Student debt is rising sharply among all age groups, but middle-aged Americans appear to be struggling the most with payments, according to new data released Tuesday by the Federal Reserve Bank of New York.
The delinquency rate–or the percentage of debt on which no payment has been made for 90 days–was 11.9% for debt held by borrowers aged 40 to 49 as of March. That compares with a rate of 8.7% for borrowers of all ages.
The New York Fed, which based its data on a sampling of consumer credit reports, said delinquency rates for all groups are much higher if one excludes loans in deferment for reasons such as a borrower still being in school.