Total consumer credit up 16.1 billion, fed student loans up 25.9 billion.

Note that the student loan dollars get spend and add to demand/gdp/etc as well.

>   
>   (email exchange)
>   
>   From: Jacob
>   
>   The $16.1b pop in Jan consumer credit is once again a function of the relentless
>   increase in student loan debt. On an NSA basis, student loans backed by the
>   federal government jumped $25.9b on the month. On the revolving side (credit card
>   debt), lending was flat in seasonally adjusted terms and actually sank -$19.5b
>   unadjusted. This story is a familiar one.
>   
>   That being said, the March Beige Book had the best characterization of consumer
>   lending demand since the recession ended (“steady or increased across ALL the
>   Districts”) and banks’ willingness to lend has continued to look constructive.
>   This suggests the credit space could begin to open up at the margin later this
>   year.
>