Federal Student Loan Debt Reaches $1 Trillion
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The cumulative amount of federal student loan debt held by borrowers has crossed $1 trillion for the first time, the Consumer Finance Protection Bureau reported Wednesday. The statements, part of prepared remarks that the agency's student loan ombudsman, Rohit Chopra, was to deliver at the Center for American Progress, put the total amount of all student loan debt (including private loans) at $1.2 trillion, with the amount that the federal government either holds or guarantees topping $1 trillion. Student loan debt is also growing at a much faster rate than other forms of consumer credit -- up 20 percent between the end of 2011 and May 2013, Chopra said.