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Equifax: Average Student Loans Outstanding Doubles

by Ken Anderson | Jun 28, 2013
The total of student loans outstanding has doubled since 2008 and balances owed have nearly doubled, according to Equifax's latest National Consumer Credit Trends Report. The Atlanta-based company said new credit for student loans posted in the first quarter of 2013 hit $15.6 billion -- up more than 20 percent over $12.9 billion for the first quarter of 2012.

The total of student loans outstanding has doubled since 2008 and balances owed have nearly doubled, according to Equifax’s latest National Consumer Credit Trends Report. The Atlanta-based company said new credit for student loans posted in the first quarter of 2013 hit $15.6 billion -- up more than 20 percent over $12.9 billion for the first quarter of 2012.

The total number of new student loans originated increased just 3.9 percent, from 2.7 million to 2.8 million, Equifax reported.

Other highlights:

  • The average size of a student loan increased more than 11 percent, from $5,618 in March 2012 to $6,242 in March 2013.
  • Among consumers who took out at least one student loan during March 2013, the average total amount borrowed across all loans increased nearly 6 percent from March 2012, from $8,636 to $9,132.
  • The total balance of student loans outstanding increased more than 16 percent from May 2012 to May 2013, from $755 billion to more than $879.1 billion.
  • The total balance of student loan write-offs (including severe derogatory and bankruptcy) year-to-date in May 2013 is $9.3 billion, an increase of 60.3 percent from $5.8 billion in the same period of 2012.
  • From May 2012-2013, the total number of student loans increased nearly 10 percent from more than 115 million to more than 126 million.