NEW YORK – Loan delinquencies may be down across the board, but there is one exception: student loans.
The Federal Reserve Bank of New York has released new data showing that 11.5% of student loan borrowers were delinquent on their debt in the second quarter of 2015, up from 11.1% in the first quarter.
That 0.4% increase in delinquencies was double the delinquency rate of any other form of consumer credit. Student loan debt is now the largest type of non-housing consumer debt at $1.19 trillion.
For purposes of its data, the New York Fed defined delinquencies as payments past due by more than 90 days.
The student loan delinquency rate at credit unions is significantly lower at 1.06%, with charge-offs at 0.03%, according to the most recent data.