Student Debt Nearly Tripled In 8 Years, New York Federal Reserve Reports
By Tyler Kingkade
Posted: 02/28/2013 4:03 pm EST
Updated: 02/28/2013 8:25 pm EST
Total student debt has nearly tripled over the past eight years, a new report from the New York Federal Reserve has found.
Total student debt stands at $966 billion as of the fourth quarter of 2012, the N.Y. Fed said in press materials, with a 70 percent increase in both the number of borrowers and the average balance per person. The overall number of borrowers past due on their student loan payments has also grown, from under 10 percent in 2004 to 17 percent in 2012.
Fewer people with student loans are buying homes, according to data in the report. Of borrowers ages 25 to 30 who are taking out new mortgages, the percentage of those with student debt has fallen by half, from nearly 9 percent in 2005 to just above 4 percent in 2012.
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