College Student Debt in America

I STUDENT DEBT in America Nearly 70% of graduates from 4-year colleges are in debt with student loans AVERAGE EXPENSES FOR 4-YEAR STUDENTS Public In-State On-Campus Public Out-of-State On-CampuS Private Not-for-Profit On-Campus Private (64% have federal loans) Public (54% have federal loans) $7,020 -65 $18,548 -56 $26,273 of grads with debt $1,122 $1,122 | $1,116 $8,913 $8,193 AVERAGE DEBT FOR GRADUATING SENIORS $9,363 22 20- 18- 16- 14- 12- 10- 8- $22,442 | $1,079 $19,232 $1,079 $16,928 $849 $13,327 $1,974 $9,798 $1,974 1990 1995 2000 2005 2010 | $1,427 year Close to 8 million students fail to file a Free Application for Federal Student Aid (FAFSA) every year. Avg '10 Debt Private 4-Year Avg '10 Debt Public 4-Year Graduate Graduate $25,350 $19,535 TOP 10 STATES CONTAINING GRADS WITH STUDENT DEBT In the span of one academic year 2004-2005, students increased their private loan debt by 30% 1. South Dakota 81% 2. North Dakota 80% 3. lowa 74% 4. New Hampshire 73% 5. Pennsylvania 6. West Virginia 71% 7. Idaho 8. Maine 68% 9. Ohio 68% 10. Oregon 68% ETHNIC BREAKDOWN OF STUDENT DEBT REPAYMENT OPTIONS Standard Repayment Plan 10 YEARS % without debt Asian 51 Black 54 19 Hispanic 53 Graduated Repayment Plan 10 ΥEARS White 48 As of August 2010, the total student loan debt outstanding was estimated at approximately $849,000,000,000 Larger payments at the end of term Extended FAMILY INCOME OF DEPENDENT STUDENTS Repayment Plan 25 YEARS Public 4-Year Private Not-For-Profit 4-Year For debt over 30k Private For-Profit 4-Year Dependent Aid Applicants - Family Income Below $30k Dependent Aid Applicants - Family Income From $30k - $60k Dependent Aid Applicants - Family Income Over $60k 15 16 19 nlineSchools www.onlineschools.org 43 Sources: http://i.bnet.com/blogs/who-borrows-the-most.pdf http://www.collegescholarships.org/loans/average-debt.htm http://www.finaid.org/loans/studentloandebtclock.pht http://www.classes2careers.com/student-debt-vs-average-income-infographic/ml http://projectonstudentdebt.org/files/File/Debt_Facts_and_Sources.pdf % that borrow < $30,500 % that borrow 2 $30,500