(BLOOMBERG) — 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.
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