Throughout 2012, national student loan debt soared to all-time highs

Back in March, the Consumer Financial Protection Bureau declared that student debt had exceeded the $1 trillion mark that the Federal Reserve's estimated it would reach no sooner than the end of 2012.

Over the past 12 months, things have only gotten harder for students as paying for college has become more expensive and little aid has been provided by colleges themselves or the federal government. It wasn't until late December that a revamped income-based repayment program was enacted that would help lower monthly payments for graduates, though debt continues to soar.

According to FinAid, a financial analytics group, national tuition debt has increased at a rate of $2,853.88 per second, and many students are having trouble trying to keep up.

Compared to 2011, the rate of default on student loans increased from 8.8 percent of the postgrad population to 9.1 percent.

"The underlying thesis is if I get a better degree I should get a better job, but that only really works if the economy really recovers to support all of those job wannabes. People borrow up and then if the economy isn’t strong enough [for] the repayment of it all, you have this big upsurge in borrowing," Patrick Kandianis, vice president and cofounder of financial group Simple Aid, told Fox Business.

Student loan debt is now higher than credit card and auto loan debt, the Federal Reserve reports.

If you are one of the thousands of Americans struggling to keep up with student loan payments, contact College Financing Group today to learn more about how to get personal debt under control.