Student Loan Debt by Age

Report Highlights. Borrowers aged 50-61 have the highest average outstanding student loan debt at $45,159 per borrower.

• Borrowers under 40 owe 54% of all student loan debt, totaling $869 billion.
• 34% 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% of the national student loan debt balance or $517 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, 30-39-year-olds have an average student loan debt of $42,014. 
• 40-49-year-olds possess an average student loan debt of $44,798. 
• In 2022, under 30-year-olds took out an average of $23,795 in student loans per year. 
• Adults 60 and over owe less than 10% of the national student loan debt.
• 14.8 million or 26% of adults under 30 years old have student loan debt.
• 12.3 million or 27% of adults in their 30s have student loan debt.
• 7.8 million or 19% of adults in their 40s have student loan debt.
• 5.3 million or 13% 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  $14,559.
• Federal debt among 24-and-under borrowers has declined 2.8% since 2017. 
• Federal borrowers aged 25 to 34 owe an average debt of $33,081. 
• Debt among 25- to 34-year-olds has increased 4.6% since 2017. 
• 35- to 49-year-olds owe an average federal debt of $43,238. 
• Debt among 35- to 49-year-olds has increased 18.6% since 2017. 
• Federal borrowers aged 50 to 61 years owe an average $45,159. 
• Debt among 50- to 61-year-olds has increased 28.8% since 2017.
• Among borrowers aged 62 and older, the average debt is $41,357. 
• Federal debt among borrowers aged 62 and older has increased 26.9% 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 25- to 34-year-olds by 0.8%.

• 100,700 federal borrowers aged 24 years and younger owe an average $14,796 each for a total of $1.49 billion.
• 212,400 borrowers aged 25 to 34 owe an average $32,957 each for a total of $7.00 billion.
• 210,900 35- to 49-year-olds owe an average $47,700 for a total of $ 10.06 billion.
• 91,100 50- to 61-year-olds owe an average $48,079, totaling $4.38 billion.
• 34,200 federal borrowers aged 62 years and older owe an average $41,228, totaling $1.41 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 4.7%.

• 7,500 federal borrowers aged 24 years and younger owe an average $12,000 each for a total of $90 million.
• 23,600 borrowers aged 25 to 34 owe an average $28,814 each for a total of $680 million.
• 24,700 35- to 49-year-olds owe an average $43,320, totaling $1.07 billion.
• 8,600 50- to 61-year-olds owe an average $45,349, totaling $390 million.
• 3,400 federal borrowers aged 62 years and older owe an average $44,118, 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 0.3%.

• 116,000 federal borrowers aged 24 years and younger owe an average $12,759  each for a total of $1.48 billion.
• 302,400 borrowers aged 25 to 34 owe an average $30,886 each for a total of $9.34 billion.
• 307,800 35- to 49-year-olds owe an average $43,795, totaling $13.48 billion.
• 131,300 50- to 61-year-olds owe an average $43,945, totaling $5.77 billion.
• 54,500 federal borrowers aged 62 years and older owe an average $41,651, totaling $2.27 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 1.9%.

• 60,300 federal borrowers aged 24 years and younger owe an average $13,599 each for a total of $820 million.
• 134,100 borrowers aged 25 to 34 owe an average $29,530 each for a total of $3.96 billion.
• 137,200 35- to 49-year-olds owe an average $42,857, totaling $5.77 billion.
• 51,600 50- to 61-year-olds owe an average $42,054, totaling $2.17 billion.
• 17,900 federal borrowers aged 62 years and older owe an average $38,547, totaling $690 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 2.1%.

• 554,700 federal borrowers aged 24 years and younger owe an average $13,521 each for a total of $7.5 billion.
• 1,416,500 borrowers aged 25 to 34 owe an average $34,049 each for a total of $48.23 billion.
• 1,208,800 35- to 49-year-olds owe an average $48,180, totaling $58.24 billion.
• 508,700 50- to 61-year-olds owe an average $47,199, totaling $24.01 billion.
• 243,700 federal borrowers aged 62 years and older owe an average $44,194, totaling $10.77 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 35- to 49-year-olds by 4.9%.

