Michael Robins works on an architecture post graduate project in 2010. Robins recently received his undergraduate degree from the University of Utah in architecture and just began his graduate work in the same field. However, to this point he has racked up $35,000 to $40,000 in student loans.
Stuart Johnson, Deseret News
The rate of student loan debt delinquency has leaped above the delinquency rate for all other consumer debt including those of cars and credit cards, according to a study done by the Federal Reserve Bank of New York.
Student debt in the U.S. is now at $956 billion, which is an increase of $42 billion since last quarter. That means 11 percent of student loans are 90 days delinquent.
It is the only consumer debt that is still rising in post-recession America, according to Face the Facts USA, a George Washington University research group. In the past 10 years, student debt has grown 275 percent.
For the first time since the survey began in 2003, student loan debts are higher than credit card loan debt. This comes at a time when unemployment for recent graduated students is about half of young graduates, as reported in this Deseret News article.
EMAIL: alovell@deseretnews.com
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I am a bit older than the current crop of college students but I feel their pain; much of it self inflicted. By the time I graduated with my Masters I was $35K in debt due mostly to student loans. It is a sinking feeling when the first payment is More..
Ironic that the majority of Millenials and younger voters cast their lot with the incumbent president this last election cycle and not the business/private sector guy....well, best of luck at those Occupy WS protests and the unemployment office!
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Oh, golly gee, why not? Surely, at least 47% of those with outstanding loans are pretty sure that the federal government will come to the rescue and forgive billions of dollars of debt. The USA can always borrow more money from China! Or can she?