Student loan debt is frequently perceived as an issue predominantly affecting young people, but millions of Americans approaching retirement age still grapple with substantial amounts owed.

According to recent data from Federal Student Aid, borrowers aged 50 to 61 carry the highest average student loan balance of any age group, amounting to $48,203. More than half of these individuals, approximately 3.6 million borrowers, owe $20,000 or more.

The statistics reveal that many Gen Xers, often dubbed the “forgotten generation,” are nearing retirement still encumbered by student debt. This situation underscores the challenge of repaying loans as decades of interest accumulation make reducing these balances increasingly difficult.