• 106,000 federal borrowers aged 24 years and younger owe an average $13,302 each for a total of $1.41 billion.
• 288,600 borrowers aged 25 to 34 owe an average $32,363 each for a total of $9.34 billion.
• 257,200 35- to 49-year-olds owe an average $46,501, totaling $11.96 billion.
• 94,500 50- to 61-year-olds owe an average $48,783, totaling $4.61 billion.
• 37,600 federal borrowers aged 62 years and older owe an average $47,606, totaling $1.79 billion.

Student Debt by Age in Connecticut

Most debt belongs to 25- to 34-year-olds; borrowers 62 years and older owe the most on average, exceeding 50- to 61-year-olds by 6.6%.

• 104,900 federal borrowers aged 24 years and younger owe an average $16,301 each for a total of $1.71 billion.
• 174,700 borrowers aged 25 to 34 owe an average $34,402 each for a total of $6.01 billion.
• 135,700 35- to 49-year-olds owe an average $43,773, totaling $5.94 billion.
• 67,600 50- to 61-year-olds owe an average $50,888, totaling $3.44 billion.
• 29,300 federal borrowers aged 62 years and older owe an average $54,266, totaling $1.59 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 1.0%.

• 23,400 federal borrowers aged 24 years and younger owe an average $15,385 each for a total of $360 million.
• 44,400 borrowers aged 25 to 34 owe an average $33,333 each for a total of $1.48 billion.
• 39,600 35- to 49-year-olds owe an average $47,222, totaling $1.87 billion.
• 18,900 50- to 61-year-olds owe an average $54,497, totaling $1.03 billion.
• 7,600 federal borrowers aged 62 years and older owe an average $53,947, totaling $410 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 30%.

• 12,900 federal borrowers aged 24 years and younger owe an average $19,380 each for a total of $250 million.
• 49,500 borrowers aged 25 to 34 owe an average $53,131 each for a total of $2.63 billion.
• 36,000 35- to 49-year-olds owe an average $70,000, totaling $2.52 billion.
• 11,900 50- to 61-year-olds owe an average $53,782, totaling $640 million.
• 7,700 federal borrowers aged 62 years and older owe an average $45,455, totaling $350 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 1.7%.

• 324,900 federal borrowers aged 24 years and younger owe an average $14,251 each for a total of $4.63 billion.
• 899,100 borrowers aged 25 to 34 owe an average $34,879 each for a total of $31.36 billion.
• 934,900 35- to 49-year-olds owe an average $47,107, totaling $44.04 billion.
• 391,900 50- to 61-year-olds owe an average $46,338, totaling $18.16 billion.
• 159,500 federal borrowers aged 62 years and older owe an average $45,078, totaling $7.19 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 4.2%.

• 249,900 federal borrowers aged 24 years and younger owe an average $14,566 each for a total of $3.64 billion.
• 555,400 borrowers aged 25 to 34 owe an average $35,416 each for a total of $19.67 billion.
• 547,800 35- to 49-year-olds owe an average $52,884, totaling $28.97 billion.
• 243,200 50- to 61-year-olds owe an average $55,099, totaling $13.4 billion.
• 88,100 federal borrowers aged 62 years and older owe an average $51,419, totaling $4.53 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 1.3%.

• 19,200 federal borrowers aged 24 years and younger owe an average $14,063 each for a total of $270 million.
• 40,300 borrowers aged 25 to 34 owe an average $31,266 each for a total of $1.26 billion.
• 37,900 35- to 49-year-olds owe an average $48,813, totaling $1.85 billion.
• 17,700 50- to 61-year-olds owe an average $52,542, totaling $930 million.
• 8,100 federal borrowers aged 62 years and older owe an average $51,852, totaling $420 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 1.1%. 

• 31,400 federal borrowers aged 24 years and younger owe an average $11,465 each for a total of $360 million.
• 74,100 borrowers aged 25 to 34 owe an average $27,126 each for a total of $2.01 billion.
• 78,100 35- to 49-year-olds owe an average $42,638, totaling $3.33 billion.
• 26,900 50- to 61-year-olds owe an average $43,123, totaling $1.16 billion.
• 9,500 federal borrowers aged 62 years and older owe an average $42,105, totaling $400 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 35- to 49-year-olds by 6.2%.

