Student Loan Debt by Generation: 2025 Debt Levels by Age

 Higher education costs have increased dramatically over the years. Due to the rising costs, many students have turned to student loan debt to fund their college education. Both federal student loans from the U.S. Department of Education and private student loans make up the $1.75 trillion dollars of outstanding student loan debt for Q4 2022.

Student loans are a unique form of debt in that they’re difficult to discharge in bankruptcy. Plus, not making federal student loan payments can mean wage garnishment or taking tax refunds or social security.

Though the outstanding student debt is a staggering amount, student loan debt by generation varies. Let’s take a look.

Outstanding student loan debt by generation

To review outstanding student loan debt by generation, we analyzed the latest data from the Federal Student Aid Portfolio.

Before diving into the numbers, here’s a breakdown of where each age group falls regarding generation:

• 24 and younger: Generation Z
• 25 to 34: Mostly Millennials and the cusp of Gen Z
• 35 to 49: Elder Millennials and Generation X
• 50 to 61: Generation X and Baby Boomers
• 62 and up: Baby Boomers and The Silent Generation

Below is a chart based on information via Portfolio by Age. Please note the numbers reflected below are from federal loans only. Detailed private student loan data is not available.

Age range	Outstanding loan amount (represented in billions)	Student loan borrowers (represented in millions)
24 and younger	$104.5	7.3
25 to 34	$497.6	15.0
35 to 49	$634.2	14.6
50 to 61	$293.4	6.5
62 and up	$107.3	2.6

Based on the data in this chart, here are some key findings:

• Elder Millennials and Gen X have the highest outstanding student loan debt ($634.2 billion).
• Millennials (15 million) have the highest amount of student loan borrowers compared to other generations.
• Gen Z has the least amount of outstanding student loan debt at $104.5 billion — which makes sense, considering they still may be in school and have not had years of interest accrual.
• Baby Boomers and the Silent Generation have the fewest student loan borrowers at 2.6 million — presumably because student loans have been paid off or borrowers have passed on and received death discharge.

Percentage of outstanding student loan debt by generation (in billions)

Outstanding student loan debt by age is for federal loans only — detailed private student loan data is not available.

Source: U.S. Department of Education Federal Student Aid Portfolio, as of Q3 2022

This data offers a snapshot of student loan debt by generation based on total outstanding balances and the number of borrowers. Looking a bit closer at the average student loan debt per borrower offers more insights into the differences between generations.

Average student loan debt by generation

Based on the most recent data available from the Federal Student Aid website, we calculated the average student loan debt by generation by taking the outstanding amount and dividing it by the number of student loan borrowers.

Average student loan debt balance by generation

The average student loan debt balance varies significantly from one generation to the next.

Source: Federal Student Aid Portfolio and Student Loan Planner calculations

Considering the average student loan balance, here are the generations ranked from the highest to lowest amount of student loan debt.

1. Gen X and Baby Boomers, ages 50 to 61, have the highest average student loan debt at $45,138.
2. Elder Millennials and Gen X, ages 35 to 49, have the second-highest average student loan debt at $43,438.
3. Baby Boomers and the Silent Generation, ages 62 and up, have the third highest average student loan debt at $41,269.
4. Millennials (and the cusp of Gen Z at age 25), ages 25 to 34, have the fourth highest average student loan debt at $33,173.
5. Gen Z, ages 24 and younger, has the lowest average student loan debt at $14,315.

Breakdown of loan size by age and generation

Though we’ve shown the average student loan balances by generation, the Federal Student Aid website also provides more information regarding debt size and age. This offers additional insight into how much borrowers in each age group and generation have borrowed.

When it comes to owing six figures ($100k to $200k or $200k+), the age group 35 to 49 (Elder Millennials and Gen X) have the highest outstanding balances and number of borrowers.

• Outstanding debt for 35 to 49-year-old borrowers with a debt size of $100k to $200k stood at $144.36 billion dollars among 1.05 million borrowers.
• Outstanding debt for 35 to 49-year-old borrowers with a debt size of $200k+ stood at $115.33 billion dollars among 0.39 million borrowers.

Gen Z, ages 24 and younger, were the only group of student loan borrowers that didn’t have $200k+ in student loans. It makes sense considering that much of six-figure debt comes from graduate school — Grad PLUS loans allow borrowers to rack up high balances by taking out up to the cost of attendance.

