There is a big issue in the U.S. student loan market.

The data for the third quarter of 2025 has just come out—overdue student loans exceeding 90 days account for 14%. What does this mean? This is the highest record since statistics began in 2003.

Why did it suddenly erupt? Because the wave of relief policies in the fourth quarter of 2024 has completely ended, and the bills that need to be paid are now truthfully reflected on credit reports. The upcoming numbers are even more frightening.

Borrowers over the age of 50 have a serious overdue rate that has soared to 20%—meaning that 1 in 5 older borrowers has actually defaulted. The age group of 40 to 49 is also not easy, with an overdue rate of 15%; and for those aged 30 to 39, it is 12%. All are historical highs.

Even among young people aged 18 to 29, the overdue rate has risen to around 9%, a level not seen in nearly 11 years.

The student debt crisis is no longer a news headline, but a real financial black hole that affects generations. In this environment, tightening liquidity will have a chain reaction on investment sentiment in the entire financial market, including cryptocurrencies.