About Student Loans | The Facts
- 71% of college seniors in 2012 graduated with student loan debt.
- The average debt of 2012 graduates was $29,400.
- The current total of outstanding student debt exceeds $1 trillion.
- Students with a bachelor’s degree pay an average of $350 per month, and it takes an average of 18 years to pay off the debt.
- Students with a graduate degree pay an average of $448 per month, and it takes an average of 22 years to pay off the debt.
- Unemployment rate for young college graduates in 2011 was 8.8% (slight decrease from 9.1% in 2010).
- Of those who wanted to be working full time, 19.1% were working part time or had given up looking for work.
- 37.8% of young graduates had jobs that did not require a college degree (as opposed to 31% in 2007).
- Unemployment rates for high school graduates in 2011 was 19.1%.
Financial Aid Grants and Loans
- In 2012-13, full-time undergraduates at public, 4-year institutions received an average of $5,750 in grant aid.
- Full-time students at public two-year colleges received an average of $4,350 in grant aid.
- Full time undergraduates at private nonprofit four-year institutions receive an average of $15,680 in grant aid from all sources and federal tax benefits.
- The average, fulltime undergraduate student receives enough aid to cover tuition and fees, but not enough to cover other expenses.
- Pell Grants have been increased by over $900.
Private Vs. Public Loans
- 1/5 of graduate debt is comprised of private loans.
- 33% of bachelor’s degree recipients graduated owing an average $12,550 in private loans.
- 64% of graduating students at for-profit colleges have private loan debt.
- 84% of undergraduates have at least one credit card.
- The average number of cards held by a college student is 4.6.
- 50% of students have 4 or more.
- 90% of these students pay for direct education expenses with credit cards.
- 30% of students with credit cards put tuition charges on card.
- 40% of students with a credit card say they charged items knowing they didn’t have the money.
- 82% of students with a credit card carry balances and incur finance charges each month.
- 84% of students say then need more education on financial management.
- 68% of students under 21 reported receiving credit card offers in the mail.
- 40% of students reported seeing credit card companies giving gifts to students.