Student Loan Debt Exceeds U.S. Credit Card Debt
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.
Published by Medicaldaily.com
Join the Discussion