Average Student Loan Debt by Age [2023]: Facts & Statistics (2024)

Last Updated: August 3, 2023

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Report Highlights. 30-year-olds have the highest average outstanding student loan debt at $42,822 per borrower; their typical end balance is 287% higher than the value of their original loan.

  • Borrowers under 40 owe 55% of all student loan debt, totaling $871 billion.
  • 34% of adults aged 18 to 29 years have student loan debt,making them more than twice as likely as adults in any other age group to have student debt.
  • Student borrowers aged 40 to 49 years owe 22% of the national student loan debt balance or $344 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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Average Student Loan Debt by Age [2023]: Facts & Statistics (1)

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 $42,748.
  • 40-49-year-olds possess an average student loan debt of $44,864.
  • Borrowers 24 and younger owe an average of $14,563 in student loan debt.
  • In 2020, under 30-year-olds took out an average of $42,822 in student loans per year.
  • Adults 60 and over owe less than 10% of the national student loan debt.
  • 14.9 million or 34% of adults under 30 years oldhave student loan debt.
  • 12.1 million or 28% of adults in their 30shave student loan debt.
  • 7.6 million or 17% of adults in their 40s have student loan debt.
  • 5.2 million or 12% of adults in their 50shave student loan debt.

Average Student Loan Debt by Age [2023]: Facts & Statistics (2)

Federal Student Loan Debt by Age

While 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 $14,563.
  • Federal debt among 24-and-under borrowers has declined 6.7% since 2017.
  • Federal borrowers aged 25 to 34 owe an average debt of $32,947.
  • Debt among 25- to 34-year-olds has increased by 5.3% since 2017.
  • 35- to 49-year-olds owe an average federal debt of $43,238.
  • Debt among 35- to 49-year-olds has increased by 20.4% since 2017.
  • Federal borrowers aged 50 to 61 years owe an average of $45,754.
  • Debt among 50- to 61-year-olds has increased by 33.5% since 2017.
  • Among borrowers aged 62 and older, the average debt is $41,778.
  • Federal debt among borrowers aged 62 and older has increased by 36.8% since 2017.
  • Most borrowers are 25 to 34 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, 35- to 49-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 have the highest average debt among their peers.
Average Debt Among Selected Age Groups
StateAverage Debt Among 35-49Average Debt Among 50-61
Alabama

$48,026

$47,878

Alaska

$43,801

$45,455

Arizona

$44,085

$44,519

Arkansas

$43,253

$42,967

California

$47,879

$46,958

Colorado

$46,645

$49,197

Connecticut

$43,511

$50,502

Delaware

$47,150

$53,646

D.C.

$70,027

$55,814

Florida

$47,117

$47,317

Georgia

$53,529

$56,393

Hawaii

$48,525

$51,955

Idaho

$42,728

$43,617

Illinois

$48,136

$51,337

Indiana

$41,250

$43,902

Iowa

$38,948

$40,147

Kansas

$41,845

$44,208

Kentucky

$40,485

$40,149

Louisiana

$45,598

$44,484

Maine

$41,872

$43,983

Maryland

$54,309

$58,158

Massachusetts

$44,240

$48,615

Michigan

$44,664

$45,567

Minnesota

$44,220

$45,688

Mississippi

$48,985

$47,508

Missouri

$44,044

$45,861

Montana

$44,000

$42,775

Nebraska

$41,393

$42,540

Nevada

$42,358

$43,619

New Hampshire

$43,538

$51,029

New Jersey

$44,,938

$52,196

New Mexico

$41,471

$43,353

New York

$47,663

$49,320

North Carolina

$48,497

$48,434

North Dakota

$40,316

$40,000

Ohio

$42,574

$45,516

Oklahoma

$39,073

$41,193

Oregon

$46,395

$45,467

Pennsylvania

$45,303

$48,347

Puerto Rico

$36,553

$31,773

Rhode Island

$39,895

$43,103

South Carolina

$49,100

$49,113

South Dakota

$42,727

$40,909

Tennessee

$45,837

$46,865

Texas

$42,516

$44,853

Utah

$44,903

$44,147

Vermont

$49,302

$51,515

Virginia

$50,165

$52,870

Washington

$44,692

$45,971

West Virginia

$39,405

$38,462

Wisconsin

$40,982

$43,468

Wyoming

$39,086

$41,333

Student Debt by Age in Alabama

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 8.0%.

