Quick Facts about Student Debt

Updated January 2010

The following facts and figures are based on the Project on Student Debt’s analysis of data from the National Postsecondary
Student Aid Study (NPSAS). Conducted by the U.S. Department of Education every four years, NPSAS is a comprehensive
nationwide survey designed to determine how undergraduate students and their families pay for college. The most recent data,
from academic year 2007-08, show continued increases in student loan borrowing.

Share of Graduating Seniors

In 2008, 67% of students graduating from four-year colleges and universities
with Student Loan Debt in 2008
had student loan debt. That represents 1.4 million students graduating with

Percentage of Students
debt, up 27% from 1.1 million students in 2004. In 2008: 100
90

•• 62% of graduates from public universities had student loans.

80
70
60
•
• 72% of graduates from private nonprofit universities had student loans. 50
62% 72% 96%
40

•
• 96% of graduates from private for-profit universities had student 30
20
loans (a major increase from 2004, when 85% of these graduates 10

had student loans).1 0

Private Private
Public nonprofit for-profit

Average debt levels for graduating seniors with student loans rose to $23,200 in 2008 — a 24% increase from $18,650 in 2004.
In 2008:

• At public universities, average debt was $20,200 — 20% higher than in 2004, when the average was $16,850.
• At private nonprofit universities, average debt was $27,650 — 29% higher than in 2004, when the average was $21,500.
• At private for-profit universities, average debt was $33,050 — 23% higher than in 2004, when the average was $26,850.

Average Debt for Graduating Average Debt Over Time 2

Seniors with Loans in 2008
40 25 $23,200
$33,050 $18,650
35
In thousands
In thousands

$27,650 20 $17,350
30
25 $12,750
$20,200 15
20
15 10

10
5
5
0 0
Private Private 1996 2000 2004 2008
Public nonprofit for-profit

Pell Grant recipients, who generally have family incomes under $50,000, are much more likely to borrow and to borrow
more. Among graduating seniors who ever received a Pell Grant, 87% had student loans in 2008. Those Pell Grant recipients
had an average debt of $24,800 — nearly $2,000 more than the average for all seniors graduating with loans.

1
Private for-profit colleges saw the largest recent increase in the proportion of students graduating with debt. In 2004, 65% of students graduating from all four-
year colleges and universities had student loans. At public universities, 62% graduated with debt; at private nonprofit universities, 72%; and at private for-profit
universities, 85%.
2
Average debt and proportion with debt for 2000 and 1996 reflect re-weighted data released by the U.S. Department of Education in December 2009.