What statistics do you have on student loan debt and default for college students?
A 2017 report, Repayment of Student Loans as of 2015 Among 199596 and 200304 First-Time Beginning Students: First Look, presents findings about the repayment of federal student loans using data from the 2015 Federal Student Aid Supplements to two Beginning Postsecondary Students Longitudinal Studies (BPS) administered by the National Center for Education Statistics.
The report examines two cohorts of borrowers: those who began their postsecondary education in the 199596 academic year (BPS:96/01) and those who began in the 200304 academic year (BPS:04/09). The report presents estimates of both cohorts' cumulative borrowing and repayment statuses as of June 30, 2015, some 20 years after the 199596 cohort and 12 years after the 200304 cohort began postsecondary education. In both of these cohorts of beginning postsecondary students, approximately 60 percent had taken out federal loans to finance their education by 2015.1 Selected findings include:
- Twelve years after beginning postsecondary education in 200304, some 20 percent of borrowers had fully paid off their loans without defaulting and 27 percent had defaulted on at least one loan.
- Fifty-five percent of students who started postsecondary education in 199596 and 63 percent who started in 200304 took out federal education loans within 12 years of entering postsecondary education.
- Among borrowers in the 200304 cohort who attained undergraduate certificates, the median amount owed 12 years after beginning postsecondary education was $3,700. For associate's degree recipients, the median amount owed was $13,800; and for borrowers who attained a bachelor's or higher degree, it was $11,700. Students who borrowed to attend graduate school owed a median amount of $48,000 (including both undergraduate and graduate loans).
- Among borrowers in the 200304 cohort, 45 percent of those who never attained a credential and were not enrolled in 2009 defaulted on a loan within 12 years. Among those who attained undergraduate certificates, 44 percent defaulted within 12 years, as did 22 percent of associate's degree recipients, and 8 percent of bachelor's degree recipients.
1Includes all loans taken for undergraduate or graduate education except for Parent PLUS Loans, which are loans held by parents instead of students and are excluded from all analyses in this report.
SOURCE: U.S. Department of Education, National Center for Education Statistics (2017). Repayment of Student Loans as of 2015 Among 199596 and 200304 First-Time Beginning Students: First Look (NCES 2018-410).
Related Tables and Figures: (Listed by Release Date)
- 2017, Digest of Education Statistics 2016, Table 330.10. Average undergraduate tuition and fees and room and board rates charged for full-time students in degree-granting postsecondary institutions, by level and control of institution: 196364 through 201516
- 2017, Digest of Education Statistics 2016, Table 331.10. Percentage of undergraduates receiving financial aid, by type and source of aid and selected student characteristics: 201112
- 2017, Digest of Education Statistics 2016, Table 331.95. Percentage of undergraduate students ages 18 to 24 in their 4th (senior) yr or above who ever received federal loans, nonfederal loans, or Parent Loans for Undergraduate Students, & avg cumulative amount borrowed...: 198990, 19992000, and 201112
- 2017, The Condition of Education 2017: Loans for Undergraduate Students
- 2017, The Condition of Education 2017: Price of Attending an Undergraduate Institution
- 2016, Digest of Education Statistics 2015, Table 331.50. Amount borrowed, aid status, and sources of aid for full-time and part-time undergraduates, by control and level of institution: 200708 and 201112
Other Resources: (Listed by Release Date)
- 2017, Beginning Postsecondary Study (BPS): This study
collects data on a variety of topics, including student demographic characteristics, school and work experiences, persistence, transfer, and degree attainment.
- 2017, Four Years After a Bachelors Degree: Employment, Enrollment, and Debt Among College Graduates
- 2017, National Postsecondary Student Aid Study (NPSAS): NPSAS examines the characteristics of students in postsecondary education, with special focus on how they finance their education.
- 2017, The Debt Burden of Bachelor's Degree Recipients
- 2017, The Integrated Postsecondary Education Data System (IPEDS): IPEDS is a system of surveys designed to collect data from all primary providers of postsecondary education.