Student loan debt weighs heaviest on Americans nearing retirement, not recent grads, according to new federal data.
Borrowers ages 50 to 61 now hold the highest average student loan balance at about $48,200, far more than younger adults. More than 3.6 million in that age group still owe at least $20,000, and older borrowers also rank as the most likely to fall seriously behind on payments.
The numbers highlight how decades of interest compound debt for Gen X borrowers, even as many approach retirement. The burden could soon intensify after the Donald Trump administration announced plans to resume wage garnishment for defaulted loans, ending a pandemic-era pause.
Americans now owe roughly $1.7 trillion in student loans nationwide.
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