An article from Pew Research Center, “The Rise of College Student Borrowing,” details the continued rise of student debt. The report was based off of Pew analysis of National Center for Education Statistics data. The analysis and report reveal that the level of borrowing has increased sharply over the past 15 years.
Among Pew Research Center’s findings:
- 60% of students are borrowing.
- Average debt for those borrowers graduating with bachelor’s degrees has increased to increased to about $23,000.
- A greater percentage of students at for-profit schools borrow money than students at not-for-profit schools, and such students tend to borrow more.
Coming out of a year where only 24% of those students who are graduating and have applied for jobs have a job waiting for them after graduation, these numbers can be pretty frightening.
For more information on student debt in your state or at your college/university, check out the Project on Student Debt.
For other reports on student borrowing, see Sallie Mae’s How America Pays for College or pages 17-19 of the College Board’s Trends in Student Aid report.
You can find more interesting studies and statistics in the Research and Insights section of the College Parents of America website.