Student Loan Debt by Age

Report Highlights. Borrowers aged 50 to 61 years have the highest average outstanding student loan debt at $46,790 per borrower.

• Borrowers under 40 owe 54.5% of all student loan debt, totaling $869.02 billion.
• 25% of adults aged 18 to 29 years have student loan debt, making them more likely than adults in any other age group to have student debt.
• Student borrowers aged 30 to 39 years owe 32.5% of the national student loan debt balance or $517.45 billion.

Related research includes Student Loan Debt Statistics | Student Loan Debt by Race | Student Loan Debt by Gender | Student Loan Debt by Year | Student Loan Refinancing

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Student Loan Debt by Age

Charting student loan debt by age group is useful for tracking how education and financial policy changes affect consumers over time. Some variations in average student loan debt balances among age groups may be due to postgraduate and professional degrees. The rise and fall of interest rates are also a logical factor.

• According to the Federal Reserve, 30- to 39-year-olds have an average student loan debt of $42,014.
• 40- to 49-year-olds possess an average student loan debt of $44,798.
• In 2022, borrowers aged 29 and younger have an average $23,795 of in student loan debt.
• Adults 60 and over owe less than 10% of the national student loan debt.
• 14.8 million or 28.3% of adults under 30 years old have student loan debt.
• 12.3 million or 27.2% of adults in their 30s have student loan debt.
• 7.8 million or 19.2% of adults in their 40s have student loan debt.
• 5.3 million or 13.0% of adults in their 50s have student loan debt.

Federal Student Loan Debt by Age

According to the Student Loan Debt Statistics article, the Federal Reserve tracks all student loan debt, federal and private, over 90% of student loan debt is federal.

• Federal borrowers 24 years old and younger owe an average of $14,162.
• Federal debt among 24-and-under borrowers has declined 5.44% since 2017.
• Federal borrowers aged 25 to 34 owe an average debt of $33,150.
• Debt among 25- to 34-year-olds has increased 4.80% since 2017.
• 35- to 49-year-olds owe an average federal debt of $44,288.
• Debt among 35- to 49-year-olds has increased 20.8% since 2017.
• Federal borrowers aged 50 to 61 years owe an average $46,790.
• Debt among 50- to 61-year-olds has increased 33.5% since 2017.
• Among borrowers aged 62 and older, the average debt is $43,392.
• Federal debt among borrowers aged 62 and older has increased 33.2% since 2017.
• Most borrowers are 25 to 34 years old or 35 to 49 years old.

Federal Student Loan Debt by Age & Location

State data reflect variations in the burden of debt among age groups; in some states, the average student debt consistently increases as the population ages, never declining.

• In the District of Columbia, student borrowers under the age of 50 have the highest average debt among their peers.
• In most states, 50- to 61-year-olds have the highest average debt and/or the highest total debt.
• Borrowers aged 62 years and older who live in and around New England, such as Vermont and New Hampshire, have the highest average debt among their peers.

Student Debt by Age in Alabama

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average,  exceeding 35- to 49-year-olds by 1.8%.

• 103,200 federal borrowers aged 24 years and younger owe an average $14,147 each for a total of $1.46 billion.
• 212,300 borrowers aged 25 to 34 owe an average $33,019 each for a total of $7.01 billion.
• 213,200 35- to 49-year-olds owe an average $48,311 for a total of $ 10.3 billion.
• 92,300 50- to 61-year-olds owe an average $49,187, totaling $4.54 billion.
• 35,600 federal borrowers aged 62 years and older owe an average $42,416, totaling $1.51 billion.

Student Debt by Age in Alaska

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 7.1%.

• 7,300 federal borrowers aged 24 years and younger owe an average $10,959 each for a total of $80 million.
• 22,800 borrowers aged 25 to 34 owe an average $28,947 each for a total of $660 million.
• 25,100 35- to 49-year-olds owe an average $43,426, totaling $1.09 billion.
• 8,600 50- to 61-year-olds owe an average $46,512, totaling $400 million.
• 3,500 federal borrowers aged 62 years and older owe an average $42,857, totaling $150 million.

Student Debt by Age in Arizona

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 1.3%.

• 116,800 federal borrowers aged 24 years and younger owe an average $12,414 each for a total of $1.45 billion.
• 299,200 borrowers aged 25 to 34 owe an average $30,916 each for a total of $9.25 billion.
• 309,800 35- to 49-year-olds owe an average $44,351, totaling $13.74 billion.
• 132,000 50- to 61-year-olds owe an average $44,924, totaling $5.93 billion.
• 56,400 federal borrowers aged 62 years and older owe an average $42,553, totaling $2.40 billion.

Student Debt by Age in Arkansas

Most debt belongs to 35- to 49-year-olds; 35- to 49-year-olds owe the most on average, exceeding 50- to 61-year-olds by 0.5%.

• 60,600 federal borrowers aged 24 years and younger owe an average $13,201 each for a total of $800 million.
• 133,400 borrowers aged 25 to 34 owe an average $29,760 each for a total of $3.97 billion.
• 138,700 35- to 49-year-olds owe an average $43,331, totaling $6.01 billion.
• 52,200 50- to 61-year-olds owe an average $43,103, totaling $2.25 billion.
• 18,700 federal borrowers aged 62 years and older owe an average $39,572, totaling $740 million.

Student Debt by Age in California

Most debt belongs to 35- to 49-year-olds; 35- to 49-year-olds owe the most on average, exceeding 50- to 61-year-olds by 1.2%.

• 562,900 federal borrowers aged 24 years and younger owe an average $13,075 each for a total of $7.36 billion.
• 1,398,900 borrowers aged 25 to 34 owe an average $34,370 each for a total of $48.08 billion.
• 1,222,200 35- to 49-year-olds owe an average $48,969, totaling $59.85 billion.
• 510,000 50- to 61-year-olds owe an average $48,392, totaling $24.68 billion.
• 252,400 federal borrowers aged 62 years and older owe an average $45,127, totaling $11.39 billion.

Student Debt by Age in Colorado

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding borrowers 62 years and older by 2.9%.

• 105,800 federal borrowers aged 24 years and younger owe an average $12,854 each for a total of $1.36 billion.
• 283,000 borrowers aged 25 to 34 owe an average $32,403 each for a total of $9.17 billion.
• 259,100 35- to 49-year-olds owe an average $47,009, totaling $12.18 billion.
• 94,700 50- to 61-year-olds owe an average $49,842, totaling $4.72 billion.
• 38,800 federal borrowers aged 62 years and older owe an average $48,454, totaling $1.88 billion.

Student Debt by Age in Connecticut

Most debt belongs to 35- to 49-year-olds; borrowers 62 years and older owe the most on average, exceeding 50- to 61-year-olds by 7.9%.

• 106,000 federal borrowers aged 24 years and younger owe an average $15,660 each for a total of $1.66 billion.
• 174,200 borrowers aged 25 to 34 owe an average $34,673 each for a total of $6.04 billion.
• 138,400 35- to 49-year-olds owe an average $44,436, totaling $6.15 billion.
• 67,800 50- to 61-year-olds owe an average $51,770, totaling $3.51 billion.
• 30,600 federal borrowers aged 62 years and older owe an average $55,882, totaling $1.71 billion.

Student Debt by Age in Delaware

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding borrowers aged 62 years and older by 1.3%.

• 23,700 federal borrowers aged 24 years and younger owe an average $14,768 each for a total of $350 million.
• 44,200 borrowers aged 25 to 34 owe an average $33,484 each for a total of $1.48 billion.
• 40,300 35- to 49-year-olds owe an average $47,891, totaling $1.93 billion.
• 19,200 50- to 61-year-olds owe an average $55,729, totaling $1.07 billion.
• 8,000 federal borrowers aged 62 years and older owe an average $55,000, totaling $440 million.

Student Debt by Age in District of Columbia

Most debt belongs to 25- to 34-year-olds; 35- to 49-year-olds owe the most on average, exceeding 50- to 61-year-olds by 28.1%.

• 12,500 federal borrowers aged 24 years and younger owe an average $18,400 each for a total of $230 million.
• 48,600 borrowers aged 25 to 34 owe an average $53,498 each for a total of $2.60 billion.
• 36,400 35- to 49-year-olds owe an average $71,154, totaling $2.59 billion.
• 11,700 50- to 61-year-olds owe an average $55,556, totaling $650 million.
• 7,900 federal borrowers aged 62 years and older owe an average $45,570, totaling $360 million.

Student Debt by Age in Florida

Most debt belongs to 35- to 49-year-olds; 35- to 49-year-olds owe the most on average, exceeding 50- to 61-year-olds by 1.0%.

• 325,100 federal borrowers aged 24 years and younger owe an average $14,149 each for a total of $4.60 billion.
• 888,100 borrowers aged 25 to 34 owe an average $35,289 each for a total of $31.34 billion.
• 934,400 35- to 49-year-olds owe an average $47,903, totaling $45.24 billion.
• 393,900 50- to 61-year-olds owe an average $47,449, totaling $18.69 billion.
• 165,700 federal borrowers aged 62 years and older owe an average $46,107, totaling $7.64 billion.

Student Debt by Age in Georgia

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 5.3%.