  • 104,800 federal borrowers aged 24 years and younger owe an average $14,599 each for a total of $1.53 billion.
  • 213,000 borrowers aged 25 to 34 owe an average $33,239 each for a total of $7.08 billion.
  • 207,800 35- to 49-year-olds owe an average $48,026 for a total of $9.98 billion.
  • 91,900 50- to 61-year-olds owe an average $47,878, totaling $4.4 billion.
  • 31,900 federal borrowers aged 62 years and older owe an average $41,692, totaling $1.33 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 2.6%.

  • 8,100 federal borrowers aged 24 years and younger owe an average $11,111 each for a total of $90 million.
  • 213,000 borrowers aged 25 to 34 owe an average $33,239 each for a total of $7.8 billion.
  • 24,200 35- to 49-year-olds owe an average $43,801, totaling $1.06 billion.
  • 88600 50- to 61-year-olds owe an average $45,455, totaling $400 million.
  • 3,300 federal borrowers aged 62 years and older owe an average $45,454, totaling $150 million.

Student Debt by Age in Arizona

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%.

  • 118,500 federal borrowers aged 24 years and younger owe an average $12,827 each for a total of $1.5 billion.
  • 306,600 borrowers aged 25 to 34 owe an average $30,691 each for a total of $9.41 billion.
  • 303,500 35- to 49-year-olds owe an average $44,085, totaling $13.38 billion.
  • 135,000- to 61-year-olds owe an average $44,519, totaling $6.01 billion.
  • 51,900 federal borrowers aged 62 years and older owe an average $42,961, totaling $2.23 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 6.9%.

  • 63,100 federal borrowers aged 24 years and younger owe an average $13,470 each for a total of $850 million.
  • 134,700 borrowers aged 25 to 34 owe an average $29,472 each for a total of $3.97 billion.
  • 133,400 35- to 49-year-olds owe an average $43,253, totaling $5.77 billion.
  • 51,900 50- to 61-year-olds owe an average $42,967, totaling $2.23 billion.
  • 16,800 federal borrowers aged 62 years and older owe an average $39,880, totaling $670 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 6.5%.

  • 576,100 federal borrowers aged 24 years and younger owe an average $13,539 each for a total of $7.8 billion.
  • 1,458,810 borrowers aged 25 to 34 owe an average $33,776 each for a total of $49.25 billion.
  • 1,195,500 35- to 49-year-olds owe an average $47,879, totaling $57.24 billion.
  • 530,900 50- to 61-year-olds owe an average $46,958, totaling $24.93 billion.
  • 233,400 federal borrowers aged 62 years and older owe an average $44,644, totaling $10.42 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 1.3%.

  • 111,100 federal borrowers aged 24 years and younger owe an average $13,321 each for a total of $1.48 billion.
  • 293,700 borrowers aged 25 to 34 owe an average $32,175 each for a total of $9.45 billion.
  • 256,400 35- to 49-year-olds owe an average $46,645, totaling $11.96 billion.
  • 99,600 50- to 61-year-olds owe an average $49,197, totaling $4.9 billion.
  • 36,800 federal borrowers aged 62 years and older owe an average $48,913, totaling $1.8 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%.

  • 109,200 federal borrowers aged 24 years and younger owe an average $16,391 each for a total of $1.79 billion.
  • 176,700 borrowers aged 25 to 34 owe an average $34,182 each for a total of $6.04 billion.
  • 131,000 35- to 49-year-olds owe an average $43,511, totaling $5.7 billion.
  • 69,700 50- to 61-year-olds owe an average $50,502, totaling $3.52 billion.
  • 27,400 federal borrowers aged 62 years and older owe an average $54,014, totaling $1.48 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 3.9%.

  • 24,200 federal borrowers aged 24 years and younger owe an average $15,289 each for a total of $370 million.
  • 44,300 borrowers aged 25 to 34 owe an average $33,408 each for a total of $1.48 billion.
  • 38,600 35- to 49-year-olds owe an average $47,150, totaling $1.82 billion.
  • 19,200 50- to 61-year-olds owe an average $53,646, totaling $1.03 billion.
  • 7,000 federal borrowers aged 62 years and older owe an average $52,857, totaling $370 million.

