Consumer debt has declined in all categories since 2008 exceptfor loans to finance higher education, according to one of thethree nationwide credit bureaus.

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

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

“What is a really compelling statistic is that the averageperson has nearly four student loans,” said Michele Raneri, vicepresident of analytics at the data analytic firm. “Student loansare the only credit vehicle where a lender continues to extendcredit year after year without knowing the person's ability, oreven willingness, to pay. The borrower may not yet have had thechance to demonstrate positive payment behaviors, which is acriteria 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% ofaccounts being repaid. Consumers making payments on their loanshave an average payment of $279.

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

Student loans can either lift or lower consumer credit scores,Experian observed, noting that average credit scores for consumers18 to 34 who have student loans is 640, 20 points higher than theaverage credit score of peers who do not have student loans.