HOBOKEN, N.J.–A new analysis of student debt over the past decade offers a look at how “the situation has severely worsened over the last 10 years,” while also showing average debt at 922 colleges and universities in the United States.
Compiled by LendEDU (www.lendedu.com), the report notes that in 2009 total student loan debt was $675 million. Today, that figure is $1.52-trillion, the company said, cited Bloomberg data.
By licensing the annual Peterson’s financial aid survey, LendEDU noted it has produced the Average Student Loan Debt by School by State Report for the last three years; the most recent version reflecting the graduating Class of 2017.
“While using the same data that we compiled to analyze the 2017 academic year, we have also tapped into Peterson’s again by licensing their 2007 financial aid dataset,” the company reported. “In both 2007 and 2017, the latter being the most recent and complete version made available by Peterson’s, participating colleges and universities voluntarily submit their financial aid data to Peterson’s.”
922 Different Schools
Putting the 2007 and 2017 figures side by side, LendEDU said it created the report analyzing how student loan debt has changed over the decade at 922 different colleges and universities, while also evaluating how the student debt situation has evolved on a state level.
Also included in the report is a look at how student loan debt has changed in a decade at historically black colleges and universities (HBCUs), women’s colleges and universities, as well as at public and private institutions, it added.
Among the findings: at private institutions, the average student loan debt monetary figure increased by a median value of $9,212 from 2007 to 2017. Further at private institutions, the percentage of graduates with student loan debt decreased by a median percentage value of 3% from 2007 to 2017.
For the full report, go here.