Student Debt by Age in the District of Columbia

Most debt belongs to 25- to 34-year-olds; 35- to 49-year-olds owe the most on average, exceeding 25- to 34-year-olds by 24.5%.

  • 13,100 federal borrowers aged 24 years and younger owe an average $19,847 each for a total of $260 million.
  • 49,900 borrowers aged 25 to 34 owe an average $54,108 each for a total of $2.70 billion.
  • 36,700 35- to 49-year-olds owe an average $70,027, totaling $2.57 billion.
  • 12,900 50- to 61-year-olds owe an average $55,814, totaling $720 million.
  • 7,400 federal borrowers aged 62 years and older owe an average $45,945, totaling $340 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 3.4%.

  • 336,200 federal borrowers aged 24 years and younger owe an average $14,128 each for a total of $4.75 billion.
  • 914,600 borrowers aged 25 to 34 owe an average $47,117 each for a total of $43.16 billion.
  • 916,000 35- to 49-year-olds owe an average $47,117, totaling $43.16 billion.
  • 400,700 50- to 61-year-olds owe an average $47,317, totaling $18.96 billion.
  • 151,200 federal borrowers aged 62 years and older owe an average $45,634, totaling $6.9 billion.

Student Debt by Age in Georgia

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%.

  • 259,400 federal borrowers aged 24 years and younger owe an average $14,572 each for a total of $3.78 billion.
  • 558,100 borrowers aged 25 to 34 owe an average $35,531 each for a total of $19.83 billion.
  • 542,500 35- to 49-year-olds owe an average $53,529, totaling $29.04 billion.
  • 249,500 50- to 61-year-olds owe an average $56,393, totaling $14.07 billion.
  • 82,700 federal borrowers aged 62 years and older owe an average $51,995, totaling $4.3 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 35- to 49-year-olds by 3.5%.

  • 20,100 federal borrowers aged 24 years and younger owe an average $13,930 each for a total of $280 million.
  • 41,200 borrowers aged 25 to 34 owe an average $30,825 each for a total of $1.27 billion.
  • 37,300 35- to 49-year-olds owe an average $48,525, totaling $1.81 billion.
  • 17,900 50- to 61-year-olds owe an average $51,955, totaling $930 million.
  • 7,700 federal borrowers aged 62 years and older owe an average $51,948, totaling $400 million.

Student Debt by Age in Idaho

Most debt belongs to 35- to 49-year-olds; borrowers aged 62 and older owe the most on average, exceeding 35- to 49-year-olds by 0.4%.

  • 33,000 federal borrowers aged 24 years and younger owe an average $11,515 each for a total of $380 million.
  • 75,400 borrowers aged 25 to 34 owe an average $27,188 each for a total of $2.05 billion.
  • 77,700 35- to 49-year-olds owe an average $42,728, totaling $3.32 billion.
  • 28,200 50- to 61-year-olds owe an average $43,617, totaling $1.23 billion.
  • 9,300 federal borrowers aged 62 years and older owe an average $44,086, totaling $410 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 1.5%.

  • 300,600 federal borrowers aged 24 years and younger owe an average $15,768 each for a total of $4.74 billion.
  • 578,000 borrowers aged 25 to 34 owe an average $36,211 each for a total of $20.93 billion.
  • 458,700 35- to 49-year-olds owe an average $48,136, totaling $21.08 billion.
  • 224,400 50- to 61-year-olds owe an average $51,337, totaling $11.52 billion.
  • 93,100 federal borrowers aged 62 years and older owe an average $47,583, totaling $4.43 billion.

Student Debt by Age in Indiana

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 1.5%.

  • 148,800 federal borrowers aged 24 years and younger owe an average $14,045 each for a total of $2.09 billion.
  • 310,800 borrowers aged 25 to 34 owe an average $28,893 each for a total of $8.98 billion.
  • 292,600 35- to 49-year-olds owe an average $41,250, totaling $12.07 billion.
  • 127,100 50- to 61-year-olds owe an average $43,902, totaling $5.58 billion.
  • 41,300 federal borrowers aged 62 years and older owe an average $43,583, totaling $1.80 billion.

Student Debt by Age in Iowa

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 2.5%.

