NEW YORK (MainStreet) -- The student loan crisis is showing no signs of slowing down.
According to an Experian report, some 40 million consumers have at least one student loan, with the average consumer holding 3.7 student loans. The average balance per loan is $9,000 and stands at $29,000 per consumer. Student loan debt jumped 84% since the 2008 recession, the only debt category to increase.
Student loans carry debilitating impacts, often delaying important milestones for young people, including marriage, having children and buying a home.
"Student loans are the only credit vehicle where a lender continues to extend credit year after year without knowing the person's ability, or even willingness, to pay,” said Michele Raneri, vice president of analytics at Experian. “The borrower may not yet have had the chance to demonstrate positive payment behaviors, which is a criteria used in other types of lending scenarios."