The CFPB announced on Wednesday that outstanding student loan debt has increased 20 percent from 2011 to pass the trillion dollar mark, reaching $1.2 trillion as of May.
Data released by the CFPB last year showed total outstanding student loans were approximately $1 trillion. At present, student loans now comprise the second largest form of consumer debt after home mortgages.
The increase in student loan debt surpassed growth in revolving credit products, which rose less than two percent to reach $857 billion.
Fifty-five percent of federal loans were originated by the U.S. Department of Education, and 45 percent of loans were originated by banks. As of March, data from the Department of Education showed $999 billion outstanding in student loans.
The CFPB said that private student loan data is not as easy to track because large institutions do not report student loan portfolio results separately from public financial statements.
The agency also said, however, that based on public information, outstanding private student loan debt totals approximately $165 billion. Of the borrowers who graduated around the time of the financial crisis with more than $40,000 in student debt, 81 percent used private student loans.
Additionally, the CFPB said that student loan borrowers are less likely to have mortgage debt and auto debt than those without student loans, reversing a long-standing market trend.