New Data on Student Loan Borrowers

The U.S. Education Department on Thursday released seven new reports on student aid recipients, NPR reported. According to the data—which includes information on the geographic locations, ages, and debt loads of federal student loan borrowers—five percent of student borrowers carry more than $100,000 in federal student loans, while 57 percent of borrowers owe less than $20,000.

Broken down among states: California has the most borrowers (3.6 million), who collectively owe $116 billion. At the other end of the spectrum, Wyoming has the smallest number of borrowers (48,700), who collectively owe $1.3 billion.

The data also showed that more than a third of federal student loan borrowers are 25 to 34 years old. Slightly more than 30 percent of borrowers are 35 to 49 years old, and 18 percent are 19 to 24 years old. Americans aged 50 to 61 account for 12.6 percent of the overall portfolio, and 3.8 percent of borrowers are 62 and older.

More than a quarter of a million borrowers—1.6 percent of all student loan recipients—defaulted on their loans in fiscal year 2017. Forty-two percent of outstanding student loans are from public colleges and universities, 32 percent from private schools and the remainder from proprietary and foreign institutions.

 

Related Links

Office of Federal Student Aid Reports

https://ifap.ed.gov/eannouncements/092117FSAPostsNewReportsToFSADataCenter.html

NPR

http://www.npr.org/sections/ed/2017/09/23/552901559/new-data-about-student-loan-borrowers-devos-changes-obama-era-guidance