• 285,400 federal borrowers aged 24 years and younger owe an average $15,627 each for a total of $4.46 billion.
• 563,600 borrowers aged 25 to 34 owe an average $36,231 each for a total of $20.42 billion.
• 457,000 35- to 49-year-olds owe an average $48,271, totaling $22.06 billion.
• 213,200 50- to 61-year-olds owe an average $51,266, totaling $10.93 billion.
• 97,300 federal borrowers aged 62 years and older owe an average $47,893, totaling $4.66 billion.

Student Debt by Age in Indiana

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 0.4%.

• 140,400 federal borrowers aged 24 years and younger owe an average $14,103 each for a total of $1.98 billion.
• 302,000 borrowers aged 25 to 34 owe an average $28,709 each for a total of $8.67 billion.
• 296,600 35- to 49-year-olds owe an average $40,743, totaling $12.06 billion.
• 123,500 50- to 61-year-olds owe an average $42,753, totaling $5.28 billion.
• 43,100 federal borrowers aged 62 years and older owe an average $42,923, totaling $1.85 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 0.6%.

• 81,900 federal borrowers aged 24 years and younger owe an average $14,530 each for a total of $1.19 billion.
• 146,700 borrowers aged 25 to 34 owe an average $28,630 each for a total of $4.2 billion.
• 131,500 35- to 49-year-olds owe an average $38,783, totaling $5.1 billion.
• 51,500 50- to 61-year-olds owe an average $39,029 totaling $2.01 billion.
• 18,100 federal borrowers aged 62 years and older owe an average $38,122, totaling $690 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 3.7%.

• 64,100 federal borrowers aged 24 years and younger owe an average $13,885 each for a total of $890 million.
• 128,200 borrowers aged 25 to 34 owe an average $29,095 each for a total of $3.73 billion.(#4)
• 122,800 35- to 49-year-olds owe an average $41,368, totaling $5.08 billion.
• 49,400 50- to 61-year-olds owe an average $43,117, totaling $2.13 billion.
• 19,000 federal borrowers aged 62 years and older owe an average $41,579, totaling $790 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 1.5%.

• 88,800 federal borrowers aged 24 years and younger owe an average $14,414 each for a total of $1.28 billion.
• 207,400 borrowers aged 25 to 34 owe an average $31,340 each for a total of $6.50 billion.
• 210,200 35- to 49-year-olds owe an average $40,485, totaling $8.51 billion.
• 80,000 50- to 61-year-olds owe an average $38,875, totaling $3.19 billion.
• 24,100 federal borrowers aged 62 years and older owe an average $36,515, totaling $880 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 4.5%.

• 118,100 federal borrowers aged 24 years and younger owe an average $14,056 each for a total of $1.66 billion.
• 222,800 borrowers aged 25 to 34 owe an average $32,226 each for a total of $7.18 billion.
• 213,800 35- to 49-year-olds owe an average $44,808, totaling $9.58 billion.
• 82,300 50- to 61-year-olds owe an average $42,892, totaling $3.53 billion.
• 33,400 federal borrowers aged 62 years and older owe an average $37,126, totaling $1.24 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 8.6%.

• 31,500 federal borrowers aged 24 years and younger owe an average $14,921 each for a total of $470 million.
• 67,800 borrowers aged 25 to 34 owe an average $31,268 each for a total of $2.12 billion.
• 57,600 35- to 49-year-olds owe an average $41,840, totaling $2.41 billion.
• 23,000 50- to 61-year-olds owe an average $43,043, totaling $990 million.
• 9,200 federal borrowers aged 62 years and older owe an average $46,739, totaling $430 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 4.5%.

• 128,900 federal borrowers aged 24 years and younger owe an average $15,438 each for a total of $1.99 billion.
• 276,600 borrowers aged 25 to 34 owe an average $37,672 each for a total of $10.42 billion.
• 260,600 35- to 49-year-olds owe an average $54,068, totaling $14.09 billion.
• 122,400 50- to 61-year-olds owe an average $57,680, totaling $7.06 billion.
• 53,800 federal borrowers aged 62 years and older owe an average $55,204, totaling $2.97 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 5.9%.

