New research from the Urban Institute says a quarter of a million student loan borrowers go into default every quarter, and an additional 20,000 to 30,000 borrowers default on their rehabilitated loans.
Previous research shows that the likelihood of default is higher for black borrowers, borrowers who go to for-profit schools, those who leave school without a degree, and those from low-income households.
Since 2015, LendEDU has done an analysis of student loan debt data for 1,000 colleges and universities throughout the United States.
In its 2018 Student Loan Debt by School by State Report, Florida Agricultural and Mechanical University (FAMU) ranks among the top.
At $7, 454 debt per borrower from the Class of 2017, FAMU is one of the schools with the lowest level of debt in the United States.
Of more than 10 historically black colleges and universities listed in LendEDU’s Public Top 200 Highest Debt list, Virginia State University had the lowest debt per borrower.
Below is the full list of HBCUs:
- Grambling State University $47,162 debt per borrower
- Lincoln University in Pennsylvania $41,630 debt per borrower
- Prairie View A&M University $37,209 debt per borrower
- Delaware State University $36,812 debt per borrower
- Alcorn State University $35,680 debt per borrower
- Morgan State University $34,578 debt per borrower
- North Carolina A&T State University $34,578 debt per borrower
- Jackson State University $29,864 debt per borrower
- Bowie State University $29,520 debt per borrower
- Virginia State University $28,250 debt per borrower
On the blog published Aug 8, LendEDU says the data was reported through a voluntary survey to the colleges and universities. The data is released on a one year delay.
Other LendEDU findings include:
For the Class of 2017, the average debt per borrower was $28,288. This is up by $313 from the Class of 2016 where the average debt per borrower was $27,975.
On the state level basis in the Class of 2017, the average student debt per borrower ranged from a low of $18,425 in Utah to a high of $36,193 in Pennsylvania.
Of the 250 colleges with the highest amount of student loan debt per borrower, 81.6% of the institutions were private.
Did you know?
Over 7 million (>2%) of the U.S. population has defaulted on their student loans
Student loan debt is the second highest form of debt in the U.S., second only to mortgages
Almost 30 percent of student loan borrowers move back in with their parents after graduation
Over 34 percent of borrowers have delayed starting a family because of their debt
Over 47 percent of borrowers have delayed buying a car because of their debt
Over 73 percent of borrowers have delayed saving for retirement because of their debt
Around 63 percent of borrowers have delayed buying a home because of their debt
Almost 28 percent of borrowers have delayed getting married because of their debt
An American Association of University Women (AAUW) report, Deeper in Debt: Women and Student Loans, estimates that women hold almost two-thirds ($833 billion) of the country’s $1.3-trillion student debt while men hold $477 billion.