8% 1.7%
Income >= $75K
Race and ethnicity
Student loan category White, Non-Hispanic Black, Non-Hispanic Hispanic Other, Non-Hispanic 2+ Races, Non-Hispanic
No student loans 72.5% 5.7% 11.7% 9.2% 1.0%
Had loans, paid them off 76.0% 6.5% 8.0% 8.6% 0.9%
Only own loans 65.7% 14.2% 11.5% 7.1% 1.4%
Only parent loans 68.8% 9.2% 15.5% 5.6% 0.9%
Both parent and own loans 43.6% 30.8% 21.3% 2.8% 1.6%
All adults 71.9% 7.3% 11.2% 8.5% 1.0%
Retired
Race and ethnicity
Student loan category White, Non-Hispanic Black, Non-Hispanic Hispanic Other, Non-Hispanic 2+ Races, Non-Hispanic
No student loans 71.6% 10.5% 11.7% 5.2% 1.0%
Had loans, paid them off 75.3% 12.2% 7.9% 3.4% 1.3%
Only own loans 37.0% 35.8% 18.5% 7.1% 1.6%
Only parent loans 62.4% 18.4% 15.1% 3.0% 1.0%
Both parent and own loans 29.3% 30.5% 34.7% 3.0% 2.4%
All adults 70.7% 11.7% 11.7% 4.9% 1.0%
Not retired
Race and ethnicity
Student loan category White, Non-Hispanic Black, Non-Hispanic Hispanic Other, Non-Hispanic 2+ Races, Non-Hispanic
No student loans 58.8% 10.8% 20.9% 8.0% 1.6%
Had loans, paid them off 70.8% 8.1% 10.9% 8.9% 1.3%
Only own loans 57.5% 19.1% 15.7% 5.9% 1.8%
Only parent loans 64.6% 11.3% 16.5% 6.5% 1.2%
Both parent and own loans 41.3% 32.5% 21.6% 3.2% 1.4%
All adults 60.4% 12.1% 18.3% 7.7% 1.6%

Remarks: In contrast to other student loan groups, double-up borrowers are more likely to identify as Black or Hispanic (56.6%) than white, non-Hispanic (38.6%). This is especially true of double-up borrowers without a college degree (59.6% identifying as Black or Hispanic), those earning less than $75,000 in household income (61.7%), and those who are retired (65.2%).

Note that the SHED datasets do not allow for greater specificity in respondents’ race/ethnicity identification.

Educational attainment

Total
Age < 50
Age >= 50
Black or Hispanic
White
College degree
No college degree
Income < $75K
Income >= $75K
Retired
Not retired

Remarks: Compared to those with only parent-loans, double-up borrowers have somewhat higher educational attainment. Across all borrower groups, white respondents are more likely to report a higher educational attainment than Black or Hispanic borrowers, and higher income respondents (household income $75,000+) report much higher educational attainment than lower income respondents (household income under $75,000).

Note that it is unclear why some borrowers who say they have no postsecondary experience report having student loans for their education.

Financial characteristics

Household income

Total
Age < 50
Age >= 50
Black or Hispanic
White
College degree
No college degree
Income < $75K
Income >= $75K
Retired
Not retired

Remarks: Double-up borrowers are more likely to be very low-income than those with only parent-loans, but to a lesser extent than those with only own-loans. Across all borrower groups, Black and Hispanic respondents, and those without a college degree, are more likely to report low incomes than white respondents and those with a college degree.

Homeownership

Total
Homeownership status
Student loan category Own home Pay rent Neither own nor pay rent
No student loans 64.3% 26.5% 9.2%
Had loans, paid them off 79.1% 17.4% 3.4%
Only own loans 41.5% 45.4% 13.1%
Only parent loans 86.4% 12.5% 1.1%
Both parent and own loans 73.8% 22.9% 3.3%
All adults 64.1% 27.3% 8.6%
Age < 50
Homeownership status
Student loan category Own home Pay rent Neither own nor pay rent
No student loans 46.3% 37.6% 16.0%
Had loans, paid them off 70.6% 24.0% 5.4%
Only own loans 39.4% 46.5% 14.1%
Only parent loans 75.7% 23.4% 0.8%
Both parent and own loans 69.4% 29.2% 1.4%
All adults 48.4% 37.7% 13.9%
Age >= 50
Homeownership status
Student loan category Own home Pay rent Neither own nor pay rent
No student loans 80.0% 16.8% 3.2%
Had loans, paid them off 87.8% 10.7% 1.4%
Only own loans 58.5% 36.4% 5.1%
Only parent loans 88.8% 10.0% 1.1%
Both parent and own loans 77.0% 18.5% 4.6%
All adults 81.0% 16.2% 2.9%
Black or Hispanic
Homeownership status
Student loan category Own home Pay rent Neither own nor pay rent
No student loans 49.0% 38.9% 12.1%
Had loans, paid them off 67.4% 27.5% 5.2%
Only own loans 35.6% 51.2% 13.2%
Only parent loans 76.3% 22.3% 1.4%
Both parent and own loans 71.7% 23.8% 4.5%
All adults 49.7% 39.1% 11.2%
White
Homeownership status
Student loan category Own home Pay rent Neither own nor pay rent
No student loans 71.8% 20.6% 7.6%
Had loans, paid them off 82.8% 14.2% 2.9%
Only own loans 45.2% 42.1% 12.8%
Only parent loans 91.7% 7.2% 1.0%
Both parent and own loans 77.1% 21.0% 1.9%
All adults 71.0% 21.8% 7.2%
College degree
Homeownership status
Student loan category Own home Pay rent Neither own nor pay rent
No student loans 75.8% 18.8% 5.5%
Had loans, paid them off 82.1% 14.9% 3.0%
Only own loans 47.9% 42.4% 9.7%
Only parent loans 91.2% 7.9% 1.0%
Both parent and own loans 77.4% 20.2% 2.3%
All adults 72.0% 22.5% 5.5%
No college degree
Homeownership status
Student loan category Own home Pay rent Neither own nor pay rent
No student loans 59.0% 30.1% 10.9%
Had loans, paid them off 67.6% 27.4% 5.0%
Only own loans 27.9% 51.8% 20.3%
Only parent loans 82.4% 16.4% 1.2%
Both parent and own loans 67.9% 27.3% 4.8%
All adults 57.8% 31.2% 11.0%
Income < $75K
Homeownership status
Student loan category Own home Pay rent Neither own nor pay rent
No student loans 51.3% 35.1% 13.6%
Had loans, paid them off 60.5% 30.9% 8.6%
Only own loans 26.2% 54.8% 19.0%
Only parent loans 74.3% 23.6% 2.1%
Both parent and own loans 61.2% 32.7% 6.1%
All adults 48.8% 37.5% 13.7%
Income >= $75K
Homeownership status
Student loan category Own home Pay rent Neither own nor pay rent
No student loans 87.4% 11.5% 1.2%
Had loans, paid them off 88.4% 10.7% 0.8%
Only own loans 69.4% 28.2% 2.3%
Only parent loans 93.3% 6.2% 0.5%
Both parent and own loans 84.9% 14.4% 0.7%
All adults 85.8% 13.0% 1.2%
Retired
Homeownership status
Student loan category Own home Pay rent Neither own nor pay rent
No student loans 80.6% 16.1% 3.3%
Had loans, paid them off 87.8% 10.5% 1.7%
Only own loans 58.2% 33.1% 8.7%
Only parent loans 87.2% 10.8% 2.0%
Both parent and own loans 76.5% 16.7% 6.8%
All adults 81.2% 15.6% 3.2%
Not retired
Homeownership status
Student loan category Own home Pay rent Neither own nor pay rent
No student loans 56.5% 31.5% 12.0%
Had loans, paid them off 76.6% 19.5% 3.9%
Only own loans 40.8% 46.0% 13.2%
Only parent loans 86.1% 13.1% 0.8%
Both parent and own loans 73.0% 24.8% 2.2%
All adults 57.8% 31.7% 10.6%

Remarks: Double-up borrowers are less likely than borrowers with only parent-loans to own their home, with an estimated gap of 12.6 percentage points. This gap widens for those without a college degree, to an estimated 14.5 percentage points.

Public benefits programs participation

Total
Response to “In the past 12 months, have you and/or your spouse/partner received any of the following?”
Student loan category Share receiving EITC Share receiving SNAP Share receiving WIC Share receiving housing assistance Share receiving FRPL Share receiving any public benefit
No student loans 9.6% 11.7% 5.7% 3.3% 15.5% 43.8%
Had loans, paid them off 6.5% 4.1% 2.7% 1.3% 10.3% 25.3%
Only own loans 14.6% 12.0% 8.6% 3.8% 18.0% 46.1%
Only parent loans 7.5% 4.5% 1.8% 2.2% 10.3% 32.8%
Both parent and own loans 16.7% 13.8% 15.4% 8.2% 28.3% 52.2%
All adults 9.9% 10.4% 5.7% 3.1% 15.1% 41.4%
Age < 50
Response to “In the past 12 months, have you and/or your spouse/partner received any of the following?”
Student loan category Share receiving EITC Share receiving SNAP Share receiving WIC Share receiving housing assistance Share receiving FRPL Share receiving any public benefit
No student loans 15.5% 15.8% 8.7% 3.9% 20.7% 47.5%
Had loans, paid them off 10.1% 4.8% 3.7% 1.4% 12.9% 26.9%
Only own loans 15.5% 11.3% 9.1% 3.5% 18.3% 44.9%
Only parent loans 20.3% 10.8% 4.2% 7.0% 20.9% 45.7%
Both parent and own loans 31.2% 22.8% 20.8% 14.8% 40.1% 62.5%
All adults 14.9% 13.2% 8.0% 3.6% 19.1% 44.1%
Age >= 50
Response to “In the past 12 months, have you and/or your spouse/partner received any of the following?”
Student loan category Share receiving EITC Share receiving SNAP Share receiving WIC Share receiving housing assistance Share receiving FRPL Share receiving any public benefit
No student loans 4.5% 8.1% 0.4% 2.8% 6.2% 38.1%
Had loans, paid them off 2.8% 3.5% 0.4% 1.2% 4.3% 22.0%
Only own loans 8.0% 17.9% 2.4% 5.6% 13.3% 57.7%
Only parent loans 4.6% 3.1% 0.5% 1.1% 4.6% 26.3%
Both parent and own loans 6.6% 7.5% 6.2% 3.5% 8.2% 38.3%
All adults 4.4% 7.4% 0.5% 2.6% 6.1% 36.3%
Black or Hispanic
Response to “In the past 12 months, have you and/or your spouse/partner received any of the following?”
Student loan category Share receiving EITC Share receiving SNAP Share receiving WIC Share receiving housing assistance Share receiving FRPL Share receiving any public benefit
No student loans 14.6% 20.0% 8.8% 6.3% 23.7% 58.0%
Had loans, paid them off 10.3% 9.3% 7.0% 3.4% 15.6% 40.2%
Only own loans 20.4% 19.2% 13.4% 7.1% 25.7% 60.1%
Only parent loans 12.1% 8.5% 3.9% 5.3% 16.8% 46.8%
Both parent and own loans 20.2% 17.0% 19.8% 12.3% 34.8% 58.8%
All adults 15.2% 18.4% 9.6% 6.2% 23.3% 56.6%
White
Response to “In the past 12 months, have you and/or your spouse/partner received any of the following?”
Student loan category Share receiving EITC Share receiving SNAP Share receiving WIC Share receiving housing assistance Share receiving FRPL Share receiving any public benefit
No student loans 7.7% 8.1% 4.4% 2.0% 11.6% 36.7%
Had loans, paid them off 5.2% 2.8% 1.6% 0.7% 9.0% 21.2%
Only own loans 11.8% 7.8% 5.7% 1.8% 13.3% 37.3%
Only parent loans 5.1% 2.3% 0.9% 0.6% 4.6% 25.1%
Both parent and own loans 11.3% 9.3% 5.8% 2.2% 20.1% 40.9%
All adults 7.7% 7.0% 4.0% 1.7% 11.3% 33.9%
College degree
Response to “In the past 12 months, have you and/or your spouse/partner received any of the following?”
Student loan category Share receiving EITC Share receiving SNAP Share receiving WIC Share receiving housing assistance Share receiving FRPL Share receiving any public benefit
No student loans 5.1% 2.2% 2.1% 0.8% 6.6% 20.4%
Had loans, paid them off 5.1% 1.9% 1.5% 0.5% 8.0% 18.6%
Only own loans 11.1% 6.4% 5.5% 1.6% 12.1% 34.4%
Only parent loans 4.8% 1.5% 1.5% 0.8% 5.1% 18.7%
Both parent and own loans 9.6% 6.3% 8.5% 4.0% 16.6% 36.8%
All adults 6.4% 3.0% 2.8% 0.9% 8.3% 23.5%
No college degree
Response to “In the past 12 months, have you and/or your spouse/partner received any of the following?”
Student loan category Share receiving EITC Share receiving SNAP Share receiving WIC Share receiving housing assistance Share receiving FRPL Share receiving any public benefit
No student loans 11.7% 16.0% 7.4% 4.5% 19.7% 53.0%