  • 85,700 federal borrowers aged 24 years and younger owe an average $14,352 each for a total of $1.23 billion.
  • 152,400 borrowers aged 25 to 34 owe an average $28,608 each for a total of $4.36 billion.
  • 131,200 35- to 49-year-olds owe an average $38,948, totaling $5.11 billion.
  • 54,300 50- to 61-year-olds owe an average $40,147 totaling $2.18 billion.
  • 17,800 federal borrowers aged 62 years and older owe an average $39,325, totaling $700 million.

Student Debt by Age in Kansas

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 0.1%.

  • 67,600 federal borrowers aged 24 years and younger owe an average $13,905 each for a total of $940 million.
  • 131,600 borrowers aged 25 to 34 owe an average $29,103 each for a total of $3.83 billion.
  • 121,400 35- to 49-year-olds owe an average $41,845, totaling $5.08 billion.
  • 51,800 50- to 61-year-olds owe an average $44,208, totaling $2.29 billion.
  • 18,300 federal borrowers aged 62 years and older owe an average $43,169, 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 5.8%.

  • 93,200 federal borrowers aged 24 years and younger owe an average $14,377 each for a total of $1.34 billion.
  • 211,100 borrowers aged 25 to 34 owe an average $31,264 each for a total of $6.60 billion.
  • 206,000 35- to 49-year-olds owe an average $40,485, totaling $8.34 billion.
  • 80,700 50- to 61-year-olds owe an average $40,149, totaling $3.24 billion.
  • 22,800 federal borrowers aged 62 years and older owe an average $37,280, totaling $850 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 10.9%.

  • 121,200 federal borrowers aged 24 years and younger owe an average $14,026 each for a total of $1.7 billion.
  • 222,300 borrowers aged 25 to 34 owe an average $32,343 each for a total of $7.19 billion.
  • 207,900 35- to 49-year-olds owe an average $45,598, totaling $9.48 billion.
  • 84,300 50- to 61-year-olds owe an average $44,484, totaling $3.75 billion.
  • 31,800 federal borrowers aged 62 years and older owe an average $38,993, 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 51-year-olds by 11.5%.

  • 34,000 federal borrowers aged 24 years and younger owe an average $15,000 each for a total of $510 million.
  • 68,700 borrowers aged 25 to 34 owe an average $31,295 each for a total of $2.15 billion.
  • 56,600 35- to 49-year-olds owe an average $41,872, totaling $2.37 billion.
  • 24,100 50- to 61-year-olds owe an average $43,983, totaling $1.06 billion.
  • 9,000 federal borrowers aged 62 years and older owe an average $47,777, 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 35- to 49-year-olds by 1.6%.

  • 134,100 federal borrowers aged 24 years and younger owe an average $15,585 each for a total of $2.09 billion.
  • 283,700 borrowers aged 25 to 34 owe an average $37,610 each for a total of $10.67 billion.
  • 257,600 35- to 49-year-olds owe an average $54,309, totaling $13.99 billion.
  • 128,100 50- to 61-year-olds owe an average $58,158, totaling $7.45 billion.
  • 50,900 federal borrowers aged 62 years and older owe an average $55,206, totaling $2.81 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 6.0%.

  • 216,400 federal borrowers aged 24 years and younger owe an average $16,451 each for a total of $3.56 billion.
  • 356,500 borrowers aged 25 to 34 owe an average $35,007 each for a total of $12.48 billion.
  • 217,900 35- to 49-year-olds owe an average $44,240, totaling $9.64 billion.
  • 97,500- to 61-year-olds owe an average $48,615, totaling $4.74 billion.
  • 40,900 federal borrowers aged 62 years and older owe an average $51,833, totaling $2.12 billion.

Student Debt by Age in Michigan

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 3.9%.

  • 225,000 federal borrowers aged 24 years and younger owe an average $15,422 each for a total of $3.47 billion.
  • 493,400 borrowers aged 25 to 34 owe an average $34,394 each for a total of $16.97 billion.
  • 433,900 35- to 49-year-olds owe an average $44,664, totaling $19.38 billion.
  • 201,900 50- to 61-year-olds owe an average $45,567, totaling $9.2 billion.
  • 72,500 federal borrowers aged 62 years and older owe an average $41,793, totaling $3.03 billion.

Student Debt by Age in Minnesota

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%.

