Are You Older Than 62 and a Student Loan Borrower? See How Your Debt Compares To Others Your Age

Group 1 - As of September 2025, approximately 3.1 million federal student loan borrowers are aged 62 or older, holding a total of $136.9 billion in student loan debt, which represents about 8% of the nearly $1.7 trillion in outstanding federal student loans [1][6] - The average student loan balance for borrowers aged 62 and older is around $44,161, making this age group the third-highest in terms of average loan balance compared to other age groups [1][6] - Many borrowers in this age group are nearing or already in retirement, making it challenging to manage loan payments on a fixed income, which is typically lower than pre-retirement wages [2][6] Group 2 - A quarter of borrowers aged 60 and older have at least one payment that is past due, indicating difficulties in managing their student debt [2] - Retired borrowers receiving Social Security benefits risk having their payments garnished if they default, with the potential loss of up to 15% of their monthly checks if they do not make payments for over 270 days [3][6] - Experts recommend that borrowers approaching retirement with outstanding student loans consider delaying retirement or taking part-time work to manage their debt [4] Group 3 - Retired borrowers can explore options to lower their monthly payments by switching to different repayment plans, such as income-driven plans, or by requesting forbearance or deferment from their loan servicer [5] - Even with the current pause on garnishments, missed payments can negatively impact credit scores, making it more difficult to regain good standing [6] - Borrowers who default can seek loan consolidation or rehabilitation to remove the default status and resume payments [6]