That the sting of higher borrowing costs will be felt by a growing membership is a now-self-evident fact; according to data from the New York Fed’s consumer panel, total student loan debt has risen to $1.34 trillion in the first quarter, representing about 10.5% of total consumer liabilities. That compares to $663 billion in student loan debt as of the first quarter 2009 equating to 5.3% of total household borrowings.
Overall, average Federal debt load per student reached $30,200 in the first quarter, up from $20,500 in the first quarter of 2009, according to the National Student Loan Data System.
Not only has student debt grown significantly, but it has done so in near lockstep. In each quarterly period going back to at least the beginning of 2003 (when the New York Fed begins its data series) has total student loan debt grown on both a sequential and year-on-year basis.