On November 27, the New York Fed reported that during the third quarter, non real-estate household debt rose 2.3%. The primary driver of that expansion -- accounting for $42 billion of the total $62 billion increase -- was student loan debt. Out of that $42 billion, only $23 billion was attributable to new student loans. The other $19 billion reflects previously defaulted student loans that were just finding their way onto credit reports. The Fed's data indicated that the percentage of student loans over 90 days delinquent had risen to 11% during the quarter, a new all time record and up 2.1% from the previous quarter.

The delinquency rate for student loans is now higher than all other types of debt, surpassing the 90+ day delinquency rate for credit cards, which stands at around 10%.