The Institute for College Access and Success recently released their annual report on the student loan debt of bachelor’s degree recipients at four-year colleges and universities. The report used data from 2018 bachelor’s degree recipients at 946 public and private non-profit institutions; for-profit institutions are not required to report debt burdens of their graduates.
Among the findings:
- 65% of 2018 bachelor’s degree recipients from public and private non-profit institutions held student loan debt, the same percentage as in 2017.
- Average debt increased by 2% between 2017 and 2018, to $29,200.
- Between 1996 and 2012, debt increased by 4% annually. Between 2012 and 2016, debt increased by less than 1% annually.
- In 21 states, average debt exceeded $30,000. Average debt per state varied, from a low of $19,750 in Utah to a high of $38,650 in Connecticut.
- The share of graduates with debt varied per state, from a low of 36% (Utah) to a high of 76% (New Hampshire).
- Only one state had a statewide debt level at graduation of less than $20,000 (Utah, $19,728).
- 17% of the class of 2018’s student loan debt was in non-federal loans.
- Among 2016 bachelor’s degree recipients, 14% of graduates had non-federal student loan debt, averaging $18,550. Private student loan interest rates were as high as 13.99%, compared to 4.53% on federal loans.
- 53% of undergraduates who took out private loans did not take out the maximum amount of federal loans. 30% of private loan borrowers did not take out federal student loans at all.
- 38% of students received institutional aid in 2016 (up from 31% in 2012), and average awards increased by $1000.
- At individual institutions, average debt burdens ranged from $2500 to $61,600.
- Of the 946 institutions included in the analysis, 215 institutions reported average debt burdens of more than $35,000, and 200 reported average debt burdens under $25,000.
- The percentage of graduates with student loan debt ranged from 8% to 97%. 19 institutions reported at least 90% of graduates assuming student loan debt.
- Only 6 of 512 qualifying for-profit institutions, representing 1% of all four-year institutions and 3% of bachelor’s recipients, published student loan debt data.
- Based on 2016 data, 83% of graduates from for-profit institutions took on debt, averaging $39,900, 41% more than graduates at public or private non-profit institutions.
