U.S. students now owe more on student loans than Americans owe on credit cards, new data from the Federal Reserve Bank of New York shows.

The data published in a USA Today report indicates the amount of student loans taken out last year hit $100 billion for the first time and outstanding student loans will exceed $1 trillion for the first time this year.

Full-time undergraduate students borrowed $4,963 in 2010 on average, up more than 60 percent from 10 years ago the College Board reports. The percentage of borrowers in default has risen by 2 percentage points from 6.7 percent in 2007 to 8.8 percent in 2009.

The highest default rates came from for-profit schools, according to the report.