Debt from student loans in the U.S. increased to $867 billion in the quarter ending Dec. 31, up from $865 billion in the previous quarter, according to the Federal Reserve Bank of New York.
The figure includes both private borrowing and federally backed loans, which are secured by the U.S. government. While most loans are taken by students, parents also incur debt in their own name to pay for their children’s education.
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 concerning how it used to obtain student-loan data.
The loan totals are based on figures from a random sample of individuals with a Social Security number, typically ages 19 years or older, provided by credit-reporting agency Equifax Inc.