Student Debt Statistics

With loans being the primary source of federal aid today, students of all types need debt management and financial literacy skills. Here are some fast facts about students and debt today.

Undergraduate Students

  • Number of undergraduate students attending 4-year schools in 2007: 8,986,150
    Source: National Center for Education Statistics
  • Between 2007 and 2018, undergraduate enrollment in 4-year colleges is expected to increase by 12%, while enrollment in 2-year colleges is expected to increase by 13%.
    Source: National Center for Education Statistics
  • In each year between 2000 – 01 and 2006 – 07, an estimated 60% of bachelor’s degree recipients borrowed to fund their education. Average debt per borrower rose 18%, from $19,300 to $22,700 in 2007 dollars over this time period. Average debt per bachelor’s degree recipient increased from $10,600 to $12,400.
    Source: The College Board (Trends in Student Aid – 2008)
  • In 2008, 84% of undergraduates had at least 1 credit card, up from 76% in 2004, the last time the study was conducted. The average number of cards has grown to 4.6, and half of college students had 4 or more cards.
  • Undergraduates are carrying record-high credit card balances. The average (mean) balance grew to $3,173, the highest in the years the study has been conducted. Median debt grew from 2004's $946 to $1,645. 21% of undergraduates had balances of between $3,000 and $7,000, also up from the last study.
    Source: Sallie Mae
  • In 2007 – 2008, lenders provided about $17 billion in private loans, a 592% increase from a decade earlier.
    Source: The College Board (Trends in Student Aid – 2008)
  • Nonfederal student loans grew rapidly for most of the decade, increasing from 7% of education loans in 1997 – 98 to 23% in 2005 – 06. However, the growth in these loans, which carry no subsidy and generally have less favorable terms than federal loans, slowed in 2006 – 07. Private loan volume declined slightly in inflation-adjusted dollars in 2007 – 08, but still represents 23% of the total loan volume.
    Source: The College Board (Trends in Student Aid – 2008)
  • In the 2007 – 2008 year, proprietary schools at all levels and private (non-profit) 4-year schools had disproportionate numbers of students taking out private loans.
    • Students attending proprietary schools composed about 9% of total undergraduates, but 27% of those taking out private loans.
    • Students attending private 4-year schools composed about 13% of total undergraduates but 22% of those taking out private loans.
    • In contrast, the percentage of private loan borrowers who attend public 4-year schools (28%) is basically the same as the percentage of undergraduates overall who attend public 4-year schools (29%).

    Source: Project on Student Debt

Graduate Students

  • The following table shows the percentage borrowing and average amount of cumulative debt per borrower among graduate students according to degree program:

    Debt Burdens of Graduate Students by Degree Program
      Graduate Education Debt All Education Debt
    (Grad & Undergrad)
    Graduate & Professional Degree Programs Percent Borrowing Cumulative Debt Percent Borrowing Cumulative Debt
    Total 56.40% $40,297 69.60% $47,503
    Master’s Degree 55.20% $31,031 69.40% $40,208
    Doctoral Degree 45.80% $57,860 56.30% $58,967
    Professional Degree 86.20% $87,308 87.90% $98,711
    Master of Business Administration (MBA) 55.50% $31,927 68.90% $41,676
    Master of Social Work (MSW) 72.30% $35,516 77.70% $49,017
    Master of Science (MS) 49.80% $30,684 63.50% $40,362
    Master of Arts (MA) 60.80% $29,975 73.70% $40,500
    PhD 35.40% $44,995 48.00% $45,455
    EdD 65.10% $43,812 73.30% $44,880
    Law (LLB or JD) 88.60% $80,081 88.60% $92,937
    Medicine or Osteopathic Medicine 81.90% $119,424 83.20% $127,272
    Pharmacy (PharmD) 82.20% $63,412 85.00% $81,838
    Source: Finaid.org (data is from NPSAS 2007 – 08)

  • In 2006, 92% of graduate students have at least 1 credit card. This is a 4% decrease from the 96% who had credit cards in 2003.
    Source: Nellie Mae
  • The average outstanding balance on graduate student credit cards is $8,612, an increase of 10% from the 2003 average of $7,831.
    Source: Nellie Mae

Minority Students

Debt Burdens of College Graduates by Race
Group % Who Borrowed
1992 – 1993
% Who Borrowed
1999 – 2000
Average Debt
1992 – 1993
Average Debt
1999 – 2000
American Indian 66.2 78.4 $13,300 $16,800
Asian 42.7 60.5 $13,500 $17,900
Black 64.1 79.8 $11,400 $19,800
White 47.8 63.7 $12,300 $19,700
Hispanic 60.7 70.6 $9,500 $17,000

Source: National Center for Education Statistics (table 2)

  • Number of undergraduate Hispanic students in 2007: 1,915,900
    Source: National Center for Education Statistics
  • The largest and fastest-growing minority group was Hispanics, who reached 46.9 million in 2008, up by 3.2% from 2007. In 2008, nearly 1 in 6 U.S. residents was Hispanic
  • 34% of Hispanics are under 18 compared with 24% of the total U.S. population (2008)
    Source: Census
  • By 2014, Hispanic students will account for 20.5% of all high school graduates.
    Source: The Western Interstate Commission for Higher Education
  • In 2007, Hispanic students accounted for 8.7% of students enrolled at 4-year institutions. The majority of Hispanics (51%) attend 2-year institutions.
    Source: National Center for Education Statistics

The Non-traditional Student

According to a 1999 – 2000 study:

  • About 48% of employees who study received some type of financial aid, averaging about $3,000 per recipient
  • About 40% of employees who study received grants, averaging about $1,500, and 12% received loans, averaging about $5,600
  • About 23% of employees who study received aid from their employers, averaging about $1,200
  • Those who were enrolled in bachelor’s degree programs were the most likely to receive employer aid (33% received an average of $2,200 in employer aid)
    Source: National Center for Education Statistics
  • According to a recent study (2008) by the Institute for Corporate Productivity (i4cp), 81% of organizations provide tuition assistance programs
    Source: The Institute for Corporate Productivity
  • A 2007 study of large U.S. employers by Mercer Human Resource Consulting reported that 87% offered some type of educational assistance to employees. When small- to medium-sized employers are included, the share drops to about 35%, according to a 2004 study by the Council for Adult and Experiential Learning (CAEL).
    Source: The Minnesota Private College Council, Fund and Research Foundation
 

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