Reports says more students are in college loan debt than ever

UNITED STATES -- If you're stuck with a pile of student loan debt, you're not alone.

The Federal Reserve Bank of New York reports Americans now owe more on student loans, than on credit cards.

Last year alone, students took out an estimated $100 billion in loans. That's an all-time high.

Outstanding student loan debt is expected to hit $1 trillion this year. Experts say the sour economy is to blame for the increased debt.

They say more people are taking out federal loans, to retrain themselves, hoping their new skills will help them find work.