• 255,000 federal borrowers aged 24 years and younger owe an average $14,078 each for a total of $3.59 billion.
• 550,300 borrowers aged 25 to 34 owe an average $35,635 each for a total of $19.61 billion.
• 552,900 35- to 49-year-olds owe an average $53,500, totaling $29.58 billion.
• 245,600 50- to 61-year-olds owe an average $56,352, totaling $13.84 billion.
• 91,700 federal borrowers aged 62 years and older owe an average $52,563, totaling $4.82 billion.

Student Debt by Age in Hawaii

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 62 years and older by 1.4%.

• 19,400 federal borrowers aged 24 years and younger owe an average $13,402 each for a total of $260 million.
• 39,600 borrowers aged 25 to 34 owe an average $31,313 each for a total of $1.24 billion.
• 38,300 35- to 49-year-olds owe an average $49,086, totaling $1.88 billion.
• 17,700 50- to 61-year-olds owe an average $53,107, totaling $940 million.
• 8,400 federal borrowers aged 62 years and older owe an average $52,381, totaling $440 million.

Student Debt by Age in Idaho

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 2.3%.

• 31,200 federal borrowers aged 24 years and younger owe an average $11,218 each for a total of $350 million.
• 73,400 borrowers aged 25 to 34 owe an average $27,248 each for a total of $2.00 billion.
• 78,400 35- to 49-year-olds owe an average $43,112, totaling $3.38 billion.
• 27,200 50- to 61-year-olds owe an average $44,118, totaling $1.20 billion.
• 9,800 federal borrowers aged 62 years and older owe an average $42,857, totaling $420 million.

Student Debt by Age in Illinois

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding borrowers 62 years and older by 6.8%.

• 287,800 federal borrowers aged 24 years and younger owe an average $14,976 each for a total of $4.31 billion.
• 558,900 borrowers aged 25 to 34 owe an average $36,429 each for a total of $20.36 billion.
• 461,500 35- to 49-year-olds owe an average $48,949, totaling $22.59 billion.
• 213,400 50- to 61-year-olds owe an average $52,390, totaling $11.18 billion.
• 100,900 federal borrowers aged 62 years and older owe an average $49,058, totaling $4.95 billion.

Student Debt by Age in Indiana

Most debt belongs to 35- to 49-year-olds; 50- to 61-year olds and borrowers 62 years and older owe the most on average, with nearly the same amount of debt per borrower in each age group.

• 141,200 federal borrowers aged 24 years and younger owe an average $13,598 each for a total of $1.92 billion.
• 297,100 borrowers aged 25 to 34 owe an average $28,812 each for a total of $8.56 billion.
• 297,800 35- to 49-year-olds owe an average $41,202, totaling $12.27 billion.
• 123,800 50- to 61-year-olds owe an average $43,619, totaling $5.40 billion.
• 44,700 federal borrowers aged 62 years and older owe an average $43,624, totaling $1.95 billion.

Student Debt by Age in Iowa

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 1.2%.

• 82,500 federal borrowers aged 24 years and younger owe an average $14,061 each for a total of $1.16 billion.
• 144,900 borrowers aged 25 to 34 owe an average $28,640 each for a total of $4.15 billion.
• 132,400 35- to 49-year-olds owe an average $39,199, totaling $5.19 billion.
• 51,400 50- to 61-year-olds owe an average $39,689 totaling $2.04 billion.
• 18,800 federal borrowers aged 62 years and older owe an average $38,830, totaling $730 million.

Student Debt by Age in Kansas

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 62 years and older by 4.0%.

• 64,800 federal borrowers aged 24 years and younger owe an average $13,272 each for a total of $860 million.
• 126,900 borrowers aged 25 to 34 owe an average $29,236 each for a total of $3.71 billion.
• 123,700 35- to 49-year-olds owe an average $41,876, totaling $5.18 billion.
• 49,400 50- to 61-year-olds owe an average $44,130, totaling $2.18 billion.
• 19,800 federal borrowers aged 62 years and older owe an average $42,424, totaling $840 million.

Student Debt by Age in Kentucky

Most debt belongs to 35- to 49-year-olds; 35- to 49-year-olds owe the most on average, exceeding 50- to 61-year-olds by 1.1%.

• 88,800 federal borrowers aged 24 years and younger owe an average $13,964 each for a total of $1.24 billion.
• 204,800 borrowers aged 25 to 34 owe an average $31,641 each for a total of $6.48 billion.
• 211,900 35- to 49-year-olds owe an average $41,199, totaling $8.73 billion.
• 80,700 50- to 61-year-olds owe an average $40,768, totaling $3.29 billion.
• 25,200 federal borrowers aged 62 years and older owe an average $37,302, totaling $940 million.

Student Debt by Age in Louisiana

Most debt belongs to 35- to 49-year-olds; 35- to 49-year-olds owe the most on average, exceeding 50- to 61-year-olds by 3.4%.

