The New York Federal Reserve says the total student loan debt in the United States has almost tripled over the past eight years, approaching one trillion dollars.
The figure has increased to $966 billion as of the fourth quarter of 2012, almost tripling from 2004 to 2012, the organization stated in a report issued on Thursday.
The number of borrowers and the average balance per person also increased by 70 percent, with the number of borrowers late on their loan payments growing from under ten percent in 2004 to 17 percent in 2012.
People with a high burden of student loans are also prevented from purchasing other types of credit, particularly home mortgages, the report said. Full story...
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The figure has increased to $966 billion as of the fourth quarter of 2012, almost tripling from 2004 to 2012, the organization stated in a report issued on Thursday.
The number of borrowers and the average balance per person also increased by 70 percent, with the number of borrowers late on their loan payments growing from under ten percent in 2004 to 17 percent in 2012.
People with a high burden of student loans are also prevented from purchasing other types of credit, particularly home mortgages, the report said. Full story...
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- English students turning to prostitution to fund studies...
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