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.
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