“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?

Title of your presentation

47% in Repayment12% delinquent 7% in default =54%

19% in deferment16% in forbearance

© your company name. All rights reserved.

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?