(KMOV.com) – A new study published by the Federal Reserve of St. Louis shows student loan debt is rising faster than expected.
According to study, students from all income backgrounds have seen their loan debt rise. In 2005, students from low to moderate income areas had an average of $15,000 of debt, but in 2013 the students from same income group had over $29,000 in debt.
Those from middle and upper middle class areas of St. Louis saw their debt go from $20,000 in 2005 to $32,000 in 2013. Nationally, student loan debt is estimated to be $1.2 billion.