  • 154,700 federal borrowers aged 24 years and younger owe an average $14,738 each for a total of $2.28 billion.
  • 296,600 borrowers aged 25 to 34 owe an average $31,389 each for a total of $9.31 billion.
  • 237,900 35- to 49-year-olds owe an average $44,220, totaling $10.52 billion.
  • 85,800 50- to 61-year-olds owe an average $45,688, totaling $3.92 billion.
  • 29,600 federal borrowers aged 62 years and older owe an average $44,256, totaling $1.31 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 10.6%.

  • 67,600 federal borrowers aged 24 years and younger owe an average $13,313 each for a total of $900 million.
  • 145,000 borrowers aged 25 to 34 owe an average $31,241 each for a total of $4.53 billion.
  • 147,800 35- to 49-year-olds owe an average $48,985, totaling $7.24 billion.
  • 64,200 50- to 61-year-olds owe an average $47,508, totaling $3.05 billion.
  • 22,800 federal borrowers aged 62 years and older owe an average $41,666, totaling $950 million.

Student Debt by Age in Missouri

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 2.7%.

  • 127,400 federal borrowers aged 24 years and younger owe an average $14,756 each for a total of $1.88 billion.
  • 285,500 borrowers aged 25 to 34 owe an average $31,768 each for a total of $9.07 billion.
  • 272,00 35- to 49-year-olds owe an average $44,044, totaling $11.98 billion.
  • 118,400 50- to 61-year-olds owe an average $45,861, totaling $5.34 billion.
  • 43,400 federal borrowers aged 62 years and older owe an average $42,165, totaling $1.83 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 5.8%.

  • 19,700 federal borrowers aged 24 years and younger owe an average $12,690 each for a total of $250 million.
  • 44,700 borrowers aged 25 to 34 owe an average $29,082 each for a total of $1.30 billion.
  • 42,500 35- to 49-year-olds owe an average $44,000 totaling $1.87 billion.
  • 17,300 50- to 61-year-olds owe an average $42,775, totaling $740 million.
  • 6,600 federal borrowers aged 62 years and older owe an average $43,939, totaling $290 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 3.1%.

  • 49,400 federal borrowers aged 24 years and younger owe an average $13,765 each for a total of $680 million.
  • 89,200 borrowers aged 25 to 34 owe an average $30,717 each for a total of $2.74 billion.
  • 73,200 35- to 49-year-olds owe an average $41,393, totaling $3.03 billion.
  • 31,500 50- to 61-year-olds owe an average $42,540, totaling $1.34 billion.
  • 10,600 federal borrowers aged 62 years and older owe an average $40,566, totaling $430 million.

Student Debt by Age in Nevada

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%.

  • 44,600 federal borrowers aged 24 years and younger owe an average $11,659 each for a total of $520 million.
  • 121,800 borrowers aged 25 to 34 owe an average $28,981 each for a total of $3.53 billion.
  • 120,400 35- to 49-year-olds owe an average $42,358, totaling $5.1 billion.
  • 52,500 50- to 61-year-olds owe an average $43,619, totaling $2.29 billion.
  • 21,600 federal borrowers aged 62 years and older owe an average $41,666, totaling $900 million.

Student Debt by Age in New Hampshire

Most debt belongs to 25- to 49-year-olds; borrowers aged 62 years and older owe the most on average, exceeding 50- to 61-year-olds by 4.1%.

  • 40,300 federal borrowers aged 24 years and younger owe an average $15,880 each for a total of $640 million.
  • 72,000 borrowers aged 25 to 34 owe an average $30,833 each for a total of $2.22 billion.
  • 50,300 35- to 49-year-olds owe an average $43,538, totaling $2.19 billion.
  • 24,300 50- to 61-year-olds owe an average $51,029, totaling $1.24 billion.
  • 8,800 federal borrowers aged 62 years and older owe an average $53,409, totaling $470 million.

Student Debt by Age in New Jersey

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 0.4%.

  • 267,400 federal borrowers aged 24 years and younger owe an average $16,230 each for a total of $4.34 billion.
  • 448,900 borrowers aged 25 to 34 owe an average $34,952 each for a total of $15.69 billion.
  • 301,300 35- to 49-year-olds owe an average $44,938, totaling $13,54 billion.
  • 154,800 50- to 61-year-olds owe an average $52,196, totaling $8.08 billion.
  • 65,500 federal borrowers aged 62 years and older owe an average $52,061, totaling $3.41 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 4.1%.

