A third of 25- to 34-year-olds have student loans – here’s how other age groups stack up

Young Americans — especially those ages 25 to 34 — form the age group where student debt is most common. In fact, a third of adults in this age range have federal student loan debt, according to Recent data from The Washington Post,

These findings are not as surprising as those of adults who are 25- to 34-years-old, possibly all recent college graduates.

The next age group where we see student debt most widespread is among 18- to 24-year-olds, followed by those aged 35 to 49. Here’s a full breakdown of the percentages for each age group with federal student loan debt:

While we ideally expect that as people get older, the student loan load tends to be smaller, as borrowers have more time to make payments, in your later 20s and 30s. Student loans in the early days of the U.S. can certainly put you in a tough financial bind. In this age range you have some time since graduation to pursue a career with salary that allows you to make monthly payments, yet you also face other competitive financial commitments be it a first mortgageCreating a family or even adding graduate student loans to your higher education loan.

It is important for adults in this age group to consider what the monthly payments are. high priority (Things like rent, utility bills and car loans). It can also include expenses that allow you to work and bring in income, such as the cost of child care. with federal student loan payments on pauseNow is a good time to make sure these other payments are taken care of.

Others who have some savings set aside can move on and continue to make student loan payments even with a pause. Since any payments during the freeze will be made directly toward your principal, you can get this away faster than you can make payments on the interest-accruing balance. Also, when the forbearance period ends and payments and interest resume, you’ll have a smaller balance, meaning you’ll be able to earn less interest.

If you have private student loans

Private student loan borrowers are in a different boat because there are no payments or interest breaks on their loans. These borrowers may want consider refinancing with top lender To see if they can get a lower interest rate than they are paying now.

with more expectation hike in interest rates In the coming months, now is a great time to refinance any high, variable-interest loans before they become more expensive. Refinancing at a fixed interest rate locks you in for the same rate for the duration of your new loan term. In today’s economic conditions, it is likely that a fixed rate today will be less than a fixed rate month.

like a lender Sophie Offers fixed rate loans with loan terms of five, seven, 10, 15 and 20 years, plus no origination fee for refinancing. Borrowers also have the option Apply with co-signerPlus get payment security, free career coaching and financial advice from planners.