10 Causes of Debt #4: Student Loans

Student loans: $914 billion

Outstanding student loan debt stood at $914 billion as of June 30, 2012, according to the latest quarterly report on household debt and credit by the New York Fed.
While most other forms of household debt have been on the decline, debt related to education has increased by $303 billion since household debt peaked in the third quarter of 2008. (Other forms of debt have declined by a combined $1.6 trillion since then.) In fact, student loan debt was $10 billion higher in the second quarter of 2012 than in the first, and delinquency rates also increased.
The percent of student loan balances 90 or more days delinquent increased to 8.9%, up from 8.7% during the prior quarter.
The rising cost of education is likely to blame. The Institute for College Access & Success, an advocacy group, says the average student debt rose to $26,600 for the class of 2011, up from $25,250 in 2010.

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