Download - “Sound Off” on Student Debt Survey Results
“Sound Off” on Student Debt Survey Results U.S. Representative Karen Bass
Tuesday, April 4, 2012
Education and Student Debt
Successin the U.S.
Advancing Education
Post College Debt
Should Not = A Mortgage
Survey Results 1,396 people responded to the survey.
Repaying student loans is
a challenge.
Education Debt From:43% --Undergraduate24% --Graduate33% --Both
Ethnicity
Who Responded?
% Ethnicity (N=784) 28% African American 7% Asian AM/PI16% Latino .6% Native American 40% White 8% Multi-racial
School Type
Who Responded?
% Type (N=822) 51% Private (4yr) 34% Public (4yr) 3% Community College 7% Technical School 6% Both Pvt/Public
Employment Status:17% employed part-time50% employed full-time19% unemployed14% still enrolled in school
The Survey Respondents
Regardless of employment status almost everyone is having difficulty repaying their loans.
Who’s Having Difficulty? 89% of part-time employed 86% of full-time employed 95% of those who are unemployed
How Easy Is Repayment?
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47% in Repayment12% delinquent 7% in default =54%
19% in deferment16% in forbearance
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54% of Those Out of School
Can’t Pay
Federal + Private Debt
Total Debt Range
Median = $50,000 Mode = $20,000
$39,000 <
$40-59,000
$60-99,000
$100k+0
102030405060708090
100
Total Debt
Federal Debt40%
15% 21% 23%
Federal vs Private Debt
Federal Debt
Median = $38,000 Mode = $20,000
$39,000 <
$40-59,000
$60-99,000
$100k+0
20406080
100
Federal Debt
Private Debt Median = $25,000 Mode = $10,000
$39,000 <
$40-59,000
$60-99,000
$100k+0
20406080
100
Federal Debt
63%
51%
71% reported that interest accumulated while they were “in” school
Interest Rates Vary
Interest Rate % of Respondents• 4% or < 24%• 5-7% 37%• 7-9% 32%• 10% or + 8%
Places Where People Sought Help:
71% Dept of Education25% Their Lender 7% Their School18% Their Family32% Have NOT Sought Help
Help Sought?