  • 24,300 federal borrowers aged 24 years and younger owe an average $11,522 each for a total of $280 million.
  • 73,700 borrowers aged 25 to 34 owe an average $26,865 each for a total of $1.98 billion.
  • 85,600 35- to 49-year-olds owe an average $41,471, totaling $3.55 billion.
  • 34,600 50- to 61-year-olds owe an average $43,353, totaling $1.50 billion.
  • 14,200 federal borrowers aged 62 years and older owe an average $45,774, totaling $650 million.

Student Debt by Age in New York

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 1.6%.

  • 475,400 federal borrowers aged 24 years and younger owe an average $16,281 each for a total of $7.74 billion.
  • 904,00 borrowers aged 25 to 34 owe an average $37,444 each for a total of $33.85 billion.
  • 657,100 35- to 49-year-olds owe an average $47,663, totaling $31.32 billion.
  • 323,400 50- to 61-year-olds owe an average $49,320, totaling $15.95 billion.
  • 146,800 federal borrowers aged 62 years and older owe an average $46,798, totaling $6.87 billion.

Student Debt by Age in North 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 4.6%.

  • 222,000 federal borrowers aged 24 years and younger owe an average $15,540 each for a total of $3.45 billion.
  • 463,700 borrowers aged 25 to 34 owe an average $34,742 each for a total of $16.11 billion.
  • 412,600 35- to 49-year-olds owe an average $48,497, totaling $20.01 billion.
  • 191,600 50- to 61-year-olds owe an average $48,434, totaling $9.28 billion.
  • 61,600 federal borrowers aged 62 years and older owe an average $45,779, totaling $2.82 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 1.1%.

  • 20,400 federal borrowers aged 24 years and younger owe an average $14,215 each for a total of $290 million.
  • 34,200 borrowers aged 25 to 34 owe an average $27,192 each for a total of $930 million.
  • 25,300 35- to 49-year-olds owe an average $40,316, totaling $1.02 billion.
  • 8,000 50- to 61-year-olds owe an average $40,000, totaling $320 million.
  • 2,600 federal borrowers aged 62 years and older owe an average $38,461, 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 35- to 49-year-olds by 1.3%.

  • 292,900 federal borrowers aged 24 years and younger owe an average $14,953 each for a total of $4.38 billion.
  • 607,800 borrowers aged 25 to 34 owe an average $31,836 each for a total of $19.35 billion.
  • 571,000 35- to 49-year-olds owe an average $42,574, totaling $24.31 billion.
  • 252,000 50- to 61-year-olds owe an average $45,516, totaling $11.47 billion.
  • 91,900 federal borrowers aged 62 years and older owe an average $42,872, totaling $3.94 billion.

Student Debt by Age in Oklahoma

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 0.0%.

  • 69,900 federal borrowers aged 24 years and younger owe an average $13,018 each for a total of $910 million.
  • 160,400 borrowers aged 25 to 34 owe an average $27,306 each for a total of $4.38 billion.
  • 174,800 35- to 49-year-olds owe an average $39,073, totaling $6.83 billion.
  • 72,100 50- to 61-year-olds owe an average $41,193, totaling $2.97 billion.
  • 26,600 federal borrowers aged 62 years and older owe an average $39,097, totaling $1.04 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 7.0%.

  • 65,100 federal borrowers aged 24 years and younger owe an average $13,056 each for a total of $850 million.
  • 183,600 borrowers aged 25 to 34 owe an average $32,080 each for a total of $5.89 billion.
  • 197,000 35- to 49-year-olds owe an average $46,395, totaling $9.14 billion.
  • 73,900 50- to 61-year-olds owe an average $45,467, totaling $3.36 billion.
  • 29,600 federal borrowers aged 62 years and older owe an average $44,932, 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 35- to 49-year-olds by 1.2%.

  • 377,000 federal borrowers aged 24 years and younger owe an average $16,339 each for a total of $6.16 billion.
  • 677,000 borrowers aged 25 to 34 owe an average $34,209 each for a total of $23.16 billion.
  • 486,500 35- to 49-year-olds owe an average $45,303, totaling $22.04 billion.
  • 236,700 50- to 61-year-olds owe an average $48,247, totaling $11.42 billion.
  • 87,000 federal borrowers aged 62 years and older owe an average $47,126, totaling $4.1 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 15.9%.