Had loans, paid them off 12.0% 12.7% 7.7% 4.2% 20.5% 51.2%
Only own loans 22.1% 24.0% 14.8% 8.4% 30.0% 67.1%
Only parent loans 9.8% 7.1% 2.1% 3.4% 14.8% 43.6%
Both parent and own loans 28.2% 25.9% 26.6% 15.1% 47.3% 73.0%
All adults 12.6% 16.2% 8.1% 4.8% 20.8% 54.1%
Income < $75K
Response to “In the past 12 months, have you and/or your spouse/partner received any of the following?”
Student loan category Share receiving EITC Share receiving SNAP Share receiving WIC Share receiving housing assistance Share receiving FRPL Share receiving any public benefit
No student loans 12.3% 17.7% 8.7% 5.1% 20.8% 56.7%
Had loans, paid them off 11.6% 11.3% 8.2% 3.6% 18.8% 50.4%
Only own loans 18.1% 17.6% 13.4% 5.6% 25.2% 61.0%
Only parent loans 12.9% 12.4% 2.7% 5.9% 22.7% 57.1%
Both parent and own loans 26.0% 24.6% 20.7% 12.3% 46.3% 77.3%
All adults 13.2% 17.1% 9.4% 5.1% 21.6% 57.1%
Income >= $75K
Response to “In the past 12 months, have you and/or your spouse/partner received any of the following?”
Student loan category Share receiving EITC Share receiving SNAP Share receiving WIC Share receiving housing assistance Share receiving FRPL Share receiving any public benefit
No student loans 5.0% 1.0% 0.9% 0.2% 6.9% 17.3%
Had loans, paid them off 3.9% 0.5% 0.5% 0.1% 7.0% 13.5%
Only own loans 8.4% 1.8% 1.9% 0.4% 7.9% 20.7%
Only parent loans 4.5% 0.1% 1.3% 0.1% 3.2% 15.7%
Both parent and own loans 8.5% 4.2% 11.1% 4.6% 13.4% 26.7%
All adults 5.2% 0.9% 1.1% 0.3% 7.0% 16.9%
Retired
Response to “In the past 12 months, have you and/or your spouse/partner received any of the following?”
Student loan category Share receiving EITC Share receiving SNAP Share receiving WIC Share receiving housing assistance Share receiving FRPL Share receiving any public benefit
No student loans 3.3% 9.6% 1.3% 3.4% 5.3% 41.4%
Had loans, paid them off 2.5% 5.6% 2.6% 2.4% 3.9% 30.7%
Only own loans 15.9% 33.3% 20.4% 19.1% 28.2% 78.7%
Only parent loans 3.6% 7.3% 1.0% 2.8% 7.6% 36.6%
Both parent and own loans 33.2% 38.6% 55.7% 31.0% 59.1% 81.3%
All adults 3.6% 9.8% 2.6% 3.8% 6.6% 42.2%
Not retired
Response to “In the past 12 months, have you and/or your spouse/partner received any of the following?”
Student loan category Share receiving EITC Share receiving SNAP Share receiving WIC Share receiving housing assistance Share receiving FRPL Share receiving any public benefit
No student loans 12.7% 12.6% 6.9% 3.3% 18.1% 44.6%
Had loans, paid them off 7.7% 3.7% 2.7% 1.0% 11.0% 24.5%
Only own loans 14.6% 11.0% 8.2% 3.1% 17.7% 44.5%
Only parent loans 8.9% 3.5% 2.0% 1.9% 10.9% 31.8%
Both parent and own loans 12.1% 6.8% 2.3% 1.5% 18.2% 41.6%
All adults 12.2% 10.7% 6.3% 2.8% 16.7% 41.2%

Remarks: Double-up borrowers are the most likely student loan group to report receiving any public benefit (52.2%), and for each of the five public benefits listed, double-up borrowers are the most likely student loan group to report receiving the benefit. Among those under 50, double-up borrowers are the most likely to report receiving SNAP (22.8%) and housing assistance (14.8%), indicating a potential trend of working parents taking out parent-loans despite being at risk for food or housing insecurity.

Credit score

Total
Age < 50
Age >= 50
Black or Hispanic
White
College degree
No college degree
Income < $75K
Income >= $75K
Retired
Not retired

Remarks: Double-up borrowers report similar credit scores as borrowers with only own-loans. Among those under 50 years old, double-up borrowers are the group least likely to report a “good” or “excellent” credit score (53.6%). For all borrower groups, white respondents and those with a college degree report higher credit scores than Black or Hispanic respondents and those without a college degree.

Student loan characteristics

Highest level of education for which own loan was borrowed

Total
Age < 50
Age >= 50
Black or Hispanic
White
College degree
No college degree
Income < $75K
Income >= $75K
Retired
Not retired

Remarks: Compared to borrowers with only an own-loan, double-up borrowers are more likely to have borrowed for a graduate degree program (42.9%), especially those who are Black or Hispanic (50.1%) and higher income borrowers (49.2%).