• 119,300 federal borrowers aged 24 years and younger owe an average $13,747 each for a total of $1.64 billion.
• 223,300 borrowers aged 25 to 34 owe an average $32,468 each for a total of $7.25 billion.
• 216,400 35- to 49-year-olds owe an average $45,425, totaling $9.83 billion.
• 83,500 50- to 61-year-olds owe an average $43,952, totaling $3.67 billion.
• 33,700 federal borrowers aged 62 years and older owe an average $38,040, totaling $1.32 billion.

Student Debt by Age in Maine

Most debt belongs to 35- to 49-year-olds; borrowers aged 62 years and older owe the most on average, exceeding 50- to 61-year-olds by 10.7%.

• 30,800 federal borrowers aged 24 years and younger owe an average $14,610 each for a total of $450 million.
• 67,000 borrowers aged 25 to 34 owe an average $31,343 each for a total of $2.10 billion.
• 58,400 35- to 49-year-olds owe an average $42,295, totaling $2.47 billion.
• 23,100 50- to 61-year-olds owe an average $43,723, totaling $1.01 billion.
• 9,500 federal borrowers aged 62 years and older owe an average $48,421, totaling $460 million.

Student Debt by Age in Maryland

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 62 years and older by 4.3%.

• 129,300 federal borrowers aged 24 years and younger owe an average $14,927 each for a total of $1.93 billion.
• 272,900 borrowers aged 25 to 34 owe an average $37,706 each for a total of $10.29 billion.
• 263,600 35- to 49-year-olds owe an average $54,780, totaling $14.44 billion.
• 122,800 50- to 61-year-olds owe an average $58,876, totaling $7.23 billion.
• 56,000 federal borrowers aged 62 years and older owe an average $56,429, totaling $3.16 billion.

Student Debt by Age in Massachusetts

Most debt belongs to 25- to 34-year-olds; borrowers aged 62 years and older owe the most on average, exceeding 50- to 61-year-olds by 7.2%.

• 204,300 federal borrowers aged 24 years and younger owe an average $15,859 each for a total of $3.24 billion.
• 346,500 borrowers aged 25 to 34 owe an average $35,325 each for a total of $12.24 billion.
• 227,200 35- to 49-year-olds owe an average $44,938, totaling $10.21 billion.
• 94,000 50- to 61-year-olds owe an average $49,255, totaling $4.63 billion.
• 44,900 federal borrowers aged 62 years and older owe an average $52,784, totaling $2.37 billion.

Student Debt by Age in Michigan

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 2.3%.

• 211,700 federal borrowers aged 24 years and younger owe an average $14,738 each for a total of $3.12 billion.
• 469,800 borrowers aged 25 to 34 owe an average $34,802 each for a total of $16.35 billion.
• 439,100 35- to 49-year-olds owe an average $45,161, totaling $19.83 billion.
• 193,900 50- to 61-year-olds owe an average $46,209, totaling $8.96 billion.
• 78,900 federal borrowers aged 62 years and older owe an average $42,712, totaling $3.37 billion.

Student Debt by Age in Minnesota

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 4.1%.

• 147,900 federal borrowers aged 24 years and younger owe an average $14,064 each for a total of $2.08 billion.
• 282,300 borrowers aged 25 to 34 owe an average $31,420 each for a total of $8.87 billion.
• 245,300 35- to 49-year-olds owe an average $44,476, totaling $10.91 billion.
• 81,000 50- to 61-year-olds owe an average $46,296, totaling $3.75 billion.
• 31,800 federal borrowers aged 62 years and older owe an average $44,340, totaling $1.41 billion.

Student Debt by Age in Mississippi

Most debt belongs to 35- to 49-year-olds; 35- to 49-year-olds owe the most on average, exceeding 50- to 61-year-olds by 0.9%.

• 65,300 federal borrowers aged 24 years and younger owe an average $13,323 each for a total of $870 million.
• 142,700 borrowers aged 25 to 34 owe an average $31,324 each for a total of $4.47 billion.
• 151,000 35- to 49-year-olds owe an average $48,874, totaling $7.38 billion.
• 64,000 50- to 61-year-olds owe an average $48,438, totaling $3.10 billion.
• 25,300 federal borrowers aged 62 years and older owe an average $41,897, totaling $1.06 billion.

Student Debt by Age in Missouri

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 4.2%.

• 121,900 federal borrowers aged 24 years and younger owe an average $14,110 each for a total of $1.72 billion.
• 273,500 borrowers aged 25 to 34 owe an average $31,737 each for a total of $8.68 billion.
• 276,500 35- to 49-year-olds owe an average $44,014, totaling $12.17 billion.
• 113,600 50- to 61-year-olds owe an average $45,863, totaling $5.21 billion.
• 46,800 federal borrowers aged 62 years and older owe an average $42,094, totaling $1.97 billion.