• 206,500 federal borrowers aged 24 years and younger owe an average $16,416 each for a total of $3.39 billion.
• 348,600 borrowers aged 25 to 34 owe an average $35,284 each for a total of $12.30 billion.
• 223,600 35- to 49-year-olds owe an average $44,275, totaling $9.90 billion.
• 97,400 50- to 61-year-olds owe an average $48,623, totaling $4.59 billion.
• 43,500 federal borrowers aged 62 years and older owe an average $51,494, totaling $2.24 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 1.3%.

• 212,000 federal borrowers aged 24 years and younger owe an average $15,330 each for a total of $3.25 billion.
• 477,200 borrowers aged 25 to 34 owe an average $34,514 each for a total of $16.47 billion.
• 434,600 35- to 49-year-olds owe an average $44,570, totaling $19.37 billion.
• 194,200 50- to 61-year-olds owe an average $45,160, totaling $8.77 billion.
• 75,900 federal borrowers aged 62 years and older owe an average $41,765, totaling $3.17 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 2.9%.

• 146,600 federal borrowers aged 24 years and younger owe an average $14,598 each for a total of $2.14 billion.
• 286,400 borrowers aged 25 to 34 owe an average $31,425 each for a total of $9.00 billion.
• 242,000 35- to 49-year-olds owe an average $44,050, totaling $10.66 billion.
• 81,200 50- to 61-year-olds owe an average $45,320, totaling $3.68 billion.
• 30,600 federal borrowers aged 62 years and older owe an average $43,464, totaling $1.33 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 2.0%.

• 65,600 federal borrowers aged 24 years and younger owe an average $13,415 each for a total of $880 million.
• 143,700 borrowers aged 25 to 34 owe an average $31,037 each for a total of $4.46 billion.
• 149,900 35- to 49-year-olds owe an average $48,165, totaling $7.22 billion.
• 63,300 50- to 61-year-olds owe an average $47,235, totaling $2.99 billion.
• 24,300 federal borrowers aged 62 years and older owe an average $41,152, totaling $1 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 3.1%.

• 120,800 federal borrowers aged 24 years and younger owe an average $14,735 each for a total of $1.78 billion.
• 277,700 borrowers aged 25 to 34 owe an average $31,653 each for a total of $8.79 billion.
• 274,700 35- to 49-year-olds owe an average $43,538, totaling $11.96 billion.
• 113,400 50- to 61-year-olds owe an average $44,885, totaling $5.09 billion.
• 45,100 federal borrowers aged 62 years and older owe an average $41,242, totaling $1.86 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 3.9%.

• 18,700 federal borrowers aged 24 years and younger owe an average $12,834 each for a total of $240 million.
• 43,700 borrowers aged 25 to 34 owe an average $29,062 each for a total of $1.27 billion.
• 43,300 35- to 49-year-olds owe an average $43,418 totaling $1.88 billion.
• 16,200 50- to 61-year-olds owe an average $41,358, totaling $670 million.
• 6,700 federal borrowers aged 62 years and older owe an average $41,791, totaling $280 million.

Student Debt by Age in Nebraska

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%.

• 46,800 federal borrowers aged 24 years and younger owe an average $13,889 each for a total of $650 million.
• 86,900 borrowers aged 25 to 34 owe an average $30,495 each for a total of $2.65 billion.
• 73,300 35- to 49-year-olds owe an average $41,201, totaling $3.02 billion.
• 29,800 50- to 61-year-olds owe an average $41,611, totaling $1.24 billion.
• 10,800 federal borrowers aged 62 years and older owe an average $38,889, totaling $420 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 1.4%.

• 44,000 federal borrowers aged 24 years and younger owe an average $11,818 each for a total of $520 million.
• 121,500 borrowers aged 25 to 34 owe an average $29,300 each for a total of $3.56 billion.
• 123,300 35- to 49-year-olds owe an average $42,498, totaling $5.24 billion.
• 51,500 50- to 61-year-olds owe an average $43,107, totaling $2.22 billion.
• 22,700 federal borrowers aged 62 years and older owe an average $40,969, totaling $930 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 7.3%.

