Graduation candidates celebrated on May 12 at the Centenary
College commencement in Hackettstown, N.J. Associated Press
Americans owed $904 billion in student loans at the end of
March, nearly 8% more than a year ago, the New York Fed said
Thursday in a quarterly report on consumer credit. That compares
with the $679 billion they owed on credit cards at the end of
the first quarter.  Between the fourth quarter of 2008, when
credit-card debt peaked, and the first quarter of 2012, this
borrowing fell by $187 billion, or 21.6%, the Fed said. Over the
same period, student-loan debt rose by 41.4%, or $264 billion.
Americans are reducing their overall debt burden, a process
known as deleveraging that began with the financial crisis.
Total household debt—including mortgage, student, credit-card
and auto loans—has fallen by roughly 10% since borrowing peaked
in mid-2008. It stood at $11.44 trillion as of March 31, the New
York Fed said.  Mortgage borrowing is down significantly, the
consequence of foreclosures, fa