  • 40,100 federal borrowers aged 24 years and younger owe an average $11,221 each for a total of $450 million.
  • 124,600 borrowers aged 25 to 34 owe an average $28,972 each for a total of $3.61 billion.
  • 114,900 35- to 49-year-olds owe an average $36,553, totaling $4.2 billion.
  • 40,600 50- to 61-year-olds owe an average $31,773, totaling $1.29 billion.
  • 13,900 federal borrowers aged 62 years and older owe an average $28,057, totaling $390 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 10.5%.

  • 29,800 federal borrowers aged 24 years and younger owe an average $15,771 each for a total of $470 million.
  • 56,700 borrowers aged 25 to 34 owe an average $31,746 each for a total of $1.8 billion.
  • 38,100 35- to 49-year-olds owe an average $39,895, totaling $1.52 billion.
  • 17,400 50- to 61-year-olds owe an average $43,103, totaling $750 million.
  • 6,900 federal borrowers aged 62 years and older owe an average $47,826, totaling $330 million.

Student Debt by Age in South Carolina

Most debt belongs to 35- to 49-year-olds; 35- to49 -year-olds owe the most on average, exceeding 50- to 61-year-olds by 5.4%.

  • 125,200 federal borrowers aged 24 years and younger owe an average $15,415 each for a total of $1.93 billion.
  • 255,100 borrowers aged 25 to 34 owe an average $35,005 each for a total of $8.93 billion.
  • 233,400 35- to 49-year-olds owe an average $49,100, totaling $11.46 billion.
  • 107,100 50- to 61-year-olds owe an average $49,113, totaling $5.26 billion.
  • 36,900 federal borrowers aged 62 years and older owe an average $45,527, totaling $1.67 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 borrowers aged 62 years and older by 6.6%.

  • 26,400 federal borrowers aged 24 years and younger owe an average $14,393 each for a total of $380 million.
  • 42,900 borrowers aged 25 to 34 owe an average $29,137 each for a total of $1.25 billion.
  • 33,000 35- to 49-year-olds owe an average $42,727, totaling $1.41 billion.
  • 13,200 50- to 61-year-olds owe an average $40,909, totaling $540 million.
  • 4,700 federal borrowers aged 62 years and older owe an average $40,425, totaling $190 million.

Student Debt by Age in Tennessee

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 3.7%.

  • 130,200 federal borrowers aged 24 years and younger owe an average $14,592 each for a total of $1.90 billion.
  • 316,200 borrowers aged 25 to 34 owe an average $32,890 each for a total of $10.40 billion.
  • 282,300 35- to 49-year-olds owe an average $45,837, totaling $12.94 billion.
  • 121,200 50- to 61-year-olds owe an average $46,865, totaling $5.68 billion.
  • 38,600 federal borrowers aged 62 years and older owe an average $44,041, totaling $1.70 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 0.1%.

  • 616,600 federal borrowers aged 24 years and younger owe an average $13,185 each for a total of $8.13 billion.
  • 1,317,700 borrowers aged 25 to 34 owe an average $29,156each for a total of $38.42 billion.
  • 1,209,400 35- to 49-year-olds owe an average $42,516, totaling $51.42billion.
  • 495,400 50- to 61-year-olds owe an average $44,853, totaling $22.22 billion.
  • 169,600 federal borrowers aged 62 years and older owe an average $41,863, totaling $7.1 billion.

Student Debt by Age in Utah

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 1.4%.

  • 49,200 federal borrowers aged 24 years and younger owe an average $10,722 each for a total of $530 million.
  • 122,800 borrowers aged 25 to 34 owe an average $27,931 each for a total of $3.43 billion.
  • 108,900 35- to 49-year-olds owe an average $44,903, totaling $4.89 billion.
  • 29,900 50- to 61-year-olds owe an average $44,147, totaling $1.32 billion.
  • 8,900 federal borrowers aged 62 years and older owe an average $47,191, 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 10.1%.