• 37,800 federal borrowers aged 24 years and younger owe an average $15,608 each for a total of $590 million.
• 70,000 borrowers aged 25 to 34 owe an average $31,000 each for a total of $2.17 billion.
• 51,600 35- to 49-year-olds owe an average $43,798, totaling $2.26 billion.
• 23,100 50- to 61-year-olds owe an average $50,649, totaling $1.17 billion.
• 9,200 federal borrowers aged 62 years and older owe an average $54,348, totaling $500 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 0.1%.

• 256,200 federal borrowers aged 24 years and younger owe an average $16,120 each for a total of $4.13 billion.
• 442,300 borrowers aged 25 to 34 owe an average $35,383 each for a total of $15.65 billion.
• 310,200 35- to 49-year-olds owe an average $45,326, totaling $14.06 billion.
• 150,000 50- to 61-year-olds owe an average $52,667, totaling $7.90 billion.
• 70,200 federal borrowers aged 62 years and older owe an average $52,707, totaling $3.70 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 3.9%.

• 22,500 federal borrowers aged 24 years and younger owe an average $11,111 each for a total of $250 million.
• 71,300 borrowers aged 25 to 34 owe an average $26,648 each for a total of $1.90 billion.
• 86,900 35- to 49-year-olds owe an average $41,082, totaling $3.57 billion.
• 33,200 50- to 61-year-olds owe an average $42,470, totaling $1.41 billion.
• 14,500 federal borrowers aged 62 years and older owe an average $44,138, totaling $640 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 3.6%.

• 456,900 federal borrowers aged 24 years and younger owe an average $16,327 each for a total of $7.46 billion.
• 885,500 borrowers aged 25 to 34 owe an average $37,662 each for a total of $33.35 billion.
• 664,000 35- to 49-year-olds owe an average $47,741, totaling $31.70 billion.
• 307,000 50- to 61-year-olds owe an average $49,446, totaling $15.18 billion.
• 153,800 federal borrowers aged 62 years and older owe an average $46,814, totaling $7.20 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 0.1%.

• 212,400 federal borrowers aged 24 years and younger owe an average $15,443 each for a total of $3.28 billion.
• 467,000 borrowers aged 25 to 34 owe an average $34,668 each for a total of $16.19 billion.
• 423,100 35- to 49-year-olds owe an average $48,405, totaling $20.48 billion.
• 190,400 50- to 61-year-olds owe an average $48,477, totaling $9.23 billion.
• 66,900 federal borrowers aged 62 years and older owe an average $46,188, totaling $3.09 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 borrowers aged 62 years and older by 4.0%.

• 19,400 federal borrowers aged 24 years and younger owe an average $14,433 each for a total of $280 million.
• 33,700 borrowers aged 25 to 34 owe an average $27,003 each for a total of $910 million.
• 25,500 35- to 49-year-olds owe an average $40,000, totaling $1.02 billion. 
• 7,600 50- to 61-year-olds owe an average $38,158, totaling $290 million.
• 2,600 federal borrowers aged 62 years and older owe an average $38,462, 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 5.7%.

• 278,200 federal borrowers aged 24 years and younger owe an average $14,809 each for a total of $4.12 billion.
• 588,100 borrowers aged 25 to 34 owe an average $31,644 each for a total of $18.61 billion.
• 576,500 35- to 49-year-olds owe an average $42,186, totaling $24.32 billion.
• 244,000 50- to 61-year-olds owe an average $44,713, totaling $10.91 billion.
• 95,700 federal borrowers aged 62 years and older owe an average $42,320, totaling $4.05 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 4.9%.

• 67,000 federal borrowers aged 24 years and younger owe an average $12,985 each for a total of $870 million.
• 158,800 borrowers aged 25 to 34 owe an average $27,393 each for a total of $4.35 billion.
• 178,900 35- to 49-year-olds owe an average $38,681, totaling $6.92 billion.
• 70,700 50- to 61-year-olds owe an average $40,594, totaling $2.87 billion.
• 27,400 federal borrowers aged 62 years and older owe an average $37,591, totaling $1.03 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 1.7%.

