Student Loan Debt Rose 25% Since 2008

Student loan debt has increased 25 percent since 2008, according to new data from the Federal Reserve Bank of New York.

The Wall Street Journal reports that student debt totaled $550 billion in this year's second quarter. Outstanding student debt stood at $440 billion in 2008.

Last year, student loan debt outpaced credit card debt for the first time in history. According to the Project on Student Debt, the average student debt for a member of the class of 2009 was $24,000.

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