Few students make it out of college debt-free. The following numbers show who is more likely to end up with more debt, and who is more likely to slide by with no student loan debts at all.
- 17% of college graduates from the class of 2008 borrowed at least $30,500 to pay for their degrees.
- 25% of ‘08 graduates graduated with a debt of at least $24,600.
- 10% graduated with a minimum of $39,300 in debt.
- According to the “National Postsecondary Student Aid Study,” 2/3 of college graduates in 2008 graduated with some loan debt.
- Black students who attend private nonprofit or for-profit colleges borrow more (and therefore have higher debt) than any other racial category. Only 19% of black students in 2008 graduated with no debt. 33% of Hispanic students of 40% of Asian students graduated debt-free.
- 27% of black students graduated with a student loan debt of at least $30,500.
- Students from middle-class families are more likely to accumulate debt than lower-income students.
- Independent students are more likely to accumulate debt than dependent students. 24% of independent students graduate with a loan debt of at least $30,500.
- 38% of public four-year college students graduated without loan debt, while only 28% of students from private nonprofit colleges graduated student loan debt-free. Only 4% of students from commercial (for-profit) institutions graduated without student loan debts.
(Source: “Black Graduates Owe More Debt Than White, Asian, or Hispanic Graduates“)
Related Accepted.com Resources:
- Financing Your Future: Winning Fellowships, Scholarships and Awards for Grad School, an instantly downloadable ebook.
- “New ‘No-Co-Signer’ Loans Aid Foreign MBA Students,” a blog post.
- “Top Universities Strive to Restore Pre-Recession Policies While Maintaining Affordability,” a blog post.
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Read the full article: Recent Student Loan/Student Debt Statistics