EPI's weekly illustration of education data trends — December 20, 2018

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Student Loan Borrowers by Age, 2017

 

This EPIGraph illustrates the number of federal student loan borrowers by age category. The largest percentage of borrowers are under the age of 30 years old (16.8 million, or 38 percent), with the second largest group in their 30s (12.3 million or 27 percent). In total, two thirds of borrowers are under the age of 40. However, that also means that one third of borrowers are over 40 years of age, a percentage that will very likely increase over time. Over 3 million borrowers are over the age of 60 years old. Remember that this is for student loans, only. Not mortgages or other debts. Older people in the US are still repaying student loans for themselves, their children, or their grandchildren. This is likely to become an epidemic in future years as student loans impacts the ability for people to save for retirement.

SOURCE: FEDERAL RESERVE BANK OF NEW YORK CONSUMER CREDIT PANEL. https://www.forbes.com/sites/zackfriedman/2018/06/13/student-loan-debt-statistics-2018/#45f621c57310.

 

 

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