  • 15,400 federal borrowers aged 24 years and younger owe an average $14,935 each for a total of $230 million.
  • 28,200 borrowers aged 25 to 34 owe an average $32,978 each for a total of $930 million.
  • 21,500 35- to 49-year-olds owe an average $49,302, totaling $1.06 billion.
  • 9,900 50- to 61-year-olds owe an average $51,515, totaling $510 million.
  • 4,500 federal borrowers aged 62 years and older owe an average $55,555, 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 0.6%.

  • 191,800 federal borrowers aged 24 years and younger owe an average $15,589 each for a total of $2.99 billion.
  • 384,900 borrowers aged 25 to 34 owe an average $36,165 each for a total of $13.92 billion.
  • 332,900 35- to 49-year-olds owe an average $50,165, totaling $16.70 billion.
  • 148,100 50- to 61-year-olds owe an average $52,870, totaling $7.83 billion.
  • 52,100 federal borrowers aged 62 years and older owe an average $50,095, totaling $2.61 billion.

Student Debt by Age in Washington

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 1.4%.

  • 107,400 federal borrowers aged 24 years and younger owe an average $13,128 each for a total of $1.41 billion.
  • 279,700 borrowers aged 25 to 34 owe an average $31,577 each for a total of $8.81 billion.
  • 268,500 35- to 49-year-olds owe an average $44,692, totaling $12 billion.
  • 109,200 50- to 61-year-olds owe an average $45,971, totaling $5.02 billion.
  • 41,000 federal borrowers aged 62 years and older owe an average $45,365, totaling $1.86 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 6.0%.

  • 36,800 federal borrowers aged 24 years and younger owe an average $14,130 each for a total of $520 million.
  • 75,800 borrowers aged 25 to 34 owe an average $30,211 each for a total of $2.29 billion.
  • 77,400 35- to 49-year-olds owe an average $39,405, totaling $3.05 billion.
  • 31,200- to 61-year-olds owe an average $38,462, totaling $1.20 billion.
  • 9,700 federal borrowers aged 62 years and older owe an average $36,062, totaling $350 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 0.8%.

  • 141,900 federal borrowers aged 24 years and younger owe an average $14,587 each for a total of $2.07 billion.
  • 272,700 borrowers aged 25 to 34 owe an average $30,399 each for a total of $8.29 billion.
  • 217,900 35- to 49-year-olds owe an average $40,982, totaling $8.93 billion.
  • 81,900 50- to 61-year-olds owe an average $43,486, totaling $3.56 billion.
  • 27,000 federal borrowers aged 62 years and older owe an average $41,851, totaling $1.13 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 35- to 61-year-olds by 2.3%.

  • 8,200 federal borrowers aged 24 years and younger owe an average $10,975 each for a total of $90 million.
  • 18,300 borrowers aged 25 to 34 owe an average $25,683 each for a total of $470 million.
  • 19,700 35- to 49-year-olds owe an average $39,086 totaling $770 million.
  • 7,500 50- to 61-year-olds owe an average $41,333, totaling $310 million.
  • 2,600 federal borrowers aged 62 years and older owe an average $42,307, 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 by 362.4%.
  • Millennials currently have the greatest amount of outstanding debt.
  • The oldest members of Generation Z graduated from college last year.
  • So far, just 0.0007% of Generation Z members carry student loan debt.
  • Many of Generation Z’s student loans are not yet eligible for repayment.

Average Student Loan Debt by Age [2023]: Facts & Statistics (3)

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

Average Student Loan Debt by Age [2023]: Facts & Statistics (4)

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, 57- to 61-year-olds had the highest starting student loan interest rates.
  • From 1992 to 1993, student loan interest rates were as high as 6.9%.
  • 20-30 year-olds pay student loan interest rates between 2.75 and 4%.
  • 6.8% is the highest interest rate on federal loans in recent years.
  • 30- to 34-year-olds paid higher starting interest rates on student loans than borrowers 29 and under.
  • Student loan interest rates are currently the lowest they’ve been in decades.
  • 4.99% is the current interest rate for a Federal Stafford loan.
  • 7.54% is currently the highest interest rate for a federal loan.

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

Average Student Loan Debt by Age [2023]: Facts & Statistics (5)

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. Historical Federal Student Loan Interest Rates and Fees
  7. Interest Rates and Fees for Federal Student Loans
  8. EDI Student Loan by Generation
Average Student Loan Debt by Age [2023]: Facts & Statistics (2024)

References

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