Student debt is an increasing challenge for US students and recent graduates, but it is also hampering the economy across generations and activities, the president of the Federal Reserve Bank of Philadelphia said in a speech on April 17.

Millennials are more likely than previous generations to take out a student loan, Patrick Harker said. Tuition fees have increased more quickly than incomes over the past 20 years and policymakers have failed to update public grants accordingly.

But, as