Debt from educational loans in the U.S. rose to $867 billion last quarter, according to the Federal Reserve Bank of New York.
The total increased from $865 billion three months earlier, according to a report released today. The figure comprised both federally backed loans, which are secured by the U.S. government, and private borrowing. While the majority of loans are taken by students, parents also incur debt in their own name to pay for children’s colleges.
The New York Fed in August reported outstanding student loan debt at $550 billion and later revised the number to $845 billion. The bank is adjusting historical figures because of technical issues in how used to obtain student-loan data, according to a November report.
The loan totals are based on figures from a random sample of people with a social security number, typically ages 19 years or older, provided by the Equifax Inc. credit bureau.