Note that the SHED data does not provide information on what level of education respondents borrowed parent-loans for.

Amount owed on student loan for own education

Total
Age < 50
Age >= 50
Black or Hispanic
White
College degree
No college degree
Income < $75K
Income >= $75K
Retired
Not retired

Remarks: Double-up borrowers are somewhat more likely to owe at least $30,000 on their own-loans (47.0%) than those with only own-loans (39.4%). Black or Hispanic double-up borrowers are more likely to owe at least $30,000 (50.1%).

Note that the SHED data does not provide information on what amount of parent-loans respondents borrowed.

Behind on student loan payments

Total
Response to “Are you behind on payments or in collections for one or more of the loans from your own education?”
Student loan category No Yes
Only own loans 84.0% 16.0%
Both parent and own loans 78.2% 21.8%
Age < 50
Response to “Are you behind on payments or in collections for one or more of the loans from your own education?”
Student loan category No Yes
Only own loans 85.5% 14.5%
Both parent and own loans 71.5% 28.5%
Age >= 50
Response to “Are you behind on payments or in collections for one or more of the loans from your own education?”
Student loan category No Yes
Only own loans 72.2% 27.8%
Both parent and own loans 83.0% 17.0%
Black or Hispanic
Response to “Are you behind on payments or in collections for one or more of the loans from your own education?”
Student loan category No Yes
Only own loans 75.8% 24.2%
Both parent and own loans 71.2% 28.8%
White
Response to “Are you behind on payments or in collections for one or more of the loans from your own education?”
Student loan category No Yes
Only own loans 89.1% 10.9%
Both parent and own loans 89.8% 10.2%
College degree
Response to “Are you behind on payments or in collections for one or more of the loans from your own education?”
Student loan category No Yes
Only own loans 91.1% 8.9%
Both parent and own loans 84.0% 16.0%
No college degree
Response to “Are you behind on payments or in collections for one or more of the loans from your own education?”
Student loan category No Yes
Only own loans 68.8% 31.2%
Both parent and own loans 68.9% 31.1%
Income < $75K
Response to “Are you behind on payments or in collections for one or more of the loans from your own education?”
Student loan category No Yes
Only own loans 78.8% 21.2%
Both parent and own loans 66.3% 33.7%
Income >= $75K
Response to “Are you behind on payments or in collections for one or more of the loans from your own education?”
Student loan category No Yes
Only own loans 93.4% 6.6%
Both parent and own loans 88.7% 11.3%
Retired
Response to “Are you behind on payments or in collections for one or more of the loans from your own education?”
Student loan category No Yes
Only own loans 64.0% 36.0%
Both parent and own loans 57.5% 42.5%
Not retired
Response to “Are you behind on payments or in collections for one or more of the loans from your own education?”
Student loan category No Yes
Only own loans 84.9% 15.1%
Both parent and own loans 84.3% 15.7%

Remarks: Double-up borrowers are somewhat more likely to say that they are behind on their own-loan payments (21.8%) than those with only own-loans (16.0%). Among double-up borrowers, the share rises for those under 50 (28.5%), those who are Black or Hispanic (28.8%), those without a college degree (31.1%), those with incomes under $75,000 (33.7%), and those who are retired (42.5%).

Note that this reflects 2018 through 2022, and that the share reporting “Yes” fell sizably from 2019 to 2021. If not for the federal student loan repayment pause during the COVID-19 pandemic, the percentages reporting “Yes” would likely be higher.

Hardship indicators

Financial well-being

Total
Age < 50
Age >= 50
Black or Hispanic
White
College degree
No college degree
Income < $75K
Income >= $75K
Retired
Not retired

Remarks: Generally, those with any student loans are less likely to report living comfortably than those with no student loans. Among student loan borrowers who are retired, double-up borrowers and those with only parent-loans appear less likely to report finding it difficult to get by than those with only own-loans. Across all borrower groups, those with a college degree report living more comfortably than those without a college degree, and a similar pattern exists for white respondents versus Black or Hispanic respondents. It goes without saying that higher-income respondents report living more comfortably than lower-income respondents, across all borrower groups.

