×
Newsmax TV & Webwww.newsmax.comFREE - In Google Play
VIEW
×
Newsmax TV & Webwww.newsmax.comFREE - On the App Store
VIEW
Tags: Student | Loan | Debt | educational

US Student-Loan Debt Climbed to $914 Billion in Second Quarter

Wednesday, 29 August 2012 01:14 PM EDT

Debt from educational loans in the U.S. rose 1.1 percent to $914 billion in the second quarter, according to the Federal Reserve Bank of New York.

Outstanding student debt increased from $904 billion three months earlier, the New York Fed said in a report. The loans were taken out by students and their parents, and the majority are backed by the U.S. government.

Ninety-day delinquency rates for student loans increased to 8.9 percent from 8.69 percent in the first quarter, the New York Fed said. Since the peak in household debt in the third quarter of 2008, student-loan debt has increased by $303 billion, while other forms of debt fell a combined $1.6 trillion.

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

The federal Consumer Financial Protection Bureau estimated in March that student debt reached the $1 trillion mark. About 15 percent of the debt is private, issued by banks and other lenders.


© Copyright 2023 Bloomberg News. All rights reserved.


165
2012-14-29
Wednesday, 29 August 2012 01:14 PM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved