POSTED: Wednesday, October 19, 2011 - 6:59am
UPDATED: Tuesday, February 14, 2012 - 10:20am
A new report indicates that the amount of total amount of outstanding student loans will exceed $1 trillion for the first time ever this year.
In addition, the amount of student loans taken out last year was greater than $100 billion, another new record, according to USA Today, citing the Federal Reserve Bank of New York.
The $1 trillion of outstanding loans means that Americans now owe more on student loans than on their credit cards. While students have been racking up educational loans, American consumers have been paying down credit cards and home loans.