2018年美国大学生债务报告-2019.9-32页_540kb

Student Debt and the Class of 2018 Summary

Core Content

This report, Student Debt and the Class of 2018, is the fourteenth annual publication by the Institute for College Access & Success (TICAS), analyzing student debt levels among graduates from public and nonprofit four-year colleges in the United States. It highlights national and state-level trends, the impact of state funding, and the challenges faced by different groups of students in repaying their loans.

Key Findings

• National Overview:

  • 65% of graduating seniors from public and nonprofit colleges in 2018 had student loans.
  • The average debt for these graduates was $29,200, a 2% increase from the Class of 2017.
  • 17% of this debt was from nonfederal loans, which are typically more expensive and offer fewer protections.

• Debt Trends:

  • From 1996 to 2012, average debt for bachelor's degree recipients grew at an average rate of 4% per year.
  • From 2012 to 2016, the growth slowed significantly, and this trend continued into 2018.
  • The slowdown is attributed to increased state spending and grant aid, which reduced the need for students to borrow.

• State-Level Debt:

  • High-Debt States: Connecticut ($38,669), Pennsylvania ($37,061), New Hampshire ($36,776), Rhode Island ($36,036), New Jersey ($34,387), Delaware ($34,144), District of Columbia ($34,046), Maine ($32,676), Minnesota ($32,317), and Michigan ($32,158).
  • Low-Debt States: Utah ($19,728), New Mexico ($21,858), California ($22,585), Nevada ($22,600), Washington ($23,524), Hawaii ($24,162), Florida ($24,428), Wyoming ($24,474), Colorado ($24,888), and Oklahoma ($25,221).
  • Debt levels and the proportion of graduates with debt vary widely, with state averages ranging from $19,750 to $38,650.

• Debt by Group:

  • Black graduates, low-income graduates, first-generation graduates, and those from for-profit colleges are disproportionately more likely to default on their loans.
  • 21% of Black bachelor's degree recipients defaulted within 12 years of entering college, compared to 3% for white and 8% for Hispanic or Latino graduates.
  • Pell Grant recipients, who often come from lower-income families, had a default rate of 11%, compared to 2% for higher-income peers.
  • First-generation graduates had a 10% default rate, compared to 4% for those with college-educated parents.
  • Graduates from for-profit colleges had a 30% default rate, compared to 4% for public colleges and 5% for nonprofit colleges.

Institutional and State Policy Ideas

• Institutional Policies:

  • Increase need-based aid and financial support for students.
  • Improve transparency in financial aid and loan information.
  • Reform tuition structures to reduce the reliance on student loans.

• State Policies:

  • Increase state funding for public higher education to reduce the burden on students.
  • Promote grant aid and scholarship programs to cover more of the cost of attendance.
  • Implement accountability measures for colleges to ensure affordability and value.

Federal Policy Recommendations

• Collect comprehensive college-level debt data for all schools.
• Increase the Pell Grant and restore its automatic inflation adjustment.
• Expand access to federal loans and ensure students exhaust federal options before taking out private loans.
• Improve consumer information and protect private loan borrowers.

Methodology

• The report uses data from voluntary reports by public and nonprofit colleges.
• It highlights the need for federal data collection to ensure accurate and complete information.
• The data also includes information on institutional grants, scholarships, and the net price of attendance.

Conclusion

While there has been a slowdown in the growth of student debt for recent graduates, the persistent burden remains a serious issue. Vulnerable groups, such as Black students, low-income students, and those from for-profit colleges, continue to face higher default rates and greater debt burdens. The report calls for increased investment in financial aid, better state and federal policies, and improved transparency to ensure that college is affordable and accessible for all students.