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Consumers in Their Mid-30s Have the Highest Average Student Loan Debt

The total amount of student loan debt in the U.S. recently reached a record high of $1.4 trillion, according to Experian data. And as that number grows, consumer student loan debt in nearly all age groups is increasing in tandem.

As part of our ongoing look at student loan debt in America, Experian analyzed the average student loan debt carried by consumers between ages 20 and 100 to see who carries the highest balances. Read on for our insights and analysis.

Student Loan Debt Highest Among Consumers in Their Mid-30s

Overall, 35-year-old consumers in the U.S. have the highest student loan balances of anyone ages 20 to 100, carrying an average balance of $42,564, according to Experian data from the second quarter (Q2) of 2019. They were followed by 34-year-olds and 36-year-olds, who carried the second-highest and third-highest average student loan balances, respectively.

Consumers in Their Early 20s Have Lowest Student Loan Debt

On the other end of the spectrum, 20-year-olds have the lowest student loan balances, owing an average of $11,576, according to Experian data from Q2 2019. They were followed by 21-year-olds and 22-year-olds, who had the second- and third-lowest balances, respectively.

The lower debt levels among younger consumers is attributable to several factors, including their age and what year they're in in school. For students who attended a college or university directly from high school, they may have only completed half of their degree by the time they are 20. These younger consumers are also less likely to have started an advanced degree, which in many cases is an additional cost covered by student loans.

Consumers Ages 30 to 60 Have Above Average Student Loan Debt

The average student loan debt for all borrowers between the ages of 30 and 60 were consistently above the national average of $35,620, according to Experian data from Q2 2019.

Consumers in Their 20s

The average student loan balances among consumers in their 20s was $21,682 in Q2 2019. That's up from an average of $18,903 in Q2 2018, according to Experian data.

Average Student Loan Debt Among Consumers in Their 20s
AgeAverage Student Loan Debt
20$11,576
21$11,777
22$13,280
23$18,432
24$21,055
25$22,933
26$25,016
27$27,834
28$30,737
29$34,176

*Source: Experian Q2 2019 data

Consumers in Their 30s

The average student loan balance among consumers in their 30s was $40,476 in Q2 2019. That's up from an average of $37,537 in Q2 2018.

Average Student Loan Debt Among Consumers in Their 30s
AgeAverage Student Loan Debt
30$36,406
31$38,560
32$40,563
33$41,374
34$42,316
35$42,564
36$41,911
37$40,703
38$40,425
39$39,936

*Source: Experian Q2 2019 data

Consumers in Their 40s

The average student loan balance among consumers in their 40s was $40,432 in Q2 2019. That's up from an average of $38,322 in Q2 2018.

Average Student Loan Debt Among Consumers in Their 40s
AgeAverage Student Loan Debt
40$40,133
41$40,075
42$39,882
43$40,283
44$40,875
45$40,321
46$$40,885
47$41,161
48$40,609
49$40,091

*Source: Experian Q2 2019 data

Consumers in Their 50s

The average student loan balance among consumers in their 50s was $37,656 in Q2 2019. That's up from an average of $35,470 in Q2 2018.

Average Student Loan Debt Among Consumers in Their 50s
AgeAverage Student Loan Debt
50$39,814
51$39,309
52$38,786
53$38,381
54$37,682
55$37,302
56$36,985
57$36,462
58$36,005
59$35,832

*Source: Experian Q2 2019 data

Consumers in Their 60s

The average student loan balance among consumers in their 60s was $33,804 in Q2 2019. That's up from an average of $32,035 in Q2 2018.

Average Student Loan Debt Among Consumers in Their 60s
AgeAverage Student Loan Debt
60$35,637
61$35,345
62$34,641
63$34,281
64$33,715
65$33,271
66$33,334
67$33,388
68$32,149
69$32,282

*Source: Experian Q2 2019 data

Consumers in Their 70s

The average student loan balance among consumers in their 70s was $28,757 in Q2 2019. That's up from an average of $27,371 in Q2 2018.

Average Student Loan Debt Among Consumers in Their 70s
AgeAverage Student Loan Debt
70$31,662
71$31,897
72$31,215
73$29,437
74$29,502
75$28,445
76$27,906
77$25,969
78$26,184
79$25,354

*Source: Experian Q2 2019 data

Consumers in Their 80s

The average student loan balance among consumers in their 80s was $22,879 in Q2 2019. That's up from an average of $22,582 in Q2 2018.

Average Student Loan Debt Among Consumers in Their 80s
AgeAverage Student Loan Debt
80$23,283
81$24,148
82$22,794
83$23,033
84$22,608
85$22,464
86$23,287
87$23,731
88$23,116
89$20,328

*Source: Experian Q2 2019 data

Consumers 90-Plus

The average student loan balance among consumers 90 through 100 years old was $21,492 in Q2 2019. That's up from an average of $21,355 in Q2 2018.

Average Student Loan Debt Among Consumers in Their 90s
AgeAverage Student Loan Debt
90$22,054
91$20,793
92$20,638
93$19,821
94$21,057
95$19,812
96$24,307
97$19,242
98$16,473
99$25,428
100$26,785

*Source: Experian Q2 2019 data


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Methodology: The analysis results provided are based on an Experian-created statistically relevant aggregate sampling of our consumer credit database that may include use of the FICO® Score 8 version. Different sampling parameters may generate different findings compared with other similar analysis. Analyzed credit data did not contain personal identification information. MSA is the acronym for metropolitan statistical area, which groups counties and cities into specific geographic areas for population censuses and compilations of related statistical data.

FICO® is a registered trademark of Fair Isaac Corporation in the U.S. and other countries.

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