Student Debt by Age in Montana

Most debt belongs to 35- to 49-year-olds; 35- to 49-year-olds owe the most on average, exceeding borrowers aged 62 years and older by 1.6%.

• 18,700 federal borrowers aged 24 years and younger owe an average $12,299 each for a total of $230 million.
• 42,800 borrowers aged 25 to 34 owe an average $29,206 each for a total of $1.25 billion.
• 43,700 35- to 49-year-olds owe an average $44,165 totaling $1.93 billion.
• 16,300 50- to 61-year-olds owe an average $42,331, totaling $690 million.
• 6,900 federal borrowers aged 62 years and older owe an average $43,478, totaling $300 million.

Student Debt by Age in Nebraska

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 2.4%.

• 47,700 federal borrowers aged 24 years and younger owe an average $13,417 each for a total of $640 million.
• 86,100 borrowers aged 25 to 34 owe an average $30,662 each for a total of $2.64 billion.
• 74,000 35- to 49-year-olds owe an average $41,486, totaling $3.07 billion.
• 29,900 50- to 61-year-olds owe an average $42,475, totaling $1.27 billion.
• 11,200 federal borrowers aged 62 years and older owe an average $39,286, totaling $440 million.

Student Debt by Age in Nevada

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 2.9%.

• 45,000 federal borrowers aged 24 years and younger owe an average $11,333 each for a total of $510 million.
• 119,500 borrowers aged 25 to 34 owe an average $29,623 each for a total of $3.54 billion.
• 123,700 35- to 49-year-olds owe an average $43,007, totaling $5.32 billion.
• 51,500 50- to 61-year-olds owe an average $44,272, totaling $2.28 billion.
• 23,400 federal borrowers aged 62 years and older owe an average $41,880, totaling $980 million.

Student Debt by Age in New Hampshire

Most debt belongs to 35- to 49-year-olds; borrowers aged 62 years and older owe the most on average, exceeding 50- to 61-year-olds by 7.6%.

• 37,600 federal borrowers aged 24 years and younger owe an average $15,160 each for a total of $570 million.
• 69,400 borrowers aged 25 to 34 owe an average $30,836 each for a total of $2.47 billion.
• 69,400 35- to 49-year-olds owe an average $44,297, totaling $2.33 billion.
• 23,000 50- to 61-year-olds owe an average $51,304, totaling $1.18 billion.
• 9,600 federal borrowers aged 62 years and older owe an average $55,208, totaling $530 million.

Student Debt by Age in New Jersey

Most debt belongs to 25- to 34-year-olds; borrowers aged 62 years and older owe the most on average, exceeding 50- to 61- year-olds by 0.4%.

• 251,700 federal borrowers aged 24 years and younger owe an average $15,574 each for a total of $3.92 billion.
• 439,800 borrowers aged 25 to 34 owe an average $35,630 each for a total of $15.67 billion.
• 317,600 35- to 49-year-olds owe an average $45,970, totaling $14.60 billion.
• 150,600 50- to 61-year-olds owe an average $53,652, totaling $8.08 billion.
• 73,300 federal borrowers aged 62 years and older owe an average $53,888, totaling $3.95 billion.

Student Debt by Age in New Mexico

Most debt belongs to 35- to 49-year-olds; borrowers aged 62 years and older owe the most on average, exceeding 50- to 61-year-olds by 5.6%.

• 21,900 federal borrowers aged 24 years and younger owe an average $10,959 each for a total of $240 million.
• 69,800 borrowers aged 25 to 34 owe an average $26,648 each for a total of $1.86 billion.
• 87,200 35- to 49-year-olds owe an average $41,514, totaling $3.62 billion.
• 33,300 50- to 61-year-olds owe an average $42,943, totaling $1.43 billion.
• 15,000 federal borrowers aged 62 years and older owe an average $45,333, totaling $680 million.

Student Debt by Age in New York

Most debt belongs to 25- to 34-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 4.0%.

• 454,700 federal borrowers aged 24 years and younger owe an average $15,879 each for a total of $7.22 billion.
• 878,100 borrowers aged 25 to 34 owe an average $37,843 each for a total of $33.23 billion.
• 674,800 35- to 49-year-olds owe an average $48,533, totaling $32.75 billion.
• 303,300 50- to 61-year-olds owe an average $50,473, totaling $15.46 billion.
• 159,300 federal borrowers aged 62 years and older owe an average $48,023, totaling $7.65 billion.

Student Debt by Age in North Carolina

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 1.2%.

