UPDATE: Student Loans Push $7.39B Consumer Credit Expansion

WASHINGTON (Dow Jones)--U.S. consumer credit grew during September, bouncing back after a big dip the previous month, mainly on the increased issuance of student loans.

Consumer credit increased by $7.39 billion, to $2.452 trillion, the Federal Reserve said Monday. The figures are a significant turnaround from August, when consumer credit fell $9.68 billion, according to revised figures. Economists surveyed by Dow Jones Newswires had forecast a $4 billion September expansion in consumer credit.

A growing amount of student loans from the U.S. government appears to be a primary factor driving the jump, said IHS Global Insight U.S. Economist Gregory Daco. Tuition bills drove the credit expansion more than consumers increasing their spending at stores, he said.

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