The Federal Reserve Bank of New York released its latest Report on Household Debt and Credit Developments, and the news isn’t good for student-borrowers.

As of the second calendar quarter ending June 30, seriously delinquent student loans (which the FRBNY describes as those whose payments are 90 or more days past due), increased to 11.5% of the $1.19 trillion dollars’ worth of education loans, versus 11.1% in the first quarter.

Before you dismiss four-tenths of one percent as decimal dust, consider this: Although student loans make up only 10% of all consumer debt, the amount of seriously past due student loan payments total nearly one-third of all seriously past-due debt payments. What’s more, of the total $1.19 trillion in outstanding education-related loans, only about half that amount is actually in repayment at this time (the balance is deferred because the borrowers are still in school).

So instead of 11.5% being seriously delinquent, it’s actually twice that amount: 23%.

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