The Federal Reserve Bank of New York works to promote sound and well-functioning financial systems and markets through its provision of industry and payment services, advancement of infrastructure reform in key markets and training and educational support to international institutions.
The Outreach and Education function engages, empowers and educates the Second District communities that the Bank serves, especially civic leaders, students, educators, small business owners, policymakers and the general public. It furthers the Bank's commitment to the region by listening to the communities we serve and leveraging our unique attributes to positively impact school and university programs, as well as analysis and research.
Data as of fourth quarter 2012, released March 29, 2013
Student loan debt is the only form of
consumer debt that has grown since the peak of consumer debt in
2008. Balances of student loans have eclipsed both auto loans and
credit cards, making student loan debt the largest form of consumer
debt outside of mortgages. These interactive charts show how
student loan borrowing and delinquency rates vary among age groups
and over time.
As explained in a recent blog
post, delinquency rates for student loans are likely to
understate actual delinquency rates because almost half of these
loans are currently in deferment or in grace periods and therefore
temporarily not in the repayment cycle. Among loans in the
repayment cycle, delinquency rates are roughly twice as high.