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1 1 (February 19, 2025)

handle is hein.crs/govesnx0001 and id is 1 raw text is: Congressional Research Servia informing the legislative debate since 1914 Updated February 19, 2025 A Snapshot of Federal Student Loan Debt After years of increasing, growth in the number of federal student loan borrowers, average annual amounts borrowed, and average cumulative debt owed appears to be moderating, and among some measures, even decreasing. Generally, though, more student loan dollars continue to be disbursed than are repaid, resulting in an expanding federal student loan portfolio. Nearly 43 million individuals-one in six adult Americans-have federal student loan debt, and the federal student loan portfolio now exceeds $1.6 trillion. Annua Borrowing Title IV of the Higher Education Act of 1965 (HEA) authorizes the primary federal student loan programs. Figure 1 shows that from academic year (AY) 1995-1996 to AY2011-2012, average annual Title IV loan amounts borrowed by undergraduate students increased from $3,800 to $6,500 (71%), while undergraduate borrower counts increased from 4.1 million to nearly 9.3 million (124%). From AY2011-2012 to AY2019-2020, average annual amounts borrowed stayed relatively flat at around $6,500, while undergraduate borrower counts decreased to 5.9 million (-37%). Figure I. HEA Title IV Loans: Average Annual Amounts Borrowed and Numbers of Borrowers (Estimates for AY I 995-I 996 through AY20 I 9-2020) Average Amount Borrowed $25k $20k Gradate $15k $ 1 Ok $5k 00 0 ' oj O s ,r,2- 61-1 Number of Borrowers 10m sm oZ-~ o1-~ jx2- <jAb wr~N?~ ~9~2q Source: ED, National Postsecondary Student Aid Studies (NPSAS): 1996, 2000, 2004, 2008, 2012, 2016, 2018, and 2020. Notes: Nominal dollars. Excludes Parent PLUS Loans. For 50 states and DC only. Data series begins with AY1995-1996. For graduate students, from AY1995-1996 to AY201 1- 2012, average amounts annually borrowed increased from $10,500 to $21,200 (102%), while counts of graduate student borrowers increased from 688,000 to nearly 1.6 million (132%). Increased borrowing was due, in part, to graduate students becoming eligible for PLUS Loans in AY2007-2008. From AY2011-2012 to AY2019-2020, average amounts annually borrowed increased to $25,400 (20%), and counts of borrowers fell to 1.4 million (-10%). Graduate student borrowing continues to comprise a growing share of annual aggregate loan disbursements, though it is increasing at a slower rate in more recent years. In AY2023-2024, 46% of Direct Loan program dollars disbursed went to graduate students, up from 43% in AY2019-2020 and 37% in AY2015-2016. Cumulative Amounts Owed Figure 2 shows estimates of average cumulative debt for program completers by degree type since AY2003-2004; detailed estimates are described below. Many students borrow over a period of several years and, while in school, interest may accrue on their loans. Figure 2. Average Cumulative Amounts Owed on HEA Title IV Loans at Program Completion (Estimates for AY2003-2004 through AY20I 9-2020) $200k sDoctor's degree (professional practice) $200 $150k $100k $50k 03-04 07-0 11-12 15-16 17-18 19-20 Source: ED, NPSAS: 2004, 2008, 2012, 2016, 2018, and 2020. Notes: Nominal dollars. Estimates of total amount owed (including capitalized interest) on Title IV loans for program completers. (Data series begins with AY2003-2004; identification in AY201 9-2020 of program completers is not directly comparable to prior years.) Estimates for graduate degree programs also include undergraduate borrowing. Excludes Parent PLUS Loans. For 50 states and DC only. Undergraduate certificate. In AY2003-2004, 50% (207,300) of undergraduate certificate recipients had Title IV loans and owed an average of $6,300. In AY2019-2020, 57% (284,500) of certificate recipients had Title IV loans and owed an average of $14,200. Associate's degree. In AY2003-2004, 31% (329,700) of students who earned an associate's degree had Title IV loans and owed an average of $9,700. In AY2019-2020, 33% (328,700) of associate's degree recipients had Title IV loans and owed an average of $19,500. Bachelor's degree. In AY2003-2004, 58% (980,000) of students who earned a bachelor's degree had Title IV loans and owed an average of $16,900. In AY2019-2020, 55% (1.1 million) of students earning a bachelor's degree had Title IV loans and owed an average of $26,400. Master's degree. In AY2003-2004, 55% (323,800) of students who earned a master's degree had Title IV loans and owed an average cumulative total of $32,700. In

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