Study Finds Americans in Their 80s Owe More in Student Loans Than Gen Z by Nearly $9,500

A recent survey from Credible found that 44% of Americans with student loans have delayed major life milestones because of their debt. Among those affected, 65% have postponed buying a home and 52% have put off saving for retirement. Against that backdrop, a new report examines how generations in the United States compare on income, debt, and taxes.

BestBrokers reviewed data for 2025 from the U.S. Census Bureau and Experian, comparing Gen Z, Millennials, Gen X, and Baby Boomers across income, debt, taxes, and education. The analysis also looked at long-term shifts in the gender earnings gap to highlight how financial pressures differ by generation. The full dataset is available on Google Drive through this link.

The results show a sharp generational split in student loan debt. Younger adults are more likely to have student loans, but older borrowers often carry much larger balances. Gen Z and Millennials have the highest rates of student debt, at 15.3% and 15.1%, respectively, yet their average balances of $21,670 and $32,911 fall well below those of Baby Boomers, at $39,870, and Gen X, at $38,426. Even Americans in their 80s still owe an average of $31,153, which is more than Gen Z’s average balance of $21,670.

Key findings from the report include:

• Americans in their 80s owe more in student loans than Gen Z borrowers. The Silent Generation has an average balance of $31,153, compared with $21,670 for Gen Z, a gap of nearly $9,500, or 43.8%. Although just 1.1% of Americans over 80 still have student debt, the figures suggest education-related borrowing can remain a financial burden well into later life.

• The Silent Generation was also the only group whose average student loan balance increased. While Gen Z, Millennials, Gen X, and Baby Boomers all saw declines, the oldest generation recorded a 1.21% rise, from about $30,781 to $31,153.