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Table 18. Among 1992–93 bachelor’s degree recipients who had no additional degree enrollment and took out Stafford loans, percentage who ever defaulted, average length of time until the first default, percentage who re-entered repayment, and average amount of loans, by selected student characteristics: 2003 |
|---|
| Average Stafford loan amount |
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| Student characteristics | Percent who ever defaulted |
Average number of years from bachelor’s degree to first default |
Percent of defaulters who ever re-entered repayment |
If defaulted | If did not default |
| Total | 9.7 | 3.9 | 44.5 | $10,000 | $7,600 |
| Amount borrowed (undergraduate) | |||||
| Less than $5,000 | 7.0 | 3.2 | 65.5 | 2,700 | 2,800 |
| $5,000–9,999 | 8.1 | 3.8 | 30.0 | 7,500 | 7,500 |
| $10,000–14,999 | 12.5 | 4.6 | 46.1 | 11,800 | 12,300 |
| $15,000 or more | 19.7 | 4.2 | 31.4 | 21,100 | 17,900 |
| Salary in 1994 | |||||
| Lowest | 17.4 | 5.0 | 22.7 | 9,000 | 7,900 |
| Low middle | 11.9 | 3.9 | 38.9 | 9,500 | 7,100 |
| High middle | 7.6 | 3.3 | 58.8 | 8,500 | 7,500 |
| Highest | 4.2 | ‡ | ‡ | ‡ | 7,900 |
| Debt burden in 19941 | |||||
| Not making repayments | 12.6 | ‡ | ‡ | ‡ | 5,500 |
| Less than 5 percent | 3.7 | ‡ | ‡ | ‡ | 5,100 |
| 5–8 percent | 7.3 | ‡ | ‡ | ‡ | 8,100 |
| 9–12 percent | 8.2 | ‡ | ‡ | ‡ | 10,500 |
| More than 12 percent | 12.6 | ‡ | ‡ | ‡ | 10,600 |
| Stafford loan deferments by 2003 | |||||
| Any deferments | 20.8 | ‡ | ‡ | ‡ | 10,400 |
| No deferments | 9.1 | 3.7 | 47.2 | 9,800 | 7,500 |
| Stafford loan forbearances by 2003 | |||||
| Ever in forbearance | 19.9 | 5.8 | 27.1 | 13,000 | 10,900 |
| Never in forbearance | 8.3 | 3.3 | 50.3 | 9,000 | 7,200 |
| ‡ Reporting standards not met (too few cases). |
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| 1 Debt burden is the monthly loan payment as a percentage of monthly income. |
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| NOTE: Detail may not sum to totals because of rounding. Estimates include students from the 50 states, DC, and Puerto Rico. |
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| SOURCE: U.S. Department of Education, National Center for Education Statistics, 1993/03 Baccalaureate and Beyond Longitudinal Study (B&B:93/03). |
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