For many, student loan debt is commonly thought of as an issue affecting young adults, yet a significant number of Americans approaching retirement are also grappling with substantial loan balances.

Data from the Federal Student Aid shows that individuals aged 50 to 61 carry the highest average student loan debt, amounting to $48,203. Within this group, over half—approximately 3.6 million borrowers—are still saddled with debts exceeding $20,000.

This data underscores a significant challenge facing Generation X, often dubbed the “forgotten generation,” as they approach retirement age still encumbered by student loans. The accumulation of interest over the years has compounded their financial strain, making it increasingly difficult to reduce their debt.