What is the average student loan debt at age 30?
Asked by: Dr. Davin Klocko | Last update: September 7, 2025Score: 4.1/5 (13 votes)
According to the Federal Reserve, 30-39-year-olds have an average student loan debt of $42,014. 40-49-year-olds possess an average student loan debt of $44,798. In 2022, under 30-year-olds took out an average of $23,795 in student loans per year. Adults 60 and over owe less than 10% of the national student loan debt.
What is the average student debt for a 30 year old?
The average 62-year-old federal borrower owes $42,780 in federal educational debt, including Parent PLUS loans. Federal borrowers under 25 years old each owe an average $14,160. Borrowers between the ages of 25 and 34 years have an average debt of $33,260.
Is $10,000 a lot of student debt?
Among borrowers who attended some college but don't have a bachelor's degree, the median owed was between $10,000 and $14,999 in 2023. The typical bachelor's degree holder who borrowed owed between $20,000 and $24,999. Among borrowers with a postgraduate degree the median owed was between $40,000 and $49,999.
What age do people pay off student loans?
You're not alone if you are still paying off your student loans from your college education years ago. In fact, many Americans are paying their student loans well into middle age. A 2019 study from New York Life found that the average age when people finally pay off their student loans for good is 45.
What is the average student loan debt for a bachelor's degree?
The average federal student loan debt is $37,853 per borrower. Outstanding private student loan debt totals $128.8 billion. The average student borrows over $30,000 to pursue a bachelor's degree.
Average Debt Amount For a 30 Year Old (2023)
What is considered high student debt?
What is considered a lot of student loan debt? A lot of student loan debt is more than you can afford to repay after graduation. For many, this means having more than $70,000 – $100,000 in total student debt.
How bad is 50k student debt?
Having $50,000 in student loan debt can be a tremendous financial burden. Depending on your interest rate and the types of loans you have, the payments can amount to a very large portion of your monthly budget.
Why are student loans so hard to pay off?
Your interest charges will be added to the amount you owe, causing your loan to grow over time. This can occur if you are in a deferment for an unsubsidized loan or if you have an income-based repayment (IBR) plan and your payments are not large enough to cover the monthly accruing interest.
At what age should you have no mortgage?
"Shark Tank" investor Kevin O'Leary has said the ideal age to be debt-free is 45, especially if you want to retire by age 60. Being debt-free — including paying off your mortgage — by your mid-40s puts you on the early path toward success, O'Leary argued.
What is a good credit score?
For a score with a range of 300 to 850, a credit score of 670 to 739 is considered good. Credit scores of 740 and above are very good while 800 and higher are excellent.
At what age are most people debt free?
The Standard Route is what credit companies and lenders recommend. If this is the graduate's choice, he or she will be debt free around the age of 58. It will take a total of 36 years to complete. It's a whole lot of time but it's the standard for a lot of people.
What age do people pay off a mortgage?
There is no specific age to pay off your mortgage, but a common rule of thumb is to be debt-free by your early to mid-60s. It may make sense to do so if you're retiring within the next few years and have the cash to pay off your mortgage, particularly if your money is in a low-interest savings account.
Is it normal to be in debt in your 30s?
26 to 35 year-olds
Your family may have grown, perhaps tying the knot with a partner or welcoming a baby. You may have moved to a new place or bought a house or new car. With these major life changes, it's no wonder that the average non-mortgage debt load for this age group jumps to $17,191.
How many millennials have student debt?
18.5 million Millennials have outstanding student loan debt; 39.9% of all borrowers are Millennials.
Can I pay $50 a month on student loans?
Under the Standard Repayment Plan, you'll make fixed monthly payments of at least $50 for a period of up to 10 years for all loan types except Direct Consolidation Loans and FFEL Consolidation Loans.
What is the average student debt after 4 years?
The average debt for a 4-year Bachelor's degree is $35,530. The average 4-year Bachelor's degree debt from a public college is $31,960. 61% of students who completed a Bachelor's degree have received student loans. The average 4-year Bachelor's degree debt from a private for-profit college is $47,730.
Is $100,000 in student debt a lot?
“$100k is a lot to pay off, and you'll need to make sure you always have a stream of income to cover your monthly loan payments,” he said.
What is a manageable student loan debt?
To make loan payments comfortably, you'll need to maintain a manageable debt-to-income ratio. For example, if your expected starting salary is $35,000 per year ($2,916 per month) a monthly student loan payment of 8 percent should be no more than $233.
Is $200,000 a lot of student loan debt?
A student loan balance of $200,000 is comparable to a mortgage, making it a significant financial obligation you'll likely manage for years.
How long does it take most people to pay off their student loans?
On average, people with student loans have spent just over 21 years paying back their loans. Federal student loans offer repayment plans that last from 10 to 30 years. Private student loan repayment terms vary.
Which major has the most student debt?
- The major with the largest median debt for a Bachelor's degree is Behavioral Sciences at $42,822.
- The major with the smallest median debt for a Bachelor's degree is Science Technologies/Technicians, General, at $9,529.
Is the average student loan debt for a four-year degree is nearly $30000?
Nearly eight in ten students graduate with less than $30,000 in debt. Among those who do borrow, the average debt at graduation is $27,100 — or $6,775 for each year of a four-year degree at a public university.