• 215,700 federal borrowers aged 24 years and younger owe an average $14,835 each for a total of $3.20 billion.
• 464,800 borrowers aged 25 to 34 owe an average $34,811 each for a total of $16.18 billion.
• 429,200 35- to 49-year-olds owe an average $49,045, totaling $21.05 billion.
• 192,100 50- to 61-year-olds owe an average $49,610, totaling $9.53 billion.
• 69,900 federal borrowers aged 62 years and older owe an average $47,210, totaling $3.30 billion.

Student Debt by Age in North Dakota

Most debt belongs to 35- to 49-year-olds; 35- to 49-year-olds owe the most on average, exceeding 50- to 61-year-olds by 2.1%.

• 19,500 federal borrowers aged 24 years and younger owe an average $13,846 each for a total of $270 million.
• 33,600 borrowers aged 25 to 34 owe an average $27,083 each for a total of $910 million.
• 25,800 35- to 49-year-olds owe an average $40,310, totaling $1.04 billion.
• 7,600 50- to 61-year-olds owe an average $9,474, totaling $300 million.
• 2,700 federal borrowers aged 62 years and older owe an average $37,037, totaling $100 million.

Student Debt by Age in Ohio

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding borrowers 62 years and older by 5.1%.

• 281,700 federal borrowers aged 24 years and younger owe an average $14,271 each for a total of $4.02 billion.
• 579,500 borrowers aged 25 to 34 owe an average $31,717 each for a total of $18.38 billion.
• 579,900 35- to 49-year-olds owe an average $42,697, totaling $24.76 billion.
• 244,600 50- to 61-year-olds owe an average $45,503, totaling $11.13 billion.
• 99,100 federal borrowers aged 62 years and older owe an average $43,290, totaling $4.29 billion.

Student Debt by Age in Oklahoma

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 6.4%.

• 67,000 federal borrowers aged 24 years and younger owe an average $12,687 each for a total of $850 million.
• 157,800 borrowers aged 25 to 34 owe an average $27,567 each for a total of $4.35 billion.
• 180,000 35- to 49-year-olds owe an average $39,222, totaling $7.06 billion.
• 71,400 50- to 61-year-olds owe an average $41,737, totaling $2.98 billion.
• 28,500 federal borrowers aged 62 years and older owe an average $38,246, totaling $1.09 billion.

Student Debt by Age in Oregon

Most debt belongs to 35- to 49-year-olds; 35- to 49-year-olds owe the most on average, exceeding 50- to 61-year-olds by 2.2%.

• 60,200 federal borrowers aged 24 years and younger owe an average $12,791 each for a total of $770 million.
• 171,400 borrowers aged 25 to 34 owe an average $32,439 each for a total of $5.56 billion.
• 197,300 35- to 49-year-olds owe an average $47,136, totaling $9.30 billion.
• 70,900 50- to 61-year-olds owe an average $46,121, totaling $3.27 billion.
• 30,000 federal borrowers aged 62 years and older owe an average $44,839, totaling $1.39 billion.

Student Debt by Age in Pennsylvania

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding borrowers aged 62 years and older by 1.4%.

• 366,400 federal borrowers aged 24 years and younger owe an average $15,666 each for a total of $5.74 billion.
• 657,000 borrowers aged 25 to 34 owe an average $34,373 each for a total of $22.60 billion.
• 510,100 35- to 49-year-olds owe an average $35,383, totaling $23.15 billion.
• 230,300 50- to 61-year-olds owe an average $49,066, totaling $11.30 billion.
• 97,100 federal borrowers aged 62 years and older owe an average $48,404, totaling $4.70 billion.

Student Debt by Age in Puerto Rico

Most debt belongs to 35- to 49-year-olds; 35- to 49-year-olds owe the most on average, exceeding 50- to 61-year-olds by 16.5%.

• 32,400 federal borrowers aged 24 years and younger owe an average $12,346 each for a total of $400 million.
• 121,700 borrowers aged 25 to 34 owe an average $30,403 each for a total of $3.70 billion.
• 119,400 35- to 49-year-olds owe an average $39,280, totaling $4.69 billion.
• 42,700 50- to 61-year-olds owe an average $33,724, totaling $1.44 billion.
• 15,600 federal borrowers aged 62 years and older owe an average $29,487, totaling $460 million.

Student Debt by Age in Rhode Island

Most debt belongs to 25- to 34-year-olds; borrowers aged 62 years and older owe the most on average, exceeding 50- to 61-year-olds by 13.1%.

• 28,000 federal borrowers aged 24 years and younger owe an average $15,000 each for a total of $420 million.
• 56,000 borrowers aged 25 to 34 owe an average $32,143 each for a total of $1.80 billion.
• 40,100 35- to 49-year-olds owe an average $40,898, totaling $1.64 billion.
• 16,500 50- to 61-year-olds owe an average $43,030, totaling $710 million.
• 7,600 federal borrowers aged 62 years and older owe an average $48,684, totaling $370 million.

