The state of student loans: Still grim

July 18, 2012

The New York Fed keeps detailed data of the state of consumer debt in the United States, and is out with its latest data on student debt from the first quarter of this year. Unsurprisingly, it's still going up.

The total amount of student debt in the United States is up to $902 billion and the average (mean) amount per person is $24,301. Unfortunately, the New York Fed hasn't reported its median debt amount, but in the past that has been about half of the average amount; in the third quarter of last year it was $12,800. Still, given that the national Fed found (pdf) that the median U.S. net worth was $77,300 in 2010, that's a pretty staggering figure and reduces the median household's wealth by 14.2 percent.

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Michelle Williams · July 18, 2012