How does your student loan debt compare to others? Find out where you stand

The borrowers with the largest student loan balances are not 22-year-olds fresh out of college. They are in their fifties.

Borrowers ages 50 to 61 owed an average of just under $47,000 in federal student loans, the highest of any age group, as of the fourth quarter of 2024. That’s more than three times what borrowers under 25 owe (about $14,000) and much higher than what borrowers 25 to 34 owe (about $33,000). Perhaps most surprising is that borrowers over the age of 62 carry an average balance of more than $43,000.

This flips the assumption that student debt accrues to recent graduates. The reality is that about 42.5 million Americans have federal student loan debt, which totals about $1.6 trillion and averages $37,853 per borrower. More than half of these borrowers are 35 or older.

Why do older borrowers take on more debt?

People in their 50s have larger balances than younger borrowers because interest has been increasing for longer: Loans from decades ago have doubled over time, especially for borrowers who have entered deferment or forbearance periods. Others take out back-to-school loans mid-career to obtain advanced degrees or certificates. Others took out Parent PLUS loans to fund their children’s education, which can swell into six-figure debt.​

Graduate school loans are the real balance killer. Federal data show that graduate students now account for nearly half of all federal student loans issued each year, even though they make up only 17% of enrolled students.

The gaps become wider when you look at who carries what. Black borrowers owe almost 50% more than white borrowers on average, while women owe almost as much as men. Wage disparities and higher rates of graduate school enrollment between women and black professionals turn these gaps into a chasm over the years.

How do other age groups stack up?

If you’re between the ages of 25 and 34, you’re part of the largest borrower group: 14.7 million people with an average balance of $33,150. That’s less than the overall average of about $39,000, but it represents a major tab for those who are often trying to save for a down payment or build an emergency fund.

The 35-49 age group has the highest total debt, at $646.6 billion. Borrowers in this age group owe an average of $44,288 each, nearly $11,000 more than their younger counterparts. Many are managing mortgages, child care costs, and the demands of a career while still sitting on loans they took out 20 or more years ago.

Historical context

Student loan debt has doubled since 2008, and is growing faster than any other type of household debt except mortgages. The share of households carrying student debt has also doubled, from 10% in 1992 to 21% in 2022. For households headed by someone between the ages of 25 and 39, this percentage jumps to 41%.

The average borrower owes between $20,000 and $24,999, which is below average. The average is much higher because borrowers with graduate or professional degrees, about 8.4% of all borrowers, often owe more than $100,000, which pushes the average higher.

It takes many borrowers nearly 20 years to pay off their debt, and 42% are still making payments two decades after graduating.