Consumer debt has declined in all categories since 2008 except for loans to finance higher education, according to one of the three nationwide credit bureaus.

Costa Mesa, Calif.-based Experian reported lending across all other loan categories dropped from 2008 to 2014. However, student loans increased by 84% over the same period and surpassed home equity, credit cards and auto loans.

Among the findings, 40 million consumers have at least one open student loan. The average consumer has 3.7 open student loans that have a collective balance of $29,000. Average balance per loan is $9,000.

“What is a really compelling statistic is that the average person has nearly four student loans,” said Michele Raneri, vice president of analytics at the data analytic firm. “Student loans are the only credit vehicle where a lender continues to extend credit year after year without knowing the person's ability, or even willingness, to pay. The borrower may not yet have had the chance to demonstrate positive payment behaviors, which is a criteria used in other types of lending scenarios.”

Experian reported student loan debt has reached a record high of $1.2 trillion, with 39% of accounts in deferred payments and 61% of accounts being repaid. Consumers making payments on their loans have an average payment of $279.

Keep in mind that a student loan is a debt obligation just like any other,” said Rod Griffin, director of public education, Experian. “Once that loan is open, the lender may begin reporting it to the credit reporting companies. Missing payments affects your credit just like any other debt. Payment history is the most important factor in credit scores.”

Student loans can either lift or lower consumer credit scores, Experian observed, noting that average credit scores for consumers 18 to 34 who have student loans is 640, 20 points higher than the average credit score of peers who do not have student loans.

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Debt Down, Except for Student Loans: Experian

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