The average delinquent student loan borrower is getting older.

In the first quarter, 23.7% of student loan borrowers were behind on their loans, according to a recent report by the Federal Reserve Bank of New York. Those o﷽ver 40 are more likely to be delinquent than their younger c𒉰ounterparts.

The average age of delinquent borrowers increased to 40.4 from 38.6 pre-pandemic. Furthermore, borrowers u💯nder 30 were the only group wi🌃th lower delinquency rates before the pandemic, New York Fed officials said.

New York Fed officials said one component likely driving this trend is the rise in popularity of Parent PLUS Loans, in which parents can take out loans for their children to attend college. According to the Department of Education data, the total outstanding balances on Parent PLUS loans have increased by more than 66% over the past decade.