Crosswalk.com aims to offer the most compelling biblically-based content to Christians on their walk with Jesus. Crosswalk.com is your online destination for all areas of Christian Living – faith, family, fun, and community. Each category is further divided into areas important to you and your Christian faith including Bible study, daily devotions, marriage, parenting, movie reviews, music, news, and more.

Jim Liebelt Christian Blog and Commentary

Student Loan Debt on the Rise

  • Jim Liebelt
    Jim is Senior Writer, Editor and Researcher for the HomeWord Center for Youth and Family at Azusa Pacific University. Jim has over 25 years of experience as a youth and family ministry specialist, and has been on the HomeWord staff since 1998. He has served over the years as a pastor, author, youth ministry trainer, adjunct college instructor and speaker. Jim’s culture blog and parenting articles appear on HomeWord.com. Jim is a contributing author of culture and parenting articles to Crosswalk.com. Jim and his wife Jenny live in Olympia, WA.
  • 2012 Jun 05
  • Comments

Debt from educational loans in the U.S. rose 3.4 percent to $904 billion in the first quarter, according to the Federal Reserve Bank of New York.

Outstanding student debt increased from $874 billion three months earlier, the New York Fed said today in a report. The total includes loans that are backed by the U.S. government as well as private borrowing by students and their parents.

Student loan debt surpassed credit card debt in the second quarter of 2010. In the year ended March 31, outstanding student debt rose by $64 billion from a year earlier, while all other forms of household debt fell a combined $383 billion, according to the report.

“Student loan debt continues to grow even as consumers reduce mortgage debt and credit card balances,” Donghoon Lee, senior economist at the New York Fed, said in a statement accompanying the report. “It remains the only form of consumer debt to substantially increase since the peak of household debt in late 2008.”

Source: Bloomberg
http://www.bloomberg.com/news/2012-05-31/student-loan-debt-rose-to-904-billion-in-first-quarter.html