By Stephen C. Webster
The Federal Reserve Bank of New York claimed in a published report Wednesday that student loan debt in the U.S. has now surpassed $1 trillion, for the first time ever exceeding the total amount of credit card debt held by Americans.
Due to the rising cost of education across the board, students are being forced to borrow almost twice as much as they were just 10 years ago, the College Board told USA Today.
That?s what led to a spike in student loan amounts and drove 2010's total loans to more than $100 billion, another new record, accounting for roughly $4,963 for every full time undergrad student.
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