In 2019–20, some 41 percent of first-time, full-time degree/certificate-seeking undergraduate students were awarded loan aid, a 9 percentage point decrease from 2010–11 (50 percent). Between 2010–11 and 2019–20, the average annual student loan amount for these students decreased by 4 percent, from $7,900 to $7,600 (in constant 2020–21 dollars).
To help offset the cost of attending a postsecondary institution, Title IV of the Higher Education Act of 1965, as amended, authorized several student financial assistance programs—namely, federal grants, federal loans, and the Federal Work-Study Program. The largest federal loan program is the William D. Ford Federal Direct Loan Program, for which the federal government is the lender. Interest on the loans provided under this program may be subsidized, based on need, while the recipient is in school. Other types of student loans include institutional loans and private loans. The standard loan repayment plan is designed so that loans are payable within 10 years, beginning 6 months after the student graduates, drops below half-time enrollment, or withdraws from the academic program.
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NOTE: Data in this table represent the 50 states and the District of Columbia. Degree-granting institutions grant associate's or higher degrees and participate in Title IV federal financial aid programs. Some data have been revised from previously published figures. For public institutions, in-state tuition and required fees are used. Tuition and fees are weighted by the number of full-time-equivalent undergraduates. Constant dollars are based on the Consumer Price Index, prepared by the Bureau of Labor Statistics, U.S. Department of Labor, adjusted to an academic-year basis.
SOURCE: U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Spring 2011 through Spring 2021, Fall Enrollment component, and Fall 2010 through Fall 2020, Institutional Characteristics component. See Digest of Education Statistics 2021, table 330.10.
NOTE: Data represent the 50 states and the District of Columbia. Degree-granting institutions grant associate’s or higher degrees and participate in Title IV federal financial aid programs. Some data have been revised from previously published figures. Data for public 2-year institutions exclude 2011–12 and 2012–13, as indicated by the dotted line. Includes only loans made directly to students; does not include Parent PLUS Loans or other loans made directly to parents.
SOURCE: U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Winter 2011–12 through Winter 2020–21, Student Financial Aid component. See Digest of Education Statistics 2021, table 331.20; Digest of Education Statistics 2020, table 331.20; Digest of Education Statistics 2019, table 331.20; Digest of Education Statistics 2018, table 331.20; and Digest of Education Statistics 2017, table 331.20.
NOTE: Data represent the 50 states and the District of Columbia. Degree-granting institutions grant associate's or higher degrees and participate in Title IV federal financial aid programs. Some data have been revised from previously published figures. Includes only loans made directly to students; does not include Parent PLUS Loans or other loans made directly to parents. Constant dollars are based on the Consumer Price Index, prepared by the Bureau of Labor Statistics, U.S. Department of Labor, adjusted to an academic-year basis. Averages exclude students with no student loans.
SOURCE: U.S. Department of Education, National Center for Education Statistics, Integrated Postsecondary Education Data System (IPEDS), Winter 2011–12 through Winter 2020–21, Student Financial Aid component. See Digest of Education Statistics 2021, table 331.20; Digest of Education Statistics 2020, table 331.20; Digest of Education Statistics 2019, table 331.20; Digest of Education Statistics 2018, table 331.20; and Digest of Education Statistics 2017, table 331.20.
NOTE: Data represent the 50 states and the District of Columbia. Degree-granting institutions grant associate's or higher degrees and participate in Title IV federal financial aid programs. Includes only loans made directly to students; does not include Parent PLUS Loans or other loans made directly to parents. The National Postsecondary Student Aid Study, Administrative Collection (NPSAS:18-AC) is based solely on administrative sources and, unlike prior NPSAS studies, does not include student survey data. Caution should be used when comparing NPSAS:18-AC to prior NPSAS studies.
SOURCE: U.S. Department of Education, National Center for Education Statistics, 2017–18 National Postsecondary Student Aid Study, Administrative Collection (NPSAS:18-AC). See Digest of Education Statistics 2021, table 331.95.
NOTE: Data in this table represent the 50 states and the District of Columbia. Degree-granting institutions grant associate's or higher degrees and participate in Title IV federal financial aid programs. Includes only loans made directly to students; does not include Parent PLUS Loans or other loans made directly to parents. Constant dollars are based on the Consumer Price Index, prepared by the Bureau of Labor Statistics, U.S. Department of Labor, adjusted to an academic-year basis. Averages exclude students with no student loans. The National Postsecondary Student Aid Study, Administrative Collection (NPSAS:18-AC) is based solely on administrative sources and, unlike prior NPSAS studies, does not include student survey data. Caution should be used when comparing NPSAS:18-AC to prior NPSAS studies.
SOURCE: U.S. Department of Education, National Center for Education Statistics, 2017–18 National Postsecondary Student Aid Study, Administrative Collection (NPSAS:18-AC). See Digest of Education Statistics 2021, table 331.95.
1 All dollar amounts in this indicator are expressed in constant 2020–21 dollars.
2 Includes only loans made directly to students. Does not include Parent PLUS Loans or other loans made directly to parents.
3 Throughout, calculations are based on unrounded values.
4 Loan data from the National Postsecondary Student Aid Study (NPSAS) presented in figures 4 and 5 may not be comparable to data from the Integrated Postsecondary Education Data System (IPEDS) presented in figures 1 through 3. NPSAS incorporates data from institutional records, the National Student Loan Data System, and student-reported information, while IPEDS relies only on institutional records. In addition, NPSAS:18 data for 2017–18 do not include private loans because missing student interview data meant there were not enough data for accurate estimates.
5 Parent PLUS Loans are taken out by parents of dependent students and are used toward the students’ undergraduate education. Parent PLUS Loans were available through both the William D. Ford Federal Direct Loan Program and the Federal Family Education Loan Program (FFELP) until FFELP was discontinued in 2010. Since then, Parent PLUS Loans have been referred to as Direct PLUS Loans.