The reports by Federal Reserve Bank of New York suggest that student loan debt has been increasing ever since the year 2003, when it was $663 billion.
Where Americans have literally dwindled down other kinds of debts, students are asking for loans at regular intervals. Supporting the fact, senior economist, Donghoon Lee said that student loan is growing at a fast pace even as consumers are reducing mortgage debt and credit card balances.
The maximum comparison of student debt has been drawn with Household debt. While, the household debt had witnessed a fall and reduced to $1.5 trillion, since 2008, the student debt has risen by $293 billion at the same time.
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