Key Takeaways
- The average student loan debt in the U.S. is almost $39,000 in 2025.
- Those between the ages of 50 and 61 have the highest average federal student loan debt at $46,556.
- About 42% of students who borrow money for college are still paying off their loans 20 years later.
The borrowers carrying the biggest student loan balances aren’t 22-year-olds fresh out of college. They’re in their 50s.
Borrowers between 50 and 61 years old owe an average of just under $47,000 in federal student loans, the highest of any age group, as of the fourth quarter 2024. That’s more than triple what borrowers under 25 owe (about $14,000) and significantly higher than what borrowers 25 to 34 owe (about $33,000). Most surprising might be that borrowers over 62 carry an average balance of more than $43,000.
This flips the assumption that student debt belongs to recent grads. The reality is that about 42.5 million Americans hold federal student loan debt, totaling about $1.6 trillion and an average of $37,853 per borrower. Over half of those borrowers are 35 or older.
Why Older Borrowers Carry More Debt
People in their 50s have bigger balances than younger borrowers because interest has been snowballing for longer: loans from decades ago have compounded over time, especially for borrowers who entered deferment or forbearance periods. Others have loans from going back to school mid-career for advanced degrees or certifications. Others took out Parent PLUS loans to fund their children’s education, which can balloon into six-figure debt.
Graduate school loans are the real balance-killer. Federal data shows that grad students now account for almost half of all federal student loans issued each year, despite making up just 17% of enrolled students.
The gaps get even wider when you look at who’s carrying what. Black borrowers owe almost 50% more than white borrowers on average, while women owe about more than men. Wage disparities and higher graduate school enrollment rates among women and Black professionals turn those gaps into chasms as the years go by.
How Other Age Groups Stack Up
If you’re between 25 and 34, you’re part of the largest borrowing group: 14.7 million people with an average balance of $33,150. That’s below the overall average of around $39,000, but a major tab for those often trying to save for a down payment or build an emergency fund.
The 35-49 age bracket holds the highest total debt, at $646.6 billion. Borrowers in this age range owe an average of $44,288 each, almost $11,000 more than their younger counterparts. Many are managing mortgages, childcare costs, and career demands while still chipping away at loans they took out 20 years or more ago.
The Historical Context
Student loan debt has more than doubled since 2008, growing faster than any other type of household debt except mortgages. The share of households carrying student debt has doubled, too—from 10% in 1992 to 21% in 2022. For households headed by someone ages 25 to 39, that percentage jumps to 41%.
The median borrower owes between $20,000 and $24,999, which is lower than the average. The average is much higher because borrowers with graduate or professional degrees, about 8.4% of all borrowers, often owe over $100,000, pulling the average up.
Many borrowers take close to 20 years to pay off their debt, and 42% are still making payments two decades after graduation.
