Student Loan Debt by Generation (2024): Millennials, Gen Z, etc.

Report Highlights. The average student loan debt among Generation Z borrowers grows the fastest at a compound annual rate of 6.72%.

18.5 million Millennials have outstanding student loan debt; 39.9% of all borrowers are Millennials.
Generation X has the highest average student loan balance; the average Gen X borrower owed $44,240 in 2024.
While Gen Z has the lowest average debt balance ($22,948 in 2024), they represent the 2nd-largest generational segment; 28.2% of student borrowers are Gen Z.
13.1 million Gen Zers have a student loan debt balance (representing 43.5% of Gen Z aged 18 and older).

Average Student Loan Balance, 2024 Q1
Generation	Average Balance	6-month Change
All	$37,797	-2.55%
Generation Z	$22,948	6.37%
Millennials	$40,438	-0.37%
Generation X	$44,240	-3.77%
Baby Boomers	$41,877	-4.32%
Silent Generation	$31,106	-2.15%

Generations Student Loan Debt Statistics

When considering how many people within a generation have student loans, a larger percentage of the Millennial generation has student loan debt than other generations.

While Gen Zers over 18 represent 8.98% of the U.S. population as of 2024, Gen Z represents 28.2% of student loan borrowers.
Millennials have reduced their average student loan debt balance by a larger percentile (4.40% compound annual reduction) than any other generation in the 2020s.
Among student borrowers with outstanding loans, Gen Z and Millennials are most likely to make payments of less than $200 (64% and 47% respectively).
Among student borrowers with outstanding loans, Boomers and Gen X are most likely to make payments of at least $500 (30% each).
Generation Alpha (born after 2012) has no statistically significant amount of student debt.

Grouped bar graph: Average Student Loan Debt by Generation according to Experian

Generation Z Student Loan Debt Statistics

Born between 1997 and 2012, Generation Z student loan balances will grow as loans collect interest and the cost of education increases.

While Gen Z has the lowest average student loan debt balance ($22,948), their average debt is also the fastest-growing (6.72% CAGR).
Gen Z has an average student loan debt balance 39.3% lower than the nationwide average.
The average student borrower owes $14,849 more than the average Gen Z borrower.
8.2% of student loan debt belonged to Gen Z in 2022.
18.9% of all Gen Z had student loan debt in 2021.
Gen Z is on track to become the most educated generation; among those who have come of age, 57% enter college by the time they’re 21.
The eldest Gen Z student borrowers had an average debt of $14,653 in 2021 when they were 24 and younger.
Student borrowers aged 24 years and younger owed an average of $14,308 as of the third fiscal quarter (Q3) of 2024.
Also in 2024 Q3, borrowers 24 and younger represent 5.77% of borrowers but owe 15.4% of all student loan debt.
74.9% of Gen Z is 24 and younger as of 2024.
Fewer than half (43.4%) of Gen Zers are adults 18 and older as of 2024.
64% of Gen Z student borrowers have loan payments less than $200.
5% of Gen Z with student loan debt have payments over $500.
84% of Gen Z with student loan debt have put off major investments, such as buying a home or starting a business.
72% of Gen Z student borrowers make or have made employment decisions based on their student loan debt.
33% of Gen Z student borrowers have chosen not to pursue further education due to student loan debt.

Pie chart: Share of Total Student Loan Debt Among Generations according to Experian

Generation Z vs Millennial Student Loan Debt Statistics

While Gen Zers are less likely to have student loan debt, rising education costs mean Gen Z starts out with more debt early on than Millennials did (even after adjusting for inflation).

34% of Generation Z aged 22-24 had student loans in 2023; 10 years earlier (2013), 49% of Millennials aged 22-24 had student debt.
36% of Gen Z aged 20 to 25 years had student loan debt in 2022.
31% of Millennials aged 20 to 25 years had student loan debt in 2006.
Gen Z student borrowers who were 20 to 25 in 2022 had an average balance of $20,900 in student loan debt.
After adjusting for inflation, the average Gen Z student borrowers had a 13% higher balance than Millennials did at the same age (20 to 25 years).
Millennial student borrowers who were 20 to 25 in 2006 had an average balance of $12,665 in student loan debt ($18,496 in 2022 dollars).
57% of high school graduates born between 1997 and 2000 (Gen Z) went into college by the time they were 21.
52% of high school graduates born between 1982 and 1985 (Millennials) went to college by age 21.

