U.S. student debt has climbed to an all-time high, despite a decrease in consumer debt for all other major lending categories such as automotive debt, credit card and home equity loans. Behind mortgages, student loans are the second largest debt class.
Now at $1.2 trillion, student debt has increased 84 percent since the 2008 Great Recession, based on a study by information services firm Experian. The national average balance of loans stand at $29,400 and 40 million consumers now have at least one student loan, originally reported by NewsOK.
Mississippi, Oklahoma and Louisiana had the highest amount of late payments. Massachusettes, Vermont and Minnesota had the least amount of late payments.
A breakdown of student debt standings reveal the majority of accounts—61 percent, worth $727 billion—are in repayment. The remaining 39 percent, worth $417 billion, are in deferment, a grace period when repayment is not required.