Student loan serious delinquencies are skyrocketing: 8.0% of student loans transitioned into a serious delinquency in Q1 2025, the highest share since 2020. This is up from 0.8% in Q4 2024 as the student loan relief period expired and delinquencies started to show up on credit reports. Concerningly, ~11.0% of borrowers aged 50+ were at least 90 days past due, the second-highest share in 20 years. Over 10.0% of balances, or ~6 million borrowers, are either past due or in default. Additionally, among Americans required to make payments, ~24.0% were behind on their student loans in Q1 2025, higher than 22.0% in Q1 2020. The student debt crisis is growing.