U.S. student debt rose to an unprecedented $1.1 trillion for the first quarter of 2014, the Federal Reserve Bank of New York reported Tuesday, according to the Washington Examiner. The record-breaking number came after the debt jumped by $31 billion.
While total consumer debt is down from its peak in 2008, student debt has exploded. Mortgages aside, student debt now surpasses all other types of consumer credit such as credit card debt and auto loans.
Despite the growth of housing and auto sales in 2013, student borrowers lag in both purchases, New York Fed researchers said in a separate analysis on Thursday.
Nearly 70 percent of debt belonging to 25-year-olds comes from their student loans, which continued to increase in 2013. The average student loan balance rose to $20,926.