Late-Life Burdens: Analyzing Student Loan Debt Among US Adults Aged 45 and Older

• In Event: Debt, Disciple, and Discrimination: Interrogating Inequities Across Higher Education

Abstract

Student loans have drawn growing concern in higher education. Using 2015–2024 SHED data, this study employs a probability linear regression with fixed effects to examine associations between student loan debt status and demographic characteristics among adults aged 45 and older. Results show the proportion still carrying student loan debt from own education increased from 2015 until 2020. Women and racial minorities are more likely than men and Whites to have outstanding loans, even accounting for educational attainment. Women experience greater debt disadvantages than men when have minor children. The findings highlight persistent inequalities in student loan debt burdens and returns to education. Policy implications are provided to address student debt dynamics beyond young adulthood and balance broader societal needs.

Authors

• Hanyun Cui, Boston University

• Jerry M. Whitmore, Boston University