The Federal Reserve Bank of New York is reporting that for the first time ever Americans owe more than $1 trillion in student loans altogether, which is more than the country's combined credit card debt. Here's what else is happening in the world of student loans according to the bank's report, as relayed by USA Today. Be warned--it includes a few other dire firsts.
- Last year marks the first year American students took out more than $100 billion in loans to pay for school, averaging $4,963 per student in 2010.
- Students are borrowing twice as much as they were a decade ago, adjusted for inflation, so that that $1 trillion student loan bill is double what it was five years ago.
- The default rate on student loans--which, unlike almost every other type of loan, survive even after bankruptcy--jumped from 6.7 percent in 2007 to 8.8 percent in 2009. Default rates were highest at for-profit schools.