• 62,100 federal borrowers aged 24 years and younger owe an average $13,043 each for a total of $810 million.
• 176,400 borrowers aged 25 to 34 owe an average $32,200 each for a total of $5.68 billion.
• 196,500 35- to 49-year-olds owe an average $46,463, totaling $9.13 billion.
• 70,600 50- to 61-year-olds owe an average $45,042, totaling $3.18 billion.
• 30,100 federal borrowers aged 62 years and older owe an average $44,186, totaling $1.33 billion.

Student Debt by Age in Pennsylvania

Most debt belongs to 25- to 34-year-olds; 50- to 61-year-olds owe the most on average, exceeding borrowers aged 62 years and older by 1.3%.

• 361,700 federal borrowers aged 24 years and younger owe an average $16,312 each for a total of $5.90 billion.
• 663,600 borrowers aged 25 to 34 owe an average $34,268 each for a total of $22.74 billion.
• 501,100 35- to 49-year-olds owe an average $44,861, totaling $22.48 billion.
• 229,000 50- to 61-year-olds owe an average $48,210, totaling $11.04 billion.
• 92,700 federal borrowers aged 62 years and older owe an average $47,573, totaling $4.41 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 15.8%.

• 36,200 federal borrowers aged 24 years and younger owe an average $12,155 each for a total of $440 million.
• 123,900 borrowers aged 25 to 34 owe an average $30,105 each for a total of $3.73 billion.
• 118,800 35- to 49-year-olds owe an average $37,879, totaling $4.5 billion.
• 41,900 50- to 61-year-olds owe an average $32,697, totaling $1.37 billion.
• 15,000 federal borrowers aged 62 years and older owe an average $28,667, totaling $430 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 12.8%.

• 28,600 federal borrowers aged 24 years and younger owe an average $15,385 each for a total of $440 million.
• 56,800 borrowers aged 25 to 34 owe an average $31,866 each for a total of $1.81 billion.
• 39,400 35- to 49-year-olds owe an average $40,102, totaling $1.58 billion.
• 16,700 50- to 61-year-olds owe an average $42,515, totaling $710 million.
• 7,300 federal borrowers aged 62 years and older owe an average $47,945, totaling $350 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 0.5%.

• 121,300 federal borrowers aged 24 years and younger owe an average $15,416 each for a total of $1.87 billion.
• 255,600 borrowers aged 25 to 34 owe an average $34,703 each for a total of $8.87 billion.
• 240,100 35- to 49-year-olds owe an average $48,397, totaling $11.62 billion.
• 107,100 50- to 61-year-olds owe an average $48,179, totaling $5.16 billion.
• 40,000 federal borrowers aged 62 years and older owe an average $45,250, totaling $1.81 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 4.0%.

• 25,400 federal borrowers aged 24 years and younger owe an average $14,173 each for a total of $360 million.
• 42,100 borrowers aged 25 to 34 owe an average $28,504 each for a total of $1.20 billion.
• 33,400 35- to 49-year-olds owe an average $41,916, totaling $1.40 billion.
• 12,400 50- to 61-year-olds owe an average $40,323, totaling $500 million.
• 4,800 federal borrowers aged 62 years and older owe an average $39,583, totaling $190 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 1.0%.

• 124,000 federal borrowers aged 24 years and younger owe an average $14,597 each for a total of $1.81 billion.
• 314,200 borrowers aged 25 to 34 owe an average $32,909 each for a total of $10.34 billion.
• 289,000 35- to 49-year-olds owe an average $45,433, totaling $13.13 billion.
• 120,100 50- to 61-year-olds owe an average $45,878, totaling $5.51 billion.
• 40,900 federal borrowers aged 62 years and older owe an average $43,032, totaling $1.76 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 5.1%.

• 607,900 federal borrowers aged 24 years and younger owe an average $13,127 each for a total of $7.98 billion.
• 1,320,000 borrowers aged 25 to 34 owe an average $29,220 each for a total of $38.57 billion.
• 1,244,100 35- to 49-year-olds owe an average $42,400, totaling $52.75 billion.
• 492,600 50- to 61-year-olds owe an average $44,580, totaling $21.96 billion.
• 180,500 federal borrowers aged 62 years and older owe an average $41,274, totaling $7.45 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 2.2%.