Unpaid credit card debt

Total
Response to “Do you currently have any credit card debt that you do not expect to pay in full with your next payment?”
Student loan category No Yes
No student loans 61.0% 39.0%
Had loans, paid them off 66.4% 33.6%
Only own loans 42.7% 57.3%
Only parent loans 39.1% 60.9%
Both parent and own loans 21.5% 78.5%
All adults 58.1% 41.9%
Age < 50
Response to “Do you currently have any credit card debt that you do not expect to pay in full with your next payment?”
Student loan category No Yes
No student loans 60.8% 39.2%
Had loans, paid them off 69.3% 30.7%
Only own loans 44.2% 55.8%
Only parent loans 33.9% 66.1%
Both parent and own loans 16.8% 83.2%
All adults 57.3% 42.7%
Age >= 50
Response to “Do you currently have any credit card debt that you do not expect to pay in full with your next payment?”
Student loan category No Yes
No student loans 61.1% 38.9%
Had loans, paid them off 63.6% 36.4%
Only own loans 30.8% 69.2%
Only parent loans 40.1% 59.9%
Both parent and own loans 24.8% 75.2%
All adults 58.9% 41.1%
Black or Hispanic
Response to “Do you currently have any credit card debt that you do not expect to pay in full with your next payment?”
Student loan category No Yes
No student loans 48.0% 52.0%
Had loans, paid them off 49.8% 50.2%
Only own loans 32.4% 67.6%
Only parent loans 33.8% 66.2%
Both parent and own loans 19.1% 80.9%
All adults 44.2% 55.8%
White
Response to “Do you currently have any credit card debt that you do not expect to pay in full with your next payment?”
Student loan category No Yes
No student loans 64.6% 35.4%
Had loans, paid them off 69.6% 30.4%
Only own loans 46.5% 53.5%
Only parent loans 40.6% 59.4%
Both parent and own loans 26.0% 74.0%
All adults 62.1% 37.9%
College degree
Response to “Do you currently have any credit card debt that you do not expect to pay in full with your next payment?”
Student loan category No Yes
No student loans 73.3% 26.7%
Had loans, paid them off 70.4% 29.6%
Only own loans 44.6% 55.4%
Only parent loans 43.3% 56.7%
Both parent and own loans 20.8% 79.2%
All adults 64.9% 35.1%
No college degree
Response to “Do you currently have any credit card debt that you do not expect to pay in full with your next payment?”
Student loan category No Yes
No student loans 53.7% 46.3%
Had loans, paid them off 48.5% 51.5%
Only own loans 37.0% 63.0%
Only parent loans 35.1% 64.9%
Both parent and own loans 22.8% 77.2%
All adults 51.3% 48.7%
Income < $75K
Response to “Do you currently have any credit card debt that you do not expect to pay in full with your next payment?”
Student loan category No Yes
No student loans 56.1% 43.9%
Had loans, paid them off 54.2% 45.8%
Only own loans 41.6% 58.4%
Only parent loans 37.2% 62.8%
Both parent and own loans 20.8% 79.2%
All adults 53.0% 47.0%
Income >= $75K
Response to “Do you currently have any credit card debt that you do not expect to pay in full with your next payment?”
Student loan category No Yes
No student loans 67.2% 32.8%
Had loans, paid them off 71.7% 28.3%
Only own loans 44.3% 55.7%
Only parent loans 40.1% 59.9%
Both parent and own loans 22.0% 78.0%
All adults 63.5% 36.5%
Retired
Response to “Do you currently have any credit card debt that you do not expect to pay in full with your next payment?”
Student loan category No Yes
No student loans 64.7% 35.3%
Had loans, paid them off 67.9% 32.1%
Only own loans 36.9% 63.1%
Only parent loans 47.2% 52.8%
Both parent and own loans 24.9% 75.1%
All adults 63.7% 36.3%
Not retired
Response to “Do you currently have any credit card debt that you do not expect to pay in full with your next payment?”
Student loan category No Yes
No student loans 58.9% 41.1%
Had loans, paid them off 66.0% 34.0%
Only own loans 42.9% 57.1%
Only parent loans 36.2% 63.8%
Both parent and own loans 20.5% 79.5%
All adults 55.8% 44.2%

Remarks: Out of all student loan groups, double-up borrowers are the most likely report carrying unpaid credit card debt (78.5%), and by a wide margin. For all groups, the share is greater among respondents who are Black or Hispanic than for white respondents, as well as for low-income respondents versus high-income respondents. For double-up borrowers and those with only parent-loans, the share among those under 50 is higher (83.2% for double-up borrowers).

Frequency of carrying unpaid credit card debt

Total
Age < 50
Age >= 50
Black or Hispanic
White
College degree
No college degree
Income < $75K
Income >= $75K
Retired
Not retired

Remarks: Double-up borrowers are the most likely to report carrying an unpaid credit card balance “most or all of the time” (50.6%). This rises for double-up borrowers under 50 years old (53.9%). Even among those with a college degree, 57.3% of double-up borrowers report carrying unpaid balances more or all the time.

Ability to cover 3 months’ expenses with savings

Total
Response to “Have you set aside emergency or rainy day funds that would cover your expenses for 3 months in case of sickness, job loss, economic downturn, or other emergencies?”
Student loan category No Yes
No student loans 45.4% 54.6%
Had loans, paid them off 28.1% 71.9%
Only own loans 61.9% 38.1%
Only parent loans 46.4% 53.6%
Both parent and own loans 56.7% 43.3%
All adults 45.4% 54.6%
Age < 50
Response to “Have you set aside emergency or rainy day funds that would cover your expenses for 3 months in case of sickness, job loss, economic downturn, or other emergencies?”
Student loan category No Yes
No student loans 57.4% 42.6%
Had loans, paid them off 31.1% 68.9%
Only own loans 61.4% 38.6%
Only parent loans 57.3% 42.7%
Both parent and own loans 57.0% 43.0%
All adults 54.8% 45.2%
Age >= 50
Response to “Have you set aside emergency or rainy day funds that would cover your expenses for 3 months in case of sickness, job loss, economic downturn, or other emergencies?”
Student loan category No Yes
No student loans 34.9% 65.1%
Had loans, paid them off 25.1% 74.9%
Only own loans 66.0% 34.0%
Only parent loans 43.9% 56.1%
Both parent and own loans 56.5% 43.5%
All adults 35.3% 64.7%
Black or Hispanic
Response to “Have you set aside emergency or rainy day funds that would cover your expenses for 3 months in case of sickness, job loss, economic downturn, or other emergencies?”
Student loan category No Yes
No student loans 59.1% 40.9%
Had loans, paid them off 39.4% 60.6%
Only own loans 67.1% 32.9%
Only parent loans 50.6% 49.4%
Both parent and own loans 55.0% 45.0%
All adults 58.3% 41.7%
White
Response to “Have you set aside emergency or rainy day funds that would cover your expenses for 3 months in case of sickness, job loss, economic downturn, or other emergencies?”
Student loan category No Yes
No student loans 39.4% 60.6%
Had loans, paid them off 25.6% 74.4%
Only own loans 59.1% 40.9%
Only parent loans 44.2% 55.8%
Both parent and own loans 59.5% 40.5%
All adults 39.9% 60.1%
College degree
Response to “Have you set aside emergency or rainy day funds that would cover your expenses for 3 months in case of sickness, job loss, economic downturn, or other emergencies?”
Student loan category No Yes
No student loans 24.1% 75.9%
Had loans, paid them off 22.1% 77.9%
Only own loans 54.0% 46.0%
Only parent loans 39.5% 60.5%
Both parent and own loans 61.0% 39.0%
All adults 31.0% 69.0%
No college degree
Response to “Have you set aside emergency or rainy day funds that would cover your expenses for 3 months in case of sickness, job loss, economic downturn, or other emergencies?”
Student loan category No Yes
No student loans 55.3% 44.7%
Had loans, paid them off 51.9% 48.1%
Only own loans 78.8% 21.2%
Only parent loans 52.3% 47.7%
Both parent and own loans 49.7% 50.3%
All adults 56.8% 43.2%
Income < $75K
Response to “Have you set aside emergency or rainy day funds that would cover your expenses for 3 months in case of sickness, job loss, economic downturn, or other emergencies?”
Student loan category No Yes
No student loans 58.4% 41.6%
Had loans, paid them off 47.3% 52.7%
Only own loans 70.8% 29.2%
Only parent loans 60.0% 40.0%
Both parent and own loans 65.4% 34.6%
All adults 59.5% 40.5%
Income >= $75K
Response to “Have you set aside emergency or rainy day funds that would cover your expenses for 3 months in case of sickness, job loss, economic downturn, or other emergencies?”
Student loan category No Yes
No student loans 22.3% 77.7%
Had loans, paid them off 18.6% 81.4%
Only own loans 45.8% 54.2%
Only parent loans 38.8% 61.2%
Both parent and own loans 49.1% 50.9%
All adults 25.5% 74.5%
Retired
Response to “Have you set aside emergency or rainy day funds that would cover your expenses for 3 months in case of sickness, job loss, economic downturn, or other emergencies?”
Student loan category No Yes
No student loans 31.7% 68.3%
Had loans, paid them off 22.4% 77.6%
Only own loans 60.0% 40.0%
Only parent loans 32.6% 67.4%
Both parent and own loans 35.1% 64.9%
All adults 31.3% 68.7%
Not retired
Response to “Have you set aside emergency or rainy day funds that would cover your expenses for 3 months in case of sickness, job loss, economic downturn, or other emergencies?”
Student loan category No Yes
No student loans 52.0% 48.0%
Had loans, paid them off 29.8% 70.2%
Only own loans 62.0% 38.0%
Only parent loans 51.4% 48.6%
Both parent and own loans 63.1% 36.9%
All adults 50.6% 49.4%

