New Data Show Big Increases in Private Student Loan Borrowing
The percentage of all undergraduate students who borrowed private student loans jumped from 5 percent in 2003-04, to 14 percent in 2007-08. At proprietary (for-profit) colleges and universities, the percentage of students who took out these loans skyrocketed from 14 percent in the 2003-04 school year, to 43 percent last year. The release includes other interesting findings, and comments from Lauren Asher.
The figures in this release were calculated by the Project on Student Debt using data from the National Postsecondary Student Aid Study, a federal survey of college students conducted every four years by the National Center for Education Statistics.