• 47,600 federal borrowers aged 24 years and younger owe an average $11,134 each for a total of $530 million.
• 121,300 borrowers aged 25 to 34 owe an average $28,359 each for a total of $3.44 billion.
• 111,900 35- to 49-year-olds owe an average $44,683, totaling $5.00 billion.
• 29,900 50- to 61-year-olds owe an average $43,144, totaling $1.29 billion.
• 9,200 federal borrowers aged 62 years and older owe an average $45,652, totaling $420 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 9.9%.

• 14,200 federal borrowers aged 24 years and younger owe an average $14,789 each for a total of $210 million.
• 27,400 borrowers aged 25 to 34 owe an average $33,212 each for a total of $910 million.
• 21,800 35- to 49-year-olds owe an average $48,624, totaling $1.06 billion.
• 9,100 50- to 61-year-olds owe an average $50,549, totaling $460 million.
• 4,500 federal borrowers aged 62 years and older owe an average $55,556, totaling $250 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 35- to 49-year-olds by 4.9%.

• 183,100 federal borrowers aged 24 years and younger owe an average $15,511 each for a total of $2.84 billion.
• 377,900 borrowers aged 25 to 34 owe an average $36,147 each for a total of $13.66 billion.
• 335,200 35- to 49-year-olds owe an average $50,298, totaling $16.86 billion.
• 142,900 50- to 61-year-olds owe an average $52,764, totaling $7.54 billion.
• 54,700 federal borrowers aged 62 years and older owe an average $50,091, totaling $2.74 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 1.7%.

• 102,300 federal borrowers aged 24 years and younger owe an average $13,099 each for a total of $1.34 billion.
• 273,000 borrowers aged 25 to 34 owe an average $31,795 each for a total of $8.68 billion.
• 269,200 35- to 49-year-olds owe an average $44,948, totaling $12.10 billion.
• 103,900 50- to 61-year-olds owe an average $45,717, totaling $4.75 billion.
• 42,000 federal borrowers aged 62 years and older owe an average $44,524, totaling $1.87 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 3.1%.

• 34,700 federal borrowers aged 24 years and younger owe an average $14,121 each for a total of $490 million.
• 74,600 borrowers aged 25 to 34 owe an average $30,295 each for a total of $2.26 billion.
• 77,600 35- to 49-year-olds owe an average $39,175, totaling $3.04 billion.
• 30,800 50- to 61-year-olds owe an average $37,987, totaling $1.17 billion.
• 10,200 federal borrowers aged 62 years and older owe an average $36,275, totaling $370 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 35- to 49-year-olds by 5.2%.

• 132,900 federal borrowers aged 24 years and younger owe an average $14,597 each for a total of $1.94 billion.
• 263,600 borrowers aged 25 to 34 owe an average $30,349 each for a total of $8.00 billion.
• 221,700 35- to 49-year-olds owe an average $40,731, totaling $9.03 billion.
• 78,200 50- to 61-year-olds owe an average $42,839, totaling $3.35 billion.
• 28,100 federal borrowers aged 62 years and older owe an average $40,569, totaling $1.14 billion.

Student Debt by Age in Wyoming

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 1.1%.

• 8,000 federal borrowers aged 24 years and younger owe an average $11,250 each for a total of $90 million.
• 17,900 borrowers aged 25 to 34 owe an average $25,698 each for a total of $460 million.
• 19,900 35- to 49-year-olds owe an average $38,191  totaling $760 million.
• 7,200 50- to 61-year-olds owe an average $40,278, totaling $290 million.
• 2,700 federal borrowers aged 62 years and older owe an average $40,741, totaling $110 million.

Student Loan Debt by Generation

The concept of dividing people into generations defined by cultural events began as a marketing tool. That is still its primary purpose. 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.

• The youngest members of the Silent generation were the first to benefit from federal student loans. 
• Generation X had the highest student loan interest rates. 
• Since the eldest Millennials graduated, student loan debt has increased 506%.

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, 61- to 65-year-olds had the highest starting student loan interest rates.
• From 1981 to 1983, student loan interest rates were as high as 9%.
• 20-30 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. Bankrate.com, Which Generation Has The Most Student Loan Debt?
9. Best Colleges, Student Loan Debt by Year
10. US Census, Age and Sex Composition in the United States