Student Debt by Age in South Carolina

Most debt belongs to 35- to 49-year-olds; 35- to 49 -year-olds owe the most on average, exceeding 50- to 61-year-olds by 0.4%.

• 123,700 federal borrowers aged 24 years and younger owe an average $14,875 each for a total of $1.84 billion.
• 253,800 borrowers aged 25 to 34 owe an average $34,791 each for a total of $8.83 billion.
• 243,900 35- to 49-year-olds owe an average $49,077, totaling $11.97 billion.
• 108,400 50- to 61-year-olds owe an average $48,893, totaling $5.30 billion.
• 41,800 federal borrowers aged 62 years and older owe an average $46,411, totaling $1.94 billion.

Student Debt by Age in South Dakota

Most debt belongs to 35- to 49-year-olds; 35- to 49-year-olds owe the most on average, exceeding 50- to 61-year-olds by 2.4%.

• 26,300 federal borrowers aged 24 years and younger owe an average $13,688 each for a total of $360 million.
• 41,800 borrowers aged 25 to 34 owe an average $28,708 each for a total of $1.20 billion.
• 33,900 35- to 49-year-olds owe an average $42,478, totaling $1.44 billion.
• 12,300 50- to 61-year-olds owe an average $41,463, totaling $510 million.
• 5,000 federal borrowers aged 62 years and older owe an average $40,000, totaling $200 million.

Student Debt by Age in Tennessee

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 1.8%.

• 125,100 federal borrowers aged 24 years and younger owe an average $14,149 each for a total of $1.77 billion.
• 311,200 borrowers aged 25 to 34 owe an average $33,194 each for a total of $10.33 billion.
• 291,000 35- to 49-year-olds owe an average $46,117, totaling $13.42 billion.
• 120,800 50- to 61-year-olds owe an average $46,937, totaling $5.67 billion.
• 42,800 federal borrowers aged 62 years and older owe an average $43,925, totaling $1.88 billion.

Student Debt by Age in Texas

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 6.2%.

• 621,900 federal borrowers aged 24 years and younger owe an average $12,671 each for a total of $7.88 billion.
• 1,315,900 borrowers aged 25 to 34 owe an average $29,349 each for a total of $38.62 billion.
• 1,260,200 35- to 49-year-olds owe an average $42,969, totaling $54.15 billion.
• 498,900 50- to 61-year-olds owe an average $45,620, totaling $22.76 billion.
• 188,500 federal borrowers aged 62 years and older owe an average $42,175, totaling $7.95 billion.

Student Debt by Age in Utah

Most debt belongs to 35- to 49-year-olds; borrowers aged 62 years and older owe the most on average, exceeding 35- to 49-years old by 1.1%.

• 47,600 federal borrowers aged 24 years and younger owe an average $10,924 each for a total of $520 million.
• 120,800 borrowers aged 25 to 34 owe an average $28,477 each for a total of $3.44 billion.
• 113,200 35- to 49-year-olds owe an average $45,318, totaling $5.13 billion.
• 30,500 50- to 61-year-olds owe an average $43,934, totaling $1.34 billion.
• 9,600 federal borrowers aged 62 years and older owe an average $45,833, totaling $440 million.

Student Debt by Age in Vermont

Most debt belongs to 35- to 49-year-olds; borrowers aged 62 years and older owe the most on average, exceeding 50- to 61-year-olds by 9.4%.

• 14,100 federal borrowers aged 24 years and younger owe an average $14,184 each for a total of $200 million.
• 27,000 borrowers aged 25 to 34 owe an average $32,963 each for a total of $890 million.
• 21,800 35- to 49-year-olds owe an average $49,099, totaling $1.09 billion.
• 9,100 50- to 61-year-olds owe an average $51,648, totaling $470 million.
• 4,600 federal borrowers aged 62 years and older owe an average $56,522, totaling $260 million.

Student Debt by Age in Virginia

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding borrowers aged 62 years and older by 5.1%.

• 184,500 federal borrowers aged 24 years and younger owe an average $14,959 each for a total of $2.76 billion.
• 374,300 borrowers aged 25 to 34 owe an average $36,308 each for a total of $13.59 billion.
• 339,300 35- to 49-year-olds owe an average $50,958, totaling $17.29 billion.
• 143,400 50- to 61-year-olds owe an average $53,835, totaling $7.72 billion.
• 56,800 federal borrowers aged 62 years and older owe an average $51,232, totaling $2.91 billion.

Student Debt by Age in Washington

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding 35- to 49-year-olds by 2.5%.

