Dealing With Debt: 1992-93 Bachelorís Degree Recipients 10 Years Later - Borrowers Compared With Nonborrowers

Borrowers Compared with Nonborrowers

Because only students with established financial need could borrow through federal student loan programs when the 1992–93 bachelor’s degree recipients were undergraduates, borrowers were more likely than nonborrowers to have characteristics typically associated with financial need—that is, characteristics related to low income or a high price of attending, such as financial independence, low family income if dependent, parents with less than a bachelor’s degree, and graduating from a private not-for-profit institution (table 1).

Ten years later, however, there were no meaningful differences between borrowers and nonborrowers in educational, employment, and family formation outcomes such as the percentage who had enrolled in an additional degree program, average salary, or the percentage who were married or cohabiting. Borrowers were slightly more likely than nonborrowers to have children under 18 in their household, which may be related to the fact that borrowers tended to be older.