Tags: student | loan | debt

Student Loan Debt Climbed to $904 B in First Quarter

Thursday, 31 May 2012 11:35 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

Debt from educational loans in the U.S. rose 3.4 percent to $904 billion in the first quarter, according to the Federal Reserve Bank of New York.

Outstanding student debt increased from $874 billion three months earlier, the New York Fed said today in a report. The total includes loans that are backed by the U.S. government as well as private borrowing by students and their parents.

Student-loan debt surpassed credit-card debt in the second quarter of 2010. In the year ended March 31, outstanding student debt rose by $64 billion from a year earlier, while all other forms of household debt fell a combined $383 billion, according to the report.

“Student loan debt continues to grow even as consumers reduce mortgage debt and credit card balances,” Donghoon Lee, senior economist at the New York Fed, said in a statement accompanying the report. “It remains the only form of consumer debt to substantially increase since the peak of household debt in late 2008.”

Ninety-day delinquency rates for student loans increased to 8.69 percent from 6.13 percent in the first quarter of 2003, higher than that of mortgages, auto loans and home equity lines of credit, the New York Fed said.

The loan totals are based on figures from a nationally representative random sample of people provided by the Equifax Inc. credit bureau.

The Consumer Financial Protection Bureau estimated in March that the debt level reached the $1 trillion mark.

 

© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Jim Jordan: IRS Commissioner 'Isn't Being Square With Us'

Wednesday, 23 Jul 2014 20:33 PM

IRS Commissioner John Koskinen isn't telling everything he knows about former IRS official Lois Lerner's missing emails, . . .

Arizona Execution Takes Two Hours; Inmate Was 'Gasping and Snorting'

Wednesday, 23 Jul 2014 19:57 PM

The Arizona execution of Joseph Rudolph Wood on Wednesday took nearly two hours, with the condemned inmate gasping and s . . .

Radio Star Casey Kasem's Remains Flown to Canada

Wednesday, 23 Jul 2014 19:28 PM

The body of radio personality Casey Kasem, who even before his June death was at the center of a tug-of-war between his  . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved