Americans under the age of 40 owe more than half of all student loan debt in the U.S., according to data from the Federal Reserve Bank of New York.Adults aged 30 to 39 held the most debt of any age group in 2024, accounting for approximately 33% of the total debt, which amounted to $524.5 billion. Their younger counterparts, ages 18 to 29, owed $330.8 billion that same year.Related video above: Social services, loans, and more to be impacted by government shutdownAdults under 40 carry the most debt largely because they have higher college enrollment rates than other age groups, according to the Pew Research Center.Overall student loan debt in the U.S. totaled $1.6 trillion at the end of 2024. Balances are measured as of Dec. 31 each year.As of June 2025, student loan debt had grown by $24 billion, bringing the total to $1.624 trillion.Adults aged 30 to 39 hold the most student loan debt, but it only accounts for 13% of the $4 trillion total household debt in that age group.Adults aged 30 to 39 haven’t always carried the most student loan debt. In 2004, they ranked second with $110 billion, while young adults aged 18 to 29 held the most, at $140 billion.That trend shifted in 2012, when adults aged 30 to 39 surpassed younger adults' debt by five billion.Another group that recently overtook 18- to 29-year-olds is adults aged 40 to 49. In 2023, their debt rose to $350 billion, about $10 billion more than the younger group.The rise in student loan debt among 40- to 49-year-olds reflects a broader trend of older Americans’ student loan debt increasing over the past 20 years.Adults aged over 60 owed far more in 2024 than in 2004, a 2,220% increase. Those 70 and older saw an even sharper rise of 3,110% over the same period. According to Georgetown University's Center for Retirement Initiatives, there are two primary reasons for this growth: many parents or guardians are cosigning on their children’s college loans and more older adults are returning to school.As of June 2025, Americans aged 18 to 39 saw a decrease in their student loan debt compared to 2024, while all other age groups experienced increases. Adults 70 and older had the sharpest rise, up 21%.Final December 2025 data will provide a clearer picture of whether these trends continue across age groups.PHNjcmlwdCB0eXBlPSJ0ZXh0L2phdmFzY3JpcHQiPiFmdW5jdGlvbigpeyJ1c2Ugc3RyaWN0Ijt3aW5kb3cuYWRkRXZlbnRMaXN0ZW5lcigibWVzc2FnZSIsKGZ1bmN0aW9uKGUpe2lmKHZvaWQgMCE9PWUuZGF0YVsiZGF0YXdyYXBwZXItaGVpZ2h0Il0pe3ZhciB0PWRvY3VtZW50LnF1ZXJ5U2VsZWN0b3JBbGwoImlmcmFtZSIpO2Zvcih2YXIgYSBpbiBlLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdKWZvcih2YXIgcj0wO3I8dC5sZW5ndGg7cisrKXtpZih0W3JdLmNvbnRlbnRXaW5kb3c9PT1lLnNvdXJjZSl0W3JdLnN0eWxlLmhlaWdodD1lLmRhdGFbImRhdGF3cmFwcGVyLWhlaWdodCJdW2FdKyJweCJ9fX0pKX0oKTs8L3NjcmlwdD4g
WASHINGTON, D.C. — Americans under the age of 40 owe more than half of all student loan debt in the U.S., according to data from the Federal Reserve Bank of New York.
Adults aged 30 to 39 held the most debt of any age group in 2024, accounting for approximately 33% of the total debt, which amounted to $524.5 billion. Their younger counterparts, ages 18 to 29, owed $330.8 billion that same year.
Related video above: Social services, loans, and more to be impacted by government shutdown
Adults under 40 carry the most debt largely because they have higher college enrollment rates than other age groups, according to the Pew Research Center.
Overall student loan debt in the U.S. totaled $1.6 trillion at the end of 2024. Balances are measured as of Dec. 31 each year.
As of June 2025, student loan debt had grown by $24 billion, bringing the total to $1.624 trillion.
Adults aged 30 to 39 hold the most student loan debt, but it only accounts for 13% of the $4 trillion total household debt in that age group.
Adults aged 30 to 39 haven’t always carried the most student loan debt. In 2004, they ranked second with $110 billion, while young adults aged 18 to 29 held the most, at $140 billion.
That trend shifted in 2012, when adults aged 30 to 39 surpassed younger adults' debt by five billion.
Another group that recently overtook 18- to 29-year-olds is adults aged 40 to 49. In 2023, their debt rose to $350 billion, about $10 billion more than the younger group.
The rise in student loan debt among 40- to 49-year-olds reflects a broader trend of older Americans’ student loan debt increasing over the past 20 years.
Adults aged over 60 owed far more in 2024 than in 2004, a 2,220% increase. Those 70 and older saw an even sharper rise of 3,110% over the same period.
According to Georgetown University's Center for Retirement Initiatives, there are two primary reasons for this growth: many parents or guardians are cosigning on their children’s college loans and more older adults are returning to school.
As of June 2025, Americans aged 18 to 39 saw a decrease in their student loan debt compared to 2024, while all other age groups experienced increases. Adults 70 and older had the sharpest rise, up 21%.
Final December 2025 data will provide a clearer picture of whether these trends continue across age groups.
