US Student Loan Debt Reaches $1.31-T
Student loan debt in the United States stands at $1.31-T, far more than Americans’ total outstanding credit card balance of $779-B.
The Federal Reserve Bank of New York calculated the numbers and released a report that includes debt data through the end of 2016.
Other Key figures in the report, as follows:
- Student loan balances increased by $31-B from the 3rd to the 4th Quarter in Y 2016.
- 11.2% of student loan debt was 90 plus days delinquent or in default by year’s end.
- Credit card balances increased by $32-B from the 3rd to the 4th Quarter in Y 2016.
- 7.1% of credit card debt was 90 plus days delinquent by the end of the year.
- Total household debt increased by $226-B from the 3rd to the 4th Quarter and now stands at $12.58-B.
- 4.8% of all outstanding debt was in some stage of delinquency.
Given those numbers, the Y 2015 national wage average was $48,098.63. That marked a 3.48% increase from Y 2014, according to the Social Security Administration.