ALBANY, N.Y. (WTEN) – The second largest debt contributor for New Yorkers is student loans, according to the Federal Reserve Bank of New York (New York Fed).
Student loans come in second only to home mortgages, the New York Fed said, and 10.8 percent of those loans are more than 90 days delinquent or in default.
Student loans contribute more debt than either auto loans or credit cards and added $20 billion to U.S. household debt in the third quarter of 2019 in an analysis by Liberty Street Economics, a blog written by Federal Reserve Bank of New York economists.
In November 2018, the Rockefeller Institute of Government published a review of student debt in New York. They found that 58 percent of New York students graduate with student loan debt and end up owing an average of $30,346.
Students who graduated with a bachelor degree from a college within the State University of New York system accumulated less debt overall than the state average but it still amounted to $26,600.
Debt.org said the average U.S. student debt in 2017 was $37,172. The Rockefeller Institute attributes lower student debt in New York to tuition assistance programs like the Excelsior Scholarship and the Tuition Assistance Program.