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ERIC Number: ED524805
Record Type: Non-Journal
Publication Date: 2011-Oct
Pages: 22
Abstractor: ERIC
Reference Count: 32
ISBN: N/A
ISSN: N/A
The Expansion of Private Loans in Postsecondary Education. Stats in Brief. NCES 2012-184
Woo, Jennie H.
National Center for Education Statistics
This Statistics in Brief examines private loans by institution sector, tuition amount, student characteristics, and level. This study attempts to answer the following questions: (1) How did undergraduate borrowing from private sources change from 2003-04 to 2007-08 and who obtained private loans?; (2) To what extent did undergraduates combine private and public loans?; (3) Did undergraduates borrow the maximum amount from federal Stafford loans before turning to private loans?; and (4) How did private borrowing among graduate and first-professional students change from 2003-04 to 2007-08? Key findings include: (1) The percentage of undergraduates obtaining private loans from 2003-04 to 2007-08 rose from 5 percent to 14 percent. During this period, Stafford loan borrowing among undergraduates increased from 32 percent to 35 percent, and borrowing from all sources, including Parent PLUS loans, rose from 34 percent to 39 percent; (2) Among full-time dependent undergraduates, higher percentages of students from lower middle-income (21 percent) and upper middle-income (20 percent) families than students from low-income (15 percent) or high-income (16 percent) families borrowed private loans in 2007-08; (3) The largest proportion of borrowers who took out private loans either exclusively or in combination with public loans (42 percent) was found among those enrolled at for-profit institutions in 2007-08. Among private loan borrowers at private nonprofit 4-year institutions, for example, 25 percent took out private loans in 2007-08; (4) Fifty-three percent of dependent undergraduates who obtained a private loan had borrowed the maximum federal (Stafford) loan amount in 2007-08; and (5) From 2003-04 to 2007-08, the percentage of graduate students who took out private loans rose 4 percentage points, from 7 percent to 11 percent, compared with an increase of 9 percentage points among undergraduates, from 5 percent to 14 percent. (Contains 1 exhibit, 7 figures, 2 tables and 12 footnotes.)
National Center for Education Statistics. Available from: ED Pubs. P.O. Box 1398, Jessup, MD 20794-1398. Tel: 877-433-7827; Web site: http://nces.ed.gov/
Publication Type: Numerical/Quantitative Data; Reports - Research
Education Level: Higher Education; Postsecondary Education
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: National Center for Education Statistics (ED); MPR Associates, Inc.
Identifiers - Laws, Policies, & Programs: Stafford Student Loan Program
IES Funded: Yes