Millions of Americans are struggling with mounting student loan debt, the Federal Reserve Bank of New York reported that the amount has reached an all-time high of more than $1.6 trillion. Students under 30 are more likely to have student loan debt; however, nearly a quarter of the debt belongs to adults 50 and older. It is a multigenerational issue with college costs soaring far above inflation over the past 52 years. In the 1968-1969 academic year, adjusted for inflation, attending a public, four-year institution would cost $1,545. Now, in the 2020-2021 school year, that amount is over $29,000. If education costs had just followed inflation, the cost would be around $12,000 per year.

Although college graduates earn more than those without a degree, 51% of students who graduated from public four-year institutions leave with federal debt averaging over $