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The survey, analyzing data collected by the U.S. Department
of Education for the quadrennial National Postsecondary Student Aid Study, examined
borrowing trends among graduates in the class of 2008 and made comparisons
using inflation-adjusted dollars.Overall, the Pew analysis revealed that bachelors degree
recipients in 2008 borrowed, on average, 50 percent more in student loans than
bachelors recipients who graduated in 1996, while students who were awarded an
associates degree in 2008 borrowed more than twice what that their 1996 counterparts
did.The report indicates that three significant factors are
driving the increased use of student loans:
- A greater proportion of college students are
taking out student loans.
- The college students who take on student loans are
borrowing in larger dollar amounts.
- More college students are attending for-profit
colleges, where student loan debt is highest and most widespread.
A Rise in Debt From College Loans Across the BoardThe Pew study notes that students in the class of 2008 were
more likely to take out college loans than students in the class of 1996,
regardless of the type of school they attended. In addition, the amount of
money students are borrowing is increasing.Among students at public colleges and universities, 60 percent
of 2008 graduates took out student loans to pay for their education, while only
52 percent of graduates in 1996 did. At private nonprofit schools, 72 percent
of graduates financed their undergraduate degrees with student loans, up from
59 percent in 1996. And nearly all graduates of private for-profit colleges
in 2008 95 percent took out student loans,
compared with 77 percent in 1996.The amount of student loan money being borrowed has also
grown at every type of school, for every type of degree.Graduates earning four-year degrees who took out student
loans, regardless of institution type, borrowed about $6,200 more than did their
1996 counterparts. Graduates from all institution types who sought associates
degrees took on about $5,600 more in student loan debt than associates
degreeearners in 1996. Among students who earned certificates, average student
loan debt loads increased by more than $4,100 between 1996 and 2008. Student Loan Debt Highest at For-Profit CollegesNearly one-fourth of all bachelors degree students enrolled
at for-profit colleges graduated with more than $40,000 in student loan debt,
and more than half accrued over $30,000 in college loans.In comparison, only about 5 percent of bachelors students
enrolled in public or private nonprofit schools graduated with student loan
debt loads that exceeded $40,000. At private nonprofit colleges, 25 percent
of all bachelors degree students graduated with more than $30,000 in college
loans, and at public colleges and universities, just 12 percent of bachelors
students did.The trend toward increased student loan borrowing also
appeared among students who sought two-year degrees, although students enrolled
in public institutions borrowed significantly less than their peers at private for-profit
and private nonprofit schools.One fourth of associates degreeearners and certificate-earners
at both private for-profit and private nonprofit schools borrowed $20,000 or
more to complete their degrees, compared to only about 5 percent of two-year
degree-seekers at public colleges.Among students earning associates degrees at for-profit
colleges, 17 percent took on more than $30,000 in student loans.According to the Pew report, students who accumulate $30,000
in student loan debt can expect payments of about $350 per month for a
repayment term of 10 years, assuming a fixed 6.8-percent interest rate
on the loans the standard interest rate for federal unsubsidized
Stafford student loans.Students who take out non-federal private student loans
will typically have a higher interest rate on those loans, with a higher
monthly payment.Read the full report from the Pew Research Center: The
Rise of College Student Borrowingcollege loans, report:
The Rise of College Student Borrowing, National Postsecondary Student Aid Study
Report,College,Students,Relyin