At a Glance | Aug 5, 2021 Breaking Down Student Loan Debt STUDENT LOANS BY AGE Student Loan Debt by Age Student loan debt more than Percentage With Student Loan Debt Median Balance (in thousands) doubled from 10.5 percent Change Change 50% $30 +279% in 1992 to 21.4 percent in +70% +84% 40% +286% 2019 for American families. +188% +306% $20 Although families with 30% +309% +29% the youngest heads had the +104% highest percentage with 20% $10 +320% student loan debt, older 10% families had larger increases. +177% 1992 2019 1992 2019 All Under 35 35–44 45–54 55–64 65+ 1 STUDENT LOANS BY Student Loan Debt by Race/Ethnicity R ACE /E THNICIT Y Percentage With Student Loan Debt Median Balance (in thousands) Change Student loan debt was more +480% Change 40% $30 prevalent in families with +269% +140% +286% Black family heads but less so 30% +230% +527% among families with Hispanic $20 +182% +104% +89% heads. Families with Black 20% +73% or other minority heads saw $10 the greatest increases in 10% median student loan balance. 1992 2019 1992 2019 All Black Hispanic White Other STUDENT LOAN DEBT AND DC Defined Contribution Balances With and Without Student Loans (in thousands) PLAN BALANCES By Age By Race $90 $85 Families without student $80 $75 loan debt had higher median $64 $60 defined contribution (DC) plan $50 balances than the families $46 $39 $36 with student loan debt. This $33 $27 $24 $22 held across all families by the $12 $12 $9 age and race/ethnicity of the $5 family heads. Under 35 35–44 45–54 55–64 65+ Black Hispanic White Other With Student Loan Debt Without Student Loan Debt 1. The race/ethnicity categories from the Survey of Consumer Finances are self-identified and include White, non-Hispanic; Black/African American; Hispanic; and other, which consists of those not defined in the three prior categories, such as Asian Americans and those who identify as multiracial. The characteristics of the family head (or the reference person) are used to categorize the families. SOURCE: Copeland, Craig, “Student Loan Debt: Who Has It and How Much?,” EBRI Issue Brief, no. 524 (January 28, 2021). © 2021 EBRI This report is copyrighted by the Employee Benefit Research Institute (EBRI). You may copy, print, or download this report solely for personal and noncommercial use, provided that all hard copies retain any and all copyright and other applicable notices contained therein, and you may cite or quote small portions of the report provided that you do so verbatim and with proper citation. Any use beyond the scope of the foregoing requires EBRI’s prior express permission. For permissions, please contact EBRI at permissions@ebri.org.