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Monday, March 5, 2012

New York Fed Releases Student Loan Data

The New York Federal Reserve just released student loan data and commentary. The data indicates that as of the Q3 2011, the outstanding student loan balance stands at $870 billion, greater than total outstanding credit card loans ($693 billion) or total auto loans ($730 billion).

From the second to the third quarter of 2011,the total outstanding student loan balance grew 2.1%. Over the same period other types of consumer debt declined or remained flat. Equifax estimates that nearly 37 million individuals hold outstanding student debt. This amounts to 15.7% of those with credit reports. Among people under thirty years old, 40.1% have outstanding student debt. In contrast, only 7.4% of people over forty have outstanding student debt. Equifax estimates that $580 billion of the total $870 billion in outstanding student debt is held by those under 40 years old.

See the NY Fed’s report.

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