Do the rich take out student loans?

Yes, the rich take out student loans. In fact, nearly one-third of all student loan debt is owed by the wealthiest 20% of households, while only 8% is owned by the bottom 20% of housholds.

However, this is not to say that the wealthy are burdened more. Typically, households in the top 20% of earners have the income to comfortably pay student loans, while many individuals and families in the bottom 20% face negative consequences. Many of lower-income individuals who graduate college end up working extra hours, working two jobs, or even working in a field unrelated to their major.