Remarks: Double-up borrowers (56.7%) and those with only own-loans (61.9%) are the most likely to say their rainy day funds are not sufficient to cover 3 months of expenses. For most student loan groups, having a college degree is associated with more savings, but double-up borrowers are an exception (61.0% among those with a college degree, 49.7% among those without a degree). Generally, lower-income respondents are less likely to report that their savings are sufficient than higher-income respondents. Among retired respondents, borrowers with only own-loans are the most likely to report having insufficient savings, by a large margin.

Ability to pay monthly bills

Total
Response to “Which best describes your ability to pay all of your bills in full this month?”
Student loan category Able to pay all bills Can’t pay some bills
No student loans 83.5% 16.5%
Had loans, paid them off 91.0% 9.0%
Only own loans 77.6% 22.4%
Only parent loans 82.3% 17.7%
Both parent and own loans 73.3% 26.7%
All adults 83.6% 16.4%
Age < 50
Response to “Which best describes your ability to pay all of your bills in full this month?”
Student loan category Able to pay all bills Can’t pay some bills
No student loans 78.2% 21.8%
Had loans, paid them off 90.4% 9.6%
Only own loans 78.7% 21.3%
Only parent loans 71.0% 29.0%
Both parent and own loans 70.7% 29.3%
All adults 79.8% 20.2%
Age >= 50
Response to “Which best describes your ability to pay all of your bills in full this month?”
Student loan category Able to pay all bills Can’t pay some bills
No student loans 88.0% 12.0%
Had loans, paid them off 91.6% 8.4%
Only own loans 69.6% 30.4%
Only parent loans 84.8% 15.2%
Both parent and own loans 75.2% 24.8%
All adults 87.6% 12.4%
Black or Hispanic
Response to “Which best describes your ability to pay all of your bills in full this month?”
Student loan category Able to pay all bills Can’t pay some bills
No student loans 74.1% 25.9%
Had loans, paid them off 82.4% 17.6%
Only own loans 67.6% 32.4%
Only parent loans 77.5% 22.5%
Both parent and own loans 70.3% 29.7%
All adults 73.8% 26.2%
White
Response to “Which best describes your ability to pay all of your bills in full this month?”
Student loan category Able to pay all bills Can’t pay some bills
No student loans 87.6% 12.4%
Had loans, paid them off 93.2% 6.8%
Only own loans 83.7% 16.3%
Only parent loans 85.5% 14.5%
Both parent and own loans 78.3% 21.7%
All adults 87.9% 12.1%
College degree
Response to “Which best describes your ability to pay all of your bills in full this month?”
Student loan category Able to pay all bills Can’t pay some bills
No student loans 93.0% 7.0%
Had loans, paid them off 93.9% 6.1%
Only own loans 84.2% 15.8%
Only parent loans 85.2% 14.8%
Both parent and own loans 77.2% 22.8%
All adults 90.9% 9.1%
No college degree
Response to “Which best describes your ability to pay all of your bills in full this month?”
Student loan category Able to pay all bills Can’t pay some bills
No student loans 79.0% 21.0%
Had loans, paid them off 79.6% 20.4%
Only own loans 63.7% 36.3%
Only parent loans 79.7% 20.3%
Both parent and own loans 67.0% 33.0%
All adults 77.8% 22.2%
Income < $75K
Response to “Which best describes your ability to pay all of your bills in full this month?”
Student loan category Able to pay all bills Can’t pay some bills
No student loans 77.1% 22.9%
Had loans, paid them off 81.6% 18.4%
Only own loans 71.1% 28.9%
Only parent loans 72.7% 27.3%
Both parent and own loans 63.4% 36.6%
All adults 76.4% 23.6%
Income >= $75K
Response to “Which best describes your ability to pay all of your bills in full this month?”
Student loan category Able to pay all bills Can’t pay some bills
No student loans 94.7% 5.3%
Had loans, paid them off 95.7% 4.3%
Only own loans 89.5% 10.5%
Only parent loans 87.5% 12.5%
Both parent and own loans 82.0% 18.0%
All adults 93.8% 6.2%
Retired
Response to “Which best describes your ability to pay all of your bills in full this month?”
Student loan category Able to pay all bills Can’t pay some bills
No student loans 88.9% 11.1%
Had loans, paid them off 91.9% 8.1%
Only own loans 65.9% 34.1%
Only parent loans 86.4% 13.6%
Both parent and own loans 72.4% 27.6%
All adults 88.6% 11.4%
Not retired
Response to “Which best describes your ability to pay all of your bills in full this month?”
Student loan category Able to pay all bills Can’t pay some bills
No student loans 80.8% 19.2%
Had loans, paid them off 90.8% 9.2%
Only own loans 78.2% 21.8%
Only parent loans 80.8% 19.2%
Both parent and own loans 73.6% 26.4%
All adults 81.8% 18.2%