• 100,200 federal borrowers aged 24 years and younger owe an average $12,774 each for a total of $1.28 billion.
• 268,000 borrowers aged 25 to 34 owe an average $32,015 each for a total of $8.58 billion.
• 271,100 35- to 49-year-olds owe an average $45,629, totaling $12.37 billion.
• 103,900 50- to 61-year-olds owe an average $46,776, totaling $4.86 billion.
• 43,300 federal borrowers aged 62 years and older owe an average $45,497, totaling $1.97 billion.

Student Debt by Age in West Virginia

Most debt belongs to 35- to 49-year-olds; 35- to 49-year-olds owe the most on average, exceeding 50- to 61-year-olds by 1.5%.

• 34,400 federal borrowers aged 24 years and younger owe an average $13,663 each for a total of $470 million.
• 74,000 borrowers aged 25 to 34 owe an average $30,676 each for a total of $2.27 billion.
• 78,100 35- to 49-year-olds owe an average $39,693, totaling $3.10 billion.
• 31,200 50- to 61-year-olds owe an average $39,103, totaling $1.22 billion.
• 10,600 federal borrowers aged 62 years and older owe an average $36,792, totaling $390 million.

Student Debt by Age in Wisconsin

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding borrowers aged 62 years and older by 4.9%.

• 133,100 federal borrowers aged 24 years and younger owe an average $13,974 each for a total of $1.86 billion.
• 260,400 borrowers aged 25 to 34 owe an average $30,376 each for a total of $7.91 billion.
• 224,000 35- to 49-year-olds owe an average $41,205, totaling $9.23 billion.
• 78,200 50- to 61-year-olds owe an average $43,606, totaling $3.41 billion.
• 29,100 federal borrowers aged 62 years and older owe an average $41,581, totaling $1.21 billion.

Student Debt by Age in Wyoming

Most debt belongs to 35- to 49-year-olds; 50- to 61-year-olds owe the most on average, exceeding borrowers aged 62 years and older by 6.1%.

• 8,000 federal borrowers aged 24 years and younger owe an average $11,250 each for a total of $90 million.
• 17,700 borrowers aged 25 to 34 owe an average $25,989 each for a total of $460 million.
• 19,900 35- to 49-year-olds owe an average $38,693 totaling $770 million.
• 7,200 50- to 61-year-olds owe an average $41,667, totaling $300 million.
• 2,800 federal borrowers aged 62 years and older owe an average $39,286, totaling $110 million.

Student Loan Debt by Generation

The concept of dividing people into generations defined by cultural events began as a marketing tool. The significance of cultural generations, however, has crept into public consciousness. As such, many people now categorize age groups based on titled generations. In turn, researchers have begun applying generational parameters to data sets.

• Generation X has the highest average student loan debt ($44,240).
• Generation X had the highest student loan interest rates.
• Generation Z has the lowest average student loan debt ($22,948).
• The youngest members of the Silent generation were the first to benefit from federal student loans.

For more details, see our report on Student Loan Debt by Generation.

Student Loan Interest Rates Among Age Groups

While the cost of college has increased, student loan interest rates have risen and fallen many times over the decades. Interest rates have a significant effect on student debt. Student loan interest hit its peak in the early-1980s and remained high until 2001, when it slowly began to ebb.

• Assuming they started college at the traditional age of 18, 59- to 62-year-olds had the highest starting student loan interest rates.
• From 1981 to 1983, student loan interest rates were as high as 9.0%.
• 20- to 30-year-olds pay the student loan interest rates between 2.75 and 6.8%.
• 6.8% is the highest interest rate on federal loans in recent years
• Student loan interest rates are currently at levels seen prior to 2010.
• 5.50% is the 2023-2024 interest rate for a Direct Subsidized Loan and Direct Unsbsidized Loan (undergraduate students).
• 6.53% is the 2024-2025 interest rate for a Direct Subsidized Loan and Direct Unsubsidized Loan (undergraduate students)
• 8.05% is the highest interest rate for a federal loan for 2023-2024.
• 9.08% is the highest interest rate for a federal loan for 2024-2025.

For more details, see our report on Student Loan Interest Rates.

Sources

1. PEW Research Center, 5 Facts About Student Loans
2. FinAid, Historical Rates 
3. New America, Education Policy: Student Loan History 
4. U.S. Department of Education (ED) Office of Federal Student Aid (OFSA), Federal Student Loan Portfolio 
5. Federal Reserve Bank of New York, Center for Microeconomic Data 
6. Saving For College, Historical Federal Student Loan Interest Rates and Fees
7. ED OFSA, Interest Rates and Fees for Federal Student Loans
8. Federal Reserve Board of Governors, Consumer Credit – G.19
9. Statista, Population Distribution In The United States In 2023 By Generation
10. US Census, Age and Sex Composition in the United States
11. Experian, Research