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KEY TAKEAWAYS
- There are about 3.1 million federal student loan borrowers ages 62 or older, and the average borrower in this age group holds about $44,161 in student loan debt.
- This age group, many of whom are entering or already in retirement, can face difficulties paying off their student debt with their fixed, and often lower, income.
As of September 2025, about 3.1 million federal student loan borrowers were 62 years or older, according to the latest data available from the Federal Student Aid office. This group holds $136.9 billion, accounting for about 8% of the almost $1.7 trillion in outstanding federal student loan debt.
The average balance for this group is about $44,161. Compared with other age groups, the average 62-year-old or older borrower holds the third-highest loan balance.
Paying Off Student Debt Later In Life Can Be Difficult
Many borrowers 62 and older are near or already in retirement. But making payments on a fixed income, typically less than working wages, can be difficult.
A quarter of borrowers who were 60 years or older had a payment that was past due, according to the most recent data from the Federal Reserve Bank of New York. Most still carry debt because they attended college later in life or took out Parent PLUS loans for children or grandchildren.
Retired borrowers receiving Social Security—available starting at 62—risk having their benefits garnished if they struggle to pay. The Department of Education has paused garnishment for now, but beneficiaries who default—defined as no payment for over 270 days—could eventually lose up to 15% of their monthly checks.
What To Do If You Are Entering Retirement With Student Loans
Experts advise borrowers approaching retirement with remaining debt to delay retirement if possible—working until their loans are forgiven or paid off. Retirees can also take on part-time work to cover any shortfall.
But working isn’t an option for everyone. Retired borrowers can lower their monthly payment by moving to a different repayment plan. The Federal Student Aid Loan Simulator compares repayment options. For example, income-driven plans can help you lower your monthly payments.
You can also request your loan servicer to pause payments through forbearance or deferment.
Even with garnishments paused, missed payments damage credit scores and make it harder to return to good standing. Should you default, you can request loan consolidation or rehabilitation to remove the default status and resume payments.