• For Gen Z, ages 24 and younger, the bulk of outstanding debt came from debt sizes of $20k to $40k ($38.36 billion, among 1.43 million borrowers).
• For Millennials and cusp of Gen Z, ages 25 to 34, the bulk of outstanding debt came from debt sizes of $20k to $40k ($106.14 billion, among 3.71 million borrowers).
• For Elder Millennials and Gen X, ages 35 to 49, the bulk of outstanding debt came from debt sizes of $100k to $200k ($144.36 billion, among 1.05 million borrowers).
• For Gen X and Baby Boomers, ages 50 to 61, the bulk of outstanding debt came from debt sizes of $100k to $200k ($78.25 billion, among 0.57 million borrowers).
• For Baby Boomers and the Silent Generation, ages 62 and up, the bulk of outstanding debt came from debt sizes $100k to $200k ($26.92 billion, among 0.19 million borrowers).

What this data illustrates is that for borrowers aged 35 and up, the bulk of outstanding debt is from debt sizes of $100k to $200k. Six-figure student loan debt is tough to pay back because of the interest that accrues on the high balance.

While these numbers don’t show the original student loan balance taken out to fund education costs, it illustrates how student debt can balloon and grow over time if not paid back in a short timeframe.

State breakdown of student loan debt by generation

In the previous sections, we’ve seen that older generations tend to owe more and have higher student loan balances compared to younger generations. Now we’re going to look at the state breakdown of student loan debt by generation. Here are outstanding balances and the number of borrowers in each state based on age group.

Ages 24 and younger (Gen Z)

State map does not include Puerto Rico ($0.46), “other” ($0.15) and “not reported” ($0.03)

Based on the chart above from information derived from the Federal Student Aid Portfolio, Gen Z student loan debt comes from the following top five states:

1. Texas ($7.92 billion)
2. California ($7.68 billion)
3. New York ($7.52 billion)
4. Pennsylvania ($6.01 billon)
5. Florida ($4.70 billion)

Ages 25 to 34 (mostly Millennials, cusp of Gen Z)

Total student loan debt balance by state for ages 25 to 34 (in billions)

Student loan borrowers for ages 25 to 34 include mostly Millennials and the cusp of Gen Z.

Source: Federal Student Aid Portfolio and Student Loan Planner calculations

Based on the chart above from information derived from the Federal Student Aid Portfolio, Millennial/cusp of Gen Z student loan debt comes from the following top five states:

1. California ($49.25 billion)
2. Texas ($37.85 billion)
3. New York ($33.63 billion)
4. Floria ($31.80 billion)
5. Pennsylvania ($23.01 billion)

Ages 35 to 49 (Elder Millennials and Gen X)

Total student loan debt balance by state for ages 35 to 49 (in billions)

Student loan borrowers for ages 35 to 49 include Elder Millennials and Gen X.

Source: Federal Student Aid Portfolio and Student Loan Planner calculations

Based on the chart above from information derived from the Federal Student Aid Portfolio, Elder Millennials and Gen X student loan debt comes from the following top five states:

1. California ($55.59 billion)
2. Texas ($49.57 billion)
3. Not reported ($44.49 billion)
4. Florida ($41.96 billion)
5. New York ($30.65 billion)

Ages 50 to 61 (Gen X and Baby Boomers)

Total student loan debt balance by state for ages 50 to 61 (in billions)

Student loan borrowers for ages 50 to 61 include Gen X and Baby Boomers.

Source: Federal Student Aid Portfolio and Student Loan Planner calculations

Based on the chart above from information derived from the Federal Student Aid Portfolio, Gen X and Baby Boomers’ student loan debt comes from the following top five states:

1. Not Reported ($27.18 billion)
2. California ($24.12 billion)
3. Texas ($20.84 billion)
4. Florida ($18.17 billion)
5. New York ($15.60 billion)

Ages 62 and up (Baby Boomers and the Silent Generation)

Total student loan debt balance by state for ages 62+ (in billions)

Student loan borrowers for ages 62+ include Baby Boomers and the Silent Generation.

Source: Federal Student Aid Portfolio and Student Loan Planner calculations

Based on the chart above from information derived from the Federal Student Aid Portfolio, Baby Boomers’ and the Silent Generation’s student loan debt comes from the following top five states:

1. Not reported ($15.93 billion)
2. California ($9.48 billion)
3. Texas ($6.31 billion)
4. New York ($6.23 billion)
5. Florida ($6.18 billion)

The bottom line

The cost of college and total student loan debt is on the rise, causing an affordability problem for many folks — leading to the so-called student debt crisis and making things like saving for a home more difficult.

The amount of debt a borrower has in each generation varies quite a bit and can depend on age, location, interest rates and level of degree. For previous generations, the average debt is higher and can be burdensome while trying to save for retirement. However, that may mean interest has accrued for a long period of time.

Federal loan borrowers of any age with a large loan balance should consider Public Service Loan Forgiveness (PSLF) or an income-driven repayment plan to make monthly payments more affordable. It can give you a shot at student loan forgiveness, thanks to the federal government.

Gen Xers with a high debt load, Gen Zers, Millennials and everyone in between can get support through a consultation with Student Loan Planner to get informed and custom guidance based on your situation.