Last updated on: 4/20/2017 | Author: ProCon.org

Student Loan Debt Compared to Other Household Debt

Student loan debt rose from 350 billion dollars to 1.31 trillion dollars between 2004 and 2016. As of the fourth quarter of 2016, student loan debt was the second highest household debt, surpassed only by housing loans, which remained the highest household debt in the United States, rising from 6.83 trillion dollars in 2004 to 8.95 trillion dollars in 2016.
 
I. US Student Loan, Credit Card, Auto Loan, & Other Debt Borrowers, 2004-2016 II. US Student Loan & Housing Loan Debt Borrowers,
2004-2016

 
I. US Student Loan, Credit Card, Auto Loan, & Other Debt,
2004-2016
(in billions)
US household debt student loans credit cards auto loans and other debt
(in billions) Student Loans Other Debt Credit Cards Auto Loans
2004 $350 $420 $720 $730
2005 $390 $420 $740 $790
2006 $480 $410 $770 $820
2007 $550 $420 $840 $810
2008 $640 $410 $870 $790
2009 $720 $380 $800 $720
2010 $810 $340 $730 $710
2011 $870 $330 $700 $730
2012 $970 $320 $680 $780
2013 $1,080 $320 $680 $860
2014 $1,160 $340 $700 $950
2015 $1,230 $350 $730 $1,060
2016 $1,310 $380 $780 $1,160
 
 
II. US Student Loan & Housing Loan Debt,
2004-2016
(in trillions)
housing v student loan debt
(in trillions) Housing Loans Student Loans
2004 $6.83 $0.35
2005 $7.67 $0.39
2006 $8.84 $0.48
2007 $9.75 $0.55
2008 $9.96 $0.64
2009 $9.55 $0.72
2010 $9.12 $0.81
2011 $8.89 $0.87
2012 $8.60 $0.97
2013 $8.58 $1.08
2014 $8.68 $1.16
2015 $8.74 $1.23
2016 $8.95 $1.31
 
  

 

 

Source:
Federal Reserve Bank of New York Center for Microeconomic Data, “Household Debt and Credit Report,” www.newyorkfed.org, 2016
 
 
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