Stacking Up Student Loan Debt

STACKING UP STUDENT LOAN DEBT These rising rates will haunt college graduates long after they switch their tassels from the right to the left. Breakdown Why DO STUDENTS STRUGGLE TO BY THE NUMBERS $26,660 PAY BACK THE MONEY? two in three students graduated with student loan debt. $16,928 $9,188 / 1992-93 / 1999-2000 / 2010-2011 48% Where IS IT MOST PREVALENT? Data shows that the northeastern states have the most trouble with student loan debt. of 25-34 year-olds say they're unemployed or under-employed. 70% say that it's become harder to make ends meet over the past 4 years AVERAGE DEBT BY STATE 42% of those under 35 have more than 80 $5000 in personal debt that does not include a mortgage. PERCENTAGE OF STUDENTS WITH DEBT 40 50 60 70 NEW HAMPSHIRE | || |||| |||| || $32,440 |I PENNSYLVANIA |||| | || || | | || || || $29,959 || | || || MINNESOTA | || || | ||||| $29,793 | || || | || || $29,097|| | I||| || | RHODE ISLAND MOST HIGH-DEBT COLLEGES CONNECTICUT $28,783 70 IOWA | || $28,753 OHIO II||| || || $28.683 |||| ||||| PENNSYLVANIA VERMONT I|| $28,273|| || || percent of students graduate with debt. DISTRICT OF COLUMBIA $28,241 10 NEW JERSEY $27,610| || || || || || || |||| || || || ||| PUBLIC SCHOOLS • Indiana University of Pennsylvania (Main-Campus) • Pennsylvania State University (Multiple campuses) • Temple University LOWEST-DEBT STATES HIGHEST DEBT BY COLLEGES PRIVATE SCHOOLS • La Salle University • Robert Morris University • Widener University (Main-Campus) UTAH HAWAII CALIFORNIA AVERAGE STUDENT $17,227 $17,447 $18,879 DEBT The federal government's role WHAT STEPS ARE BEING TAKEN TO FIX THIS GROWING PROBLEM? Candidate Positions OBAMA 1965 1972 2007 2009 2012 proposed to allow increases in the maximum grant that would track the rise in tuition costs. PRESIDENTIAL ELECTION HIGHER EDUCATION TITLE IX (PELL COLLEGE COST REDUCTION AMERICAN RECOVERY AND ACT GRANT) AND ACCESS ACT REINVESTMENT ACT ROMNEY Pell Grants today are provided to under- graduate students on a financial-need Called the largest increase in college aid sinoce the GI bill, this act increased the The act was first authorized to With the education issue in This piece of legislation lowered the Pell Grant back fund major student aid programs. Today, it includes the Federal Direct Student Loan Program, which is supposed to provide low-interest loans to students. the spotlight, President Barack Obama and Governor Mitt Romney battled over the future of Pell Grants. would decrease Pell Grants by lowering the income level at which students qualify for anautomatic maximum grant. maximum Pell Grant award to $5,550, to $4.705 in light of the late-2000s recession. basis. Sources The Project on Student Debt, National Center for Education Statistics, Demos and Young Invincibles