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1 1 (February 4, 2019)

handle is hein.crs/govxyg0001 and id is 1 raw text is: A Snapshot of Federal Student Loan Debt Counts of students who borrowed federal student loans, average amounts borrowed, and average cumulative federal student loan debt have all increased substantially in recent years. Expanded repayment flexibilities have allowed borrowers to make smaller payments over extended periods of time. Year after year, more student loan dollars are disbursed than are repaid, resulting in an expanding federal loan portfolio. Nearly 43 million individuals-one in six adult Americans-have federal student loan debt, and the federal student loan portfolio now exceeds $1.4 trillion. Annual Borrowing The primary federal student loan programs are authorized under Title IV of the Higher Education Act of 1965 (HEA). U.S. Department of Education (ED) data show that from academic year (AY) 1995-1996 to AY2011-2012, the number of undergraduate students borrowing Title IV loans increased by 124%, from 4.1 million to nearly 9.3 million, while the average annual amount borrowed increased by 71%, from $3,800 to $6,500 (Table 1). In AY2015-2016, undergraduate borrowing of Title IV loans decreased to 7.0 million, but the average loan amount rose to $6,700. Table I. Numbers of Students Who Borrowed HEA Title IV Loans and Average Annual Amount Borrowed (Estimates for AY I 995-I 996 through AY20 I 5-201 6) Undergraduate Graduate Academic Number Average Number Average Year (thousands) Amount (thousands) Amount 1995-1996 4,140 $3,800 688 $10,500 1999-2000 4,522 $4,200 756 $12,300 2003-2004 6,147 $4,500 1,062 $14,600 2007-2008 7,187 $5,100 1,349 $17,700 2011-2012 9,266 $6,500 1,597 $21,200 2015-2016 7,039 $6,700 1,427 $23,700 Source: ED, National Postsecondary Student Aid Studies (NPSAS): 1996, 2000, 2004, 2008, 2012, and 2016. Notes: Nominal dollars. Includes 50 states and DC only. From AY1995-1996 to AY2011-2012, the number of graduate students who borrowed Title IV loans increased by 132%, from 688,000 students to nearly 1.6 million, while average amounts borrowed increased by 102%, from $10,500 to $21,200. Increased borrowing was fueled in part by graduate students becoming eligible to borrow PLUS Loans in AY2007-2008. By AY2015-2016, graduate borrowing dropped to 1.4 million students, but the average Updated February 4, 2019 amount borrowed increased to $23,700. That year, graduate students borrowed 37% of Title IV loan dollars disbursed. Cumulative Amounts Owed Students often borrow more than one loan and cumulative borrowing has increased in recent years. Figure 1 shows changes in cumulative debt for program completers. Figure I. Average Cumulative Amounts Owed on HEA Title IV Loans at Program Completion (Estimates for AY2003-2004 through AY20 I 5-201 6) Owed (thousands) program type $200 $200 -Doctor's degree (professional practce) $160 - Doctor's degree $140 (research/scholarship) $120 Master's degree $100 $0 Bachelor's degree $60 Associate's degree $40 $20 - Undergraduate $0 certificate 2003-2004 2007-1208 201 -2012 2015-2016 Source: ED, NPSAS: 2004, 2008, 2012, and 2016. Notes: Nominal dollars. Includes 50 states and DC only. Figures for graduate degree programs also include undergraduate borrowing. Undergraduate certificate. In AY2003-2004, 50% (207,300) of undergraduate certificate recipients had Title IV loans and owed an average of $6,300. In AY2015-2016, 60% (389,000) of certificate recipients had Title IV loans and owed an average of $15,400. Associate's degree. In AY2003-2004, 31% (329,700) of students who earned an associate degree had Title IV loans and owed an average of $9,700. By AY2015-2016, 42% (581,000) of associate's degree recipients had Title IV loans and owed an average of $19,900. 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. By AY2015-2016, 63% (1.3 million) of students earning a bachelor's degree had Title IV loans and owed an average of $28,900. 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. By AY2015-2016, 54% (459,400) of master's degree recipients had Title IV loans and owed an average of $63,700. https:/crsreports.conc -- -q

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