Younger Americans — particularly those aged 25 to 34 — are the age group most likely to experience student debt. According to recent Washington Post data, one-third of adults in this age group have federal student loan debt.

These results are not that surprising since adults aged 25 to 34 are likely all recent college graduates.

The next age group where student debt is most prevalent is 18-24 year olds, closely followed by 35-49 year olds. Here’s a full breakdown of each age group’s percentage of federal student debt:

While ideally we would expect college student debt burdens to decrease as students age because borrowers have more time to make payments, student loans can certainly leave you in a difficult financial position in your late 20s and early 30s. At this age group, you’ve had some time since graduating to build a career on a salary that allows you to make monthly payments, but you also face other competing financial commitments, whether that be a first-time mortgage or raising a family or even adding student loans to your college debt.

For adults in this age group, it’s important to consider which monthly payments have higher priority (things like rent, utility bills, and a car loan). This may also include expenses that enable you to work and earn income, such as B. Child care costs. With federal student loan payments on hold, now is a good time to make sure those other payments get done.

Others who have saved some can continue making student loan payments during the hiatus. Because all payments during the freeze are made directly into your principal, you can deplete it faster than if you were paying against an interest-bearing balance. Also, when the deferral period ends and payments and interest resume, you will have a smaller balance, which means less interest may accrue.

If you have private student loans

Borrowers of private student loans are in a different boat as there has been no payment or interest pause on their loans. These borrowers may want to consider refinancing with a top lender to see if they can earn a lower interest rate than what they are paying now.

With more interest rate hikes expected in the coming months, now is a good time to refinance large, adjustable-rate debt before it gets more expensive. Refinancing at a fixed rate secures you the same interest rate for the duration of your new loan term. In today’s economic conditions, it is likely that a fixed interest rate today will be lower than a fixed interest rate in the next few months.

A lender like SoFi offers fixed-rate loans with repayment terms of five, seven, 10, 15, and 20 years, plus no refinance processing fee. Borrowers also have the option to apply with a co-signer and get access to payment protection, free career coaching and financial advice from planners.