Remarks: Double-up borrowers (26.7%) are the most likely to say that they cannot pay all their monthly bills. Among double-up borrowers, this percentage rises for those under 50 years old (29.3%), who are Black or Hispanic (29.7%), those without a college degree (33.0%), and those with a household income under $75,000 (36.6%). When we look specifically at Black or Hispanic respondents or those with no college degree, borrowers with only own-loans are more likely than double-up borrowers to say they cannot pay all their monthly bills.

Ability to withstand a $400 emergency

Total
Response to “How would a ($400/$500) emergency expense that you had to pay impact your ability to pay your other bills this month?”
Student loan category Would still be able to pay all bills Could not pay some bills
No student loans 86.0% 14.0%
Had loans, paid them off 94.1% 5.9%
Only own loans 79.0% 21.0%
Only parent loans 90.2% 9.8%
Both parent and own loans 82.3% 17.7%
All adults 86.5% 13.5%
Age < 50
Response to “How would a ($400/$500) emergency expense that you had to pay impact your ability to pay your other bills this month?”
Student loan category Would still be able to pay all bills Could not pay some bills
No student loans 80.5% 19.5%
Had loans, paid them off 93.9% 6.1%
Only own loans 79.5% 20.5%
Only parent loans 85.4% 14.6%
Both parent and own loans 81.7% 18.3%
All adults 82.4% 17.6%
Age >= 50
Response to “How would a ($400/$500) emergency expense that you had to pay impact your ability to pay your other bills this month?”
Student loan category Would still be able to pay all bills Could not pay some bills
No student loans 90.3% 9.7%
Had loans, paid them off 94.3% 5.7%
Only own loans 74.4% 25.6%
Only parent loans 91.1% 8.9%
Both parent and own loans 82.8% 17.2%
All adults 90.5% 9.5%
Black or Hispanic
Response to “How would a ($400/$500) emergency expense that you had to pay impact your ability to pay your other bills this month?”
Student loan category Would still be able to pay all bills Could not pay some bills
No student loans 77.6% 22.4%
Had loans, paid them off 88.0% 12.0%
Only own loans 72.8% 27.2%
Only parent loans 85.6% 14.4%
Both parent and own loans 80.9% 19.1%
All adults 78.3% 21.7%
White
Response to “How would a ($400/$500) emergency expense that you had to pay impact your ability to pay your other bills this month?”
Student loan category Would still be able to pay all bills Could not pay some bills
No student loans 89.0% 11.0%
Had loans, paid them off 95.5% 4.5%
Only own loans 82.0% 18.0%
Only parent loans 92.3% 7.7%
Both parent and own loans 84.1% 15.9%
All adults 89.4% 10.6%
College degree
Response to “How would a ($400/$500) emergency expense that you had to pay impact your ability to pay your other bills this month?”
Student loan category Would still be able to pay all bills Could not pay some bills
No student loans 95.8% 4.2%
Had loans, paid them off 96.2% 3.8%
Only own loans 85.1% 14.9%
Only parent loans 94.8% 5.2%
Both parent and own loans 84.8% 15.2%
All adults 93.6% 6.4%
No college degree
Response to “How would a ($400/$500) emergency expense that you had to pay impact your ability to pay your other bills this month?”
Student loan category Would still be able to pay all bills Could not pay some bills
No student loans 80.7% 19.3%
Had loans, paid them off 84.5% 15.5%
Only own loans 61.8% 38.2%
Only parent loans 86.0% 14.0%
Both parent and own loans 77.6% 22.4%
All adults 79.8% 20.2%
Income < $75K
Response to “How would a ($400/$500) emergency expense that you had to pay impact your ability to pay your other bills this month?”
Student loan category Would still be able to pay all bills Could not pay some bills
No student loans 78.2% 21.8%
Had loans, paid them off 85.2% 14.8%
Only own loans 70.1% 29.9%
Only parent loans 77.5% 22.5%
Both parent and own loans 71.9% 28.1%
All adults 77.6% 22.4%
Income >= $75K
Response to “How would a ($400/$500) emergency expense that you had to pay impact your ability to pay your other bills this month?”
Student loan category Would still be able to pay all bills Could not pay some bills
No student loans 97.4% 2.6%
Had loans, paid them off 97.9% 2.1%
Only own loans 91.8% 8.2%
Only parent loans 96.1% 3.9%
Both parent and own loans 89.4% 10.6%
All adults 96.7% 3.3%
Retired
Response to “How would a ($400/$500) emergency expense that you had to pay impact your ability to pay your other bills this month?”
Student loan category Would still be able to pay all bills Could not pay some bills
No student loans 90.3% 9.7%
Had loans, paid them off 94.0% 6.0%
Only own loans 67.5% 32.5%
Only parent loans 90.8% 9.2%
Both parent and own loans 87.7% 12.3%
All adults 90.4% 9.6%
Not retired
Response to “How would a ($400/$500) emergency expense that you had to pay impact your ability to pay your other bills this month?”
Student loan category Would still be able to pay all bills Could not pay some bills
No student loans 83.8% 16.2%
Had loans, paid them off 94.1% 5.9%
Only own loans 79.4% 20.6%
Only parent loans 90.0% 10.0%
Both parent and own loans 80.8% 19.2%
All adults 84.9% 15.1%

Remarks: Double-up borrowers (17.7%) and borrowers with only own-loans (21.0%) are the most likely to report that they could not withstand a sudden $400 expense. For all student loan groups, percentages reporting that they could not withstand the sudden expense rise for those without a college degree and those whose household incomes are below $75,000. Among retired respondents, those with only own-loans are by far the most likely to say they could withstand the sudden expense (32.5%).

