The amount of outstanding student debt in America defies gravity

Fusion

The number of people who have taken out student loans in the U.S. has doubled in the past decade, and delinquencies are climbing again, according to new data from the New York Federal Reserve.

Between 2004 and 2014, there was a 74-percent increase in average balances, and a 92 percent increase in the total number of borrowers, to 43 million.

There is now close to $1.2 trillion in student debt outstanding in America.

student debt new york fedFour percent of borrowers, about 1.8 million Americans, now owe more than $100,000 on their student loans. Approximately 344,000 borrowers owe at least $200,000.

new york fed student debt

For Q4 2014, 11.3% of aggregate student loan debt was 90-or-more days delinquent or in default, up from 11.1% in the third quarter. Delinquencies started increasing again in 2014 after declining in 2013, and remain well above pre-recession levels, even as all other forms of debt have seen steady decreases in delinquencies during the period.

new york fed student debt

“Although we’ve…

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