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In addition to higher average balances, the percentage of consumers with student debt has increased at every level. Consumers with student debt under $20,000 increased from 9.0 percent in October 2005 to 11.0 percent in October 2012. Those with student debt in the $20,000 to $39,999 range more than doubled from 1.9 percent to 4.0 percent. Consumers in the ranges of $40,000 to $59,999 and $60,000 to $79,999 also more than doubled over the past seven years.
Meanwhile, those with student loan debt in excess of $100,000 quadrupled in the same time period. In other words, there are approximately 1.2 million more consumers with student loan debt in excess of $100,000.
Default rates are also on the rise…
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