Pie chart: Share of Total Student Borrowers Among Generations according to Experian, Statista, and the U.S. Census Bureau

Millennial Student Loan Debt Statistics

Born between 1982 and 1996, Millennials have the largest share of total student loan debt despite a declining average balance.

$40,438 is the average outstanding student loan balance among Millennials, down from $46,281 in 2021.
The average student loan debt balance among Millennials declines at a compound annual rate of 4.40%.
Millennials have an average student loan debt balance 6.99% higher than the nationwide average.
The average Millennial owes $2,641 more than the average indebted student borrower.
47% of Millennial student borrowers have loan payments less than $200.
20% of Millennial with student loan debt have payments over $500.
46.6% of student loan debt belonged to Millennials in 2022.
25.5% of all Millennials had student loan debt in 2021.
83% of Millennials with student loan debt have put off major investments, such as buying a home or starting a business.
72% of Millennials make or have made employment decisions based on their student loan debt.
42% of Millennials have chosen not to pursue further education due to student loan debt.

Stacked bar graph: Average Student Loan Monthly Payments by Generation according to TransUnion

Millennial vs. Generation X Student Loan Debt Statistics

Older Millennials were more likely than older Gen Xers to enter college before 21 and more likely to earn a bachelor’s degree by their late 30s.

52% of high school graduates born between 1982 and 1985 (Millennials) went to college by age 21.
43% of high school graduates born between 1966 and 1969 (Gen X) went to college by age 21.
39% of Americans born between 1981 and 1993 (Millennials) had a college degree (bachelor’s or higher) before they were 38 years old.
29% of Americans born between 1964 and 1976 (Gen X dominant) had a college degree before age 38.

Bar graph: Share of Each Generation with Student Loan Debt according to Experian

Generation X Student Loan Debt Statistics

Born between 1965 and 1980, Generation X a higher average student student loan debt balance than any other generation ($44,240).

The average student loan debt is also in decline (1.52% compound annual reduction).
Gen X has an average student loan debt balance 17.0% higher than the nationwide average.
The average Gen X borrower owes $6,443 more than the average indebted student borrower.
14% of Gen X owes student loan debt as of 2023.
15.5% of all Gen X had student loan debt in 2021.
40% of Generation X with student loan debt have payments less than $200. 29% of Generation X with student loan debt have payments over $500.
30.3% of student loan debt belonged to Gen X in 2022.
70% of Gen X with student loan debt have put off life events such as buying a home or car, taking a vacation, or starting a business.
53% of Gen X student borrowers make or have made employment decisions based on their student loan debt.
32% of Gen X student borrowers have chosen not to pursue further education due to student loan debt.

Bar graph: Average Student Loan Debt Compound Annual Growth Rate according to Experian

Baby Boomer Student Loan Debt Statistics

Born between 1946 and 1964, Baby Boomers (“Boomers”) are less likely than younger generations to still have a student loan debt balance, but those who do owe the 2nd-highest average balance.

Boomers have an average student loan debt balance of $41,877.
The average Boomer student loan debt balance is in decline with a 0.37% compound annual reduction.
Boomers have an average student loan debt balance 10.8% higher than the nationwide average.
The average student borrower owes $4,080 more than the average Boomers borrower.
40% of Boomers student borrowers have loan payments less than $200.
30% of Boomers with student loan debt have payments over $500.
14.9% of student loan debt belonged to borrowers who were of the Boomer generation or older in 2022.
6.6% of all Boomers had student loan debt in 2021.
38% of Boomers have had to make employment decisions based on their student loan debt.
58% of Boomers with student loan debt have put off life events such as buying a home or car, taking a vacation, or starting a business.
20% of Boomers have chosen not to pursue further education due to student loan debt.

Bar graph: Average Student Loan Debt by Generation Compared to Overall Average according to Experian

Silent Generation Student Loan Debt Statistics

Born between 1928 and 1945, a relatively small share of the Silent Generation has unpaid student loan debt.

Student loan borrowers of the Silent Generation have an average balance of $31,106.
The average debt among Silents is growing in the 2020s (1.79% CAGR).
The Silents have an average student loan debt balance 17.7% lower than the nationwide average.
The average student borrower of the Silent Generation owes $6,691 less than compared to the average student borrower overall.
43% of Silent student borrowers have loan payments less than $200.
30% of Silents with student loan debt have payments over $500.
1.4% of student loan debt belonged to the Silent Generation in 2022.