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In a surprising twist on the student debt narrative, older Americans are finding themselves shackled with significant loan obligations as they near retirement. Contrary to the common perception that student loans are primarily a young person’s burden, data from Federal Student Aid reveals that individuals aged 50 to 61 hold the highest average student loan balances, reaching $48,203.
This staggering figure underscores a broader issue facing Generation X, often dubbed the “forgotten generation.” As they edge closer to retirement, many are still grappling with the weight of student loans. A significant portion, approximately 3.6 million borrowers in this age bracket, owe $20,000 or more, showcasing how years of accumulated interest can exacerbate repayment challenges.
Adding to the financial strain, those who have fallen behind on payments may face an even more pressing dilemma. The current administration has announced plans to reinstate wage garnishment early next year, ending the pause that was introduced during the pandemic. This change could profoundly impact borrowers who are already in default, making it imperative for them to address their outstanding debts.
For borrowers who have struggled to keep up with payments, especially those already in default, the burden could soon become more urgent. The Trump administration has announced plans to resume wage garnishment, ending a pandemic-era pause on the practice.
As of the end of September, Americans owed about $1.7 trillion in student loans, more than triple the $516 billion outstanding in 2007.
Which age group carries the highest student loan balances?
Some 6.4 million borrowers aged 50 to 61 owe more than $308 billion in federal student loan debt, according to Federal Student Aid data. Their average balance, $48,203, is more than three times that of borrowers 24 and younger, who owe an average of $14,242.
Older Americans, those over 50, are also more likely to be seriously delinquent (90-plus days past due), according to separate data from the Federal Reserve Bank of New York.
Borrowers ages 35 to 49, meanwhile, carry the second-highest average balances of any age group at $45,295. As a cohort, they also hold the most federal student loan debt overall — about $675 billion spread across roughly 15 million borrowers.
Average debt per borrower, by age (As of Sept. 30, 2025)
- 24 and younger: $14,242
- 25-34: $33,566
- 35-49: $45,295
- 50-61: $48,203
- 62 and older: $44,161
Where do borrowers carry the most student loan debt?
Washington, D.C., has the highest average student loan balance in the nation at $55,794 per borrower, federal data shows. That’s not entirely surprising: The nation’s capital is the most educated region in the country and leads when it comes to residents with advanced degrees.
Nearby Maryland and Virginia also rank among the top five, with average balances above $40,000.
Georgia ($43,273) and Florida ($40,692) round out the list of states with the highest average balances, despite ranking closer to the middle nationally on educational attainment.
Average debt per borrower, by location (as of Sept. 30, 2025)
- Washington, D.C.: $55,794
- Maryland: $45,123
- Georgia: $43,273
- Virginia: $41,447
- Florida: $40,692
How many borrowers carry $100K+ balances?
Most student loan borrowers owe less than $40,000: more than 70% fall below that threshold, federal data shows.
Still, a growing share owes far more. Roughly 3.8 million borrowers now carry $100,000 or more in student loan debt — a nearly 60% increase from 2017. Nearly a third of those borrowers, about 1.2 million, owe $200,000 or more.
Those with postgraduate degrees are far more likely to carry six-figure student loan balances, according to the Pew Research Center.
