New York Fed has student loan debt at $1.027 trillion while Fed Board of Governors in Washington has it at $1.214 trillion.
You see what you want to see. This is the current state of the financial markets. When a handful of observers were warning the Fed and multiple government agencies about the subprime crisis floating in the market, hardly anyone wanted to listen. This is the same kind of accounting trickery that is now pervasive in the student loan market. Ironically, the vast majority of student debt is backed by the government and issued out by friendly member banks yet somehow, it is hard to get an accurate number of the actual amount of student debt floating in the market. This does seem to be changing as the Fed Board of Governors in Washington is now adopting a much larger scope of data. How big is this difference? Try $187 billion or an increase of 18 percent of the data that is commonly reported. This is important because student debt is the fastest and most problematic debt class in America today.
The lack of accounting consistency in student debt data
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