Retirement savings on track

Total
Response to “Do you think that your retirement savings plan is currently on track?”
Student loan category No Yes
No student loans 56.7% 43.3%
Had loans, paid them off 37.8% 62.2%
Only own loans 66.0% 34.0%
Only parent loans 54.9% 45.1%
Both parent and own loans 71.1% 28.9%
All adults 55.5% 44.5%
Age < 50
Response to “Do you think that your retirement savings plan is currently on track?”
Student loan category No Yes
No student loans 61.5% 38.5%
Had loans, paid them off 38.4% 61.6%
Only own loans 64.9% 35.1%
Only parent loans 61.2% 38.8%
Both parent and own loans 69.9% 30.1%
All adults 59.1% 40.9%
Age >= 50
Response to “Do you think that your retirement savings plan is currently on track?”
Student loan category No Yes
No student loans 47.6% 52.4%
Had loans, paid them off 36.6% 63.4%
Only own loans 76.6% 23.4%
Only parent loans 53.1% 46.9%
Both parent and own loans 72.0% 28.0%
All adults 48.1% 51.9%
Black or Hispanic
Response to “Do you think that your retirement savings plan is currently on track?”
Student loan category No Yes
No student loans 71.1% 28.9%
Had loans, paid them off 54.1% 45.9%
Only own loans 74.0% 26.0%
Only parent loans 65.2% 34.8%
Both parent and own loans 68.1% 31.9%
All adults 69.8% 30.2%
White
Response to “Do you think that your retirement savings plan is currently on track?”
Student loan category No Yes
No student loans 50.7% 49.3%
Had loans, paid them off 33.2% 66.8%
Only own loans 61.7% 38.3%
Only parent loans 49.9% 50.1%
Both parent and own loans 73.2% 26.8%
All adults 49.5% 50.5%
College degree
Response to “Do you think that your retirement savings plan is currently on track?”
Student loan category No Yes
No student loans 33.9% 66.1%
Had loans, paid them off 32.5% 67.5%
Only own loans 58.3% 41.7%
Only parent loans 47.7% 52.3%
Both parent and own loans 70.5% 29.5%
All adults 40.9% 59.1%
No college degree
Response to “Do you think that your retirement savings plan is currently on track?”
Student loan category No Yes
No student loans 68.9% 31.1%
Had loans, paid them off 60.7% 39.3%
Only own loans 84.5% 15.5%
Only parent loans 61.7% 38.3%
Both parent and own loans 72.2% 27.8%
All adults 69.9% 30.1%
Income < $75K
Response to “Do you think that your retirement savings plan is currently on track?”
Student loan category No Yes
No student loans 74.4% 25.6%
Had loans, paid them off 65.0% 35.0%
Only own loans 76.4% 23.6%
Only parent loans 76.8% 23.2%
Both parent and own loans 79.2% 20.8%
All adults 74.1% 25.9%
Income >= $75K
Response to “Do you think that your retirement savings plan is currently on track?”
Student loan category No Yes
No student loans 30.5% 69.5%
Had loans, paid them off 26.6% 73.4%
Only own loans 49.1% 50.9%
Only parent loans 45.0% 55.0%
Both parent and own loans 64.8% 35.2%
All adults 33.6% 66.4%

Remarks: Double-up borrowers (71.1%) are the most likely to report that their retirement savings plan is not on track. For most student loan groups, Black or Hispanic respondents are more likely to report that their retirement savings plan is not on track compared to white respondents, but double-up borrowers are an exception: 68.1% for Black or Hispanic double-up borrowers, 73.2% for white double-up borrowers. Across the board, respondents with no college degree are much more likely to say that their retirement savings plan is not on track compared to those with a college degree, although the gap is smallest for double-up borrowers. Among higher-income respondents, double-up borrowers are by far the most likely to report that their retirement savings plan is not on track.

Note that this survey question was not asked to those who are already retired.

Conclusion

The challenges facing student loan borrowers who take on debt for their own education, and the challenges facing parent-borrowers who take on debt for their child’s education, are well documented. Less understood are the unique set of challenges facing borrowers who fall into both of these groups. This analysis has offered some insights by comparing double-up borrowers to four comparison groups.

  • By a large margin, double-up borrowers are the most likely group to identify as Black or Hispanic, especially those without a college degree, those who are lower-income, and those who are retired. This suggests the benefits of student debt relief for double-up borrowers may be disproportionately concentrated in communities of color.
  • Double-up borrowers are more likely to be low-income than borrowers with only parent-loans, and more than half of double-up borrowers reported receiving any public benefit (the highest rate of any group). Both of these findings point to the economic stress double-up borrowers may face, particularly compared to other parent-borrowers.
  • Among those over 50 years old, double-up borrowers are the group least likely to report having a good credit score.
  • More than 4 in 10 double-up borrowers who are retired say that they are behind on their loans. Since the pooled sample spans survey years 2018 to 2022, this figure would likely be even higher if not for the pandemic repayment pause.
  • Nearly 4 in 5 double-up borrowers carries unpaid credit card debt, the highest rate of any group by a large margin. This could indicate significant challenges for these borrowers to pay for basic needs, adding up to an inescapable cycle of debt.
  • More than half of double-up borrowers say that they cannot cover 3 months of expenses with savings, and 1 in 4 double-up borrowers says they cannot currently pay their monthly bills. Both of these are the highest rates of the student loan groups.
  • Among retired respondents, double-up borrowers are the most likely (close to 1 in 3) to say that they could not withstand a $400 emergency expense.
  • More than 7 in 10 double-up borrowers who are not retired say that their retirement savings plan is not on track.

These findings verify that the financial consequences of holding both own-loans and parent-loans can be worse than the separate consequences of each of these loans. Across many indicators of hardship, double-up borrowers reported greater financial difficulty than those with only parent-loans, and indeed, worse than all comparison groups. Breakouts by race and income highlight how Black, Latino, and low-income households may disproportionately experience hardship through the combination of own-loans and parent-loans.

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