ATLANTA, June 26, 2013 (GLOBE NEWSWIRE) -- According to Equifax's (NYSE:EFX) latest National Consumer Credit Trends Report, new credit for student loans posted in Q1 2013 posted at $15.6 billion, an increase of over 20% for the same time a year ago ($12.9 billion). The total number of new student loans originated increased just 3.9% in that same time, from 2.7 million to 2.8 million. The most recent data also shows that from year-over-year March 2012-2013:
- The average size of a student loan increased more than 11%, from $5,618 in March 2012 to $6,242 in March 2013.
- Among consumers who took out at least one student loan during March 2013, the average total amount borrowed across all loans increased nearly 6% from March 2012, from $8,636 to $9,132.
Other highlights from the most recent data include:
- The total balance of student loans outstanding increased more than 16% from May 2012 to May 2013, from $755 billion to more than $879.1 billion.
- The total balance of student loan write-offs (including severe derogatory and bankruptcy) year-to-date in May 2013 is $9.3 billion, an increase of 60.3% from same time a year ago ($5.8 billion).
- From May 2012-2013, the total number of student loans increased nearly 10% from more than 115 million to more than 126 million.
CONTACT: Demitra Wilson (404) 885-8907 Demitra.Wilson@equifax.com