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 2005: 8,308,000
Source: National Center for Education Statistics - – By 2014, undergraduate enrollment in 4-year colleges is expected to increase by 16%, while enrollment in 2 year colleges is expected to increase by 14%
Source: America’s Student Loan Providers - – More than 75% of undergraduates began the 2004 school year with credit cards
Source: Nellie Mae - – In 2004, undergraduates had an average outstanding credit card balance of $2,169
Source: USA Today - – In 2004—2005, lenders provided about $14 billion in private loans, a 734% increase from a decade earlier. Private loans typically carry higher interest rates and less flexible payment options than federal loans
Source: The College Board - – In 2003—2004, private loans were taken out by
- – 5% of students in public four-year colleges (compared to 43% who took out federal loans)
- – 11% of students in private 4-year colleges (compared to 54% federal)
- – 15% of students at for-profit colleges had private loans (compared to 80% federal)
- – The College Board estimated, based on a survey of loan companies, a 1-year increase of 30% in private loans (from 2004 to 2005)
Source: Economic Diversity of Colleges - – From 2004 to 2005, the number of private student loans grew by 30%
Source: The College Board
Graduate Students
The average student loan debt of students attending:
- – Public 4-year = $26,119
- – Private 4-year = $29,000
Source: American Council on Education
Minority Students
| 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: Inside Higher Education
- – Number of undergraduate Hispanic students in 2004: 1,809,600
- – At 14% or 41.3 million of the US population, Hispanics are the fastest growing minority group. By 2013, Hispanic students will account for 20% of all high school graduates
- – Currently, 34% of Hispanics are under 18 compared with 25% of the total US population
- – In 2000, Hispanic students accounted for 7% of students enrolled at 4-year institutions. More than ⅔ of all Hispanics attend community college
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 2005 study of nearly 1,000 major U.S. employers showed:
- – About 78% of companies provided educational assistance options to their workforce, with nearly 75% specifically offering tuition reimbursement
Source: Ceridian Corporation
