Californians owed $133 billion in student loan debt in late 2018, more than double the amount owed a decade earlier, according to a new analysis from credit tracking firm Experian.
The same trend has played out across the nation as states cut funding for colleges during the recession and raised student fees to make up the difference. Student loan debt is now the second largest credit debt for consumers nationwide, ranking below home loans but above auto loans.
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California’s student debt rose by about $70 billion from late 2008 to late 2018, a jump of about 115 percent. The $132 billion owed by Californians translates to about $3,300 in student debt per resident.
In the Sacramento metropolitan area, student loan debt rose from about $3.5 billion in late 2008 to $8.2 billion in late 2018, Experian reported. That translates to about $3,500 per resident in the metro area.