Student Loan Facts
Skyrocketing college tuitions are making student loan debt a fact of life for students everywhere.
Here are some basic statistics about college costs and the impact of student loan debt on borrowers:
- – Average cost of tuition for 4-year colleges over the past 30 years has doubled.
- – Private colleges average $21,235 per year or $25,093 for New England, the highest in the United States.
- – Public four-year colleges average $5,491 per year.
- – Public two-year average is $2,191.
- – These costs are up an average of 6.1% from 2004.
- – Average college student graduates with $20,000 in student loan debt.
- – Average for four-year public college: $17,600
- – Average for four-year private college: $22,581
- – Academic year 2004-2005: $129 billion in financial aid from federal sources was distributed to undergraduate and graduate students.
- – $61.3 billion or 47% of that amount was federal loans.
- – An additional $14 billion in loans was from private sources.
- – ⅔ of Americans with outstanding student loans say the debt prevents them from making major purchases, such as a car or a house.
- – 30% of those polled say their student loans are a major burden .
- – Young adults have an average of $4,000 credit card debt in addition to loans.
- – Current national student loan default rate (percentage of borrowers who default within the first 2 years of repayment): 4.5%
- – American Student Assistance® default rate: 1.3%
American Student Assistance, a nonprofit organization, wants to help lighten the loan because on-time repayment is so important. When students pay back their loans on time, they take the first steps to building good credit, which is the key to a healthy financial future. Without good credit, they can’t buy a home or a car, or in some cases even get a job. If not managed properly, student loan debt can lead to bad credit, loss of eligibility for future federal aid, and possibly even wage garnishment or withholding of tax refunds.
We help student loan borrowers successfully manage their debt. We offer outreach and education, loan repayment counseling, budget planning, information on repayment options, and even help for borrowers who default on their loans.
For more information, please contact Allesandra Lanza at lanza@amsa.com or 617.728.4631.
Paul Combe
President and CEO
Biography
Paul Combe is the president and CEO of American Student Assistance. Paul came to ASA in May 1996 and has led the organization through a process of strategic change and renewal that refocused the organization and positioned it as a leader in higher education financing.
Throughout his tenure, Paul has been a strong advocate for Federal Family Education Loan guarantor agency reform and is a founding member and president of the National Association of Student Loan Administrators (NASLA). Under his direction, ASA refined its vision and mission to align with its public purpose of helping student loan borrowers manage higher education debt. Simply put, the organization has carved out a new role for the guarantor, one that centers its activities around proactively ensuring the financial “wellness” of the borrowers in its portfolio, rather than the traditional guarantor model of reinsurance and debt collection.
In February 2001, ASA entered into a Voluntary Flexible Agreement (VFA) with the Department of Education, focusing on student loan borrower financial “Wellness” and default prevention. Through the successful implementation of the VFA and Wellness initiatives, ASA has increased the number of loans in good standing in its portfolio, and achieved the second lowest cohort default rate of all guarantors.
Paul received his Bachelor of Arts and Master of Education Degrees from Framingham State College. He has spoken at numerous industry events and conferences, as well as spoken before members of Congress on making student debt more manageable.
To schedule an interview, please contact Allesandra Lanza at lanza@amsa.com or 617.728.4631.
Shelley Saunders
Vice President, Strategic Services
Biography
In her current role as American Student Assistance’s vice president of Strategic Services, Shelley Saunders serves as the organization’s primary contact for Congress, as well as for national organizations such as the American Council on Education, the American Association for State Colleges and Universities, the National Association of Student Loan Administrators (NASLA), and others. Her main focus is to educate the public policy making community on the positive results American Student Assistance has realized through its focus on student loan borrower financial Wellness.
In her 12-year career at American Student Assistance, Saunders has played an integral role in several of the organization’s global projects, including designing a new client-server based life-of-the-loan processing system and developing corporate strategy and tactics. She most recently held the position of vice president of Borrower Services.
Saunders has appeared on numerous Clear Channel radio broadcasts in the Washington, D.C. area. Her areas of expertise include the public purpose role of federal student loan administrators, as well as general facts about student loan origination and repayment.
To schedule an interview, please contact Allesandra Lanza at lanza@amsa.com or 617.728.4631.
Allesandra Lanza
Corporate Public Relations Manager
lanza@amsa.com
617.728.4631
Biography
In her current role, Allesandra Lanza oversees American Student Assistance’s media relations and corporate image. She has more than 10 years of experience at ASA, working with both student loan borrowers and the financial aid professionals who help them. She has:
- – answered students’ questions about their federal loans
- – conducted on-campus loan counseling sessions for students as they enter and exit school
- – and written communications for students about loan repayment, debt management, budgeting and more
Lanza is currently a member of the Eastern Association of Student Financial Aid Administrators. She has previously been a member of the Massachusetts Association of Student Financial Aid Administrators, serving as Newsletter Co-chair from 2002 to 2004. Lanza has a bachelor’s degree in Journalism from Boston University.
She has most recently appeared on Tufts University radio to promote American Student Assistance’s “Think About Tomorrow®” Tour, a fun and interactive on-campus event that educated college students on the benefits and responsibilities of student loans.
