Student debt: what s the problem?
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1 Student debt: what s the problem? October 9, 2014 Katie Buitrago Senior Policy and Communications Associate Woodstock Institute Chicago, Illinois P F WoodstockInstitute
2 Why does student loan debt matter? It s not just a debt problem it s a repayment problem Return on investment in education and credentials The difference between a surgeon with $200,000 of debt and a nursing school dropout with $15,000 of debt Student debt without credentials and skills un- and underemployment + unmanageable debt burden
3 Why does student loan debt matter? Impact on the broader economy Unaffordable student debt Low discretionary income Delayed household formation
4 Why does student loan debt matter? Impact on long-term future well-being Unaffordable student debt Low savings Retirement disaster
5 Threat on the horizon: Growing racial wealth gap Limited wealth-building options beyond home equity and retirement savings Homeownership rate for adults under 35 is at lowest level since 1982 (36.2%) Adults 40 and younger lost 30% of net wealth in Great Recession
6 For-profit colleges particularly problematic
7 For-profit market overview Percent of undergraduates enrolled in for-profit colleges: 2000: 4.6 percent 2012: 10.3 percent Revenues of 4-year for-profit schools grew nearly 800 percent from 2000 to 2012 Student body: 24.2 percent African American, 15.7 percent Latino; 50 percent low income
8 Cost of for-profit colleges On average, a year of college at for-profit school cost $15,130 in Tuition and fees at public two-year school: 21 percent of for-profit T&F Tuition and fees at public four-year school: 59 percent of for-profit T&F
9 For-profit colleges cost more for low-income students $30,000 $25,000 $20,000 Net cost of attendance for students in lowest income quartile, $19,359 $24,173 $15,000 $10,000 $8,065 $11,854 $5,000 $0 Public two-year Public four-year Private non-profit Private for-profit
10 Students are more likely to borrow at forprofit colleges than at other colleges Proportion of students who received federal and private loans at for-profit and other colleges, academic year 100% 90% 80% 25.28% 70% 58.84% No loans received 60% Non-private loans only Both non-private and private loans Private loans only 50% 40% 30% 20% 35.76% 62.81% Source: Woodstock Institute analysis of 2012 National Postsecondary Student Aid Survey 10% 0% 9.93% 1.32% 4.08% 1.98% All other colleges Private for-profit
11 42.35% 48.54% 31.58% 32.60% 72.77% 78.01% 76.09% 68.66% African American students most likely to borrow relative to other racial groups Percentage of students at for-profit and other colleges who borrow, by race, academic year 90.00% 80.00% 70.00% 60.00% Attends private for-profit Does not attend private for-profit 50.00% 40.00% 30.00% 20.00% 10.00% Source: Woodstock Institute analysis of 2012 National Postsecondary Student Aid Survey 0.00% White African American Latino Asian
12 6.09% 4.60% 3.67% 4.39% 10.91% 11.46% 14.31% 12.87% Students at private for-profits are more likely to take out private student loans Percentage of students at for-profit and other colleges who take out private loans, by race, academic year 16.00% 14.00% 12.00% 10.00% Attends private for-profit Does not attend private for-profit 8.00% 6.00% 4.00% 2.00% Source: Woodstock Institute analysis of 2012 National Postsecondary Student Aid Survey 0.00% White African American Latino Asian
13 66.30% 85.80% 90.67% 86.27% 89.29% 72.28% 55.64% 93.76% For-profit students of all races are more likely to have borrowed during their college career Percentage of graduating seniors pursuing a BA in who borrowed during their programs Attends private for-profit Does not attend private for-profit Source: Woodstock Institute analysis of 2012 National Postsecondary Student Aid Survey % 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% White African American Latino Asian
14 38.19% 28.87% 30.10% 29.63% 22.34% 45.74% 43.23% 45.58% For-profit students are more likely to borrow nonfederal loans at some point in their college career Percentage of graduating seniors who borrowed non-federal loans during their programs Attends private for-profit Does not attend private for-profit Source: Woodstock Institute analysis of 2012 National Postsecondary Student Aid Survey 50.00% 45.00% 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% White African American Latino Asian
15 $27,606 $40,014 $39,340 $31,521 $28,784 $20,787 $39,722 $40,741 Students of all races borrow more money over the course of their college career at private for-profits Cumulative amount borrowed for graduating seniors pursuing a BA who borrow, by for-profit attendance and race $45,000 $40,000 $35,000 $30,000 $25,000 Attends private for-profit Does not attend private for-profit $20,000 $15,000 $10,000 $5,000 Source: Woodstock Institute analysis of 2012 National Postsecondary Student Aid Survey $- White African American Latino Asian
16 $22, $35, $32, $27, $22, $19, $36, $35, For-profit students borrow a greater amount of federal loans over course of college careers Cumulative federal loans borrowed ever for graduating seniors (BA) who borrow federal loans, by for-profit attendance and race $40, $35, $30, $25, Attends private for-profit Does not attend private for-profit $20, $15, $10, $5, Source: Woodstock Institute analysis of 2012 National Postsecondary Student Aid Survey $- White African American Latino Asian
17 $10, $13, $13, $11, $10, $11, $6, $17, Amounts of non-federal loans borrowed vary by race and for-profit attendance Cumulative non-federal loans borrowed ever for graduating seniors pursuing a BA who borrow non-federal loans, by for-profit attendance and race Attends private for-profit Does not attend private for-profit Source: Woodstock Institute analysis of 2012 National Postsecondary Student Aid Survey $20, $18, $16, $14, $12, $10, $8, $6, $4, $2, $0.00 White African American Latino Asian
18 Outcomes of for-profit college students Graduation rates of full-time, first-year students by race/ethnicity and institution type (cohorts: 2006 and 2009) Overall African American Latino White Source: College Board 0 Total 4 yearinstitutions Private nonprofit Public Private for-profit
19 For-profit college students are more likely to default on their loans For-profit institutions accounted for: 11% of all students enrolled in % of those who entered repayment in % of those who defaulted by the end of September 2012
20 For-profit problems in Illinois Westwood College Sued by Attorney General Lisa Madigan in 2012 Broken promises about law enforcement job opportunities Students accumulate debt loads of $50,000 - $70,000 Misrepresented costs of attendance, terms of inhouse loans
21 Potential Solutions Loan reforms Bankruptcy discharge Allow refinances at current federal rate Repayment options for students struggling to repay private student loans School certification of private student loan need
22 Potential Solutions School reforms Reduce revenue schools can obtain through federal aid from 90 to 85 percent Establish strong rules limiting federal aid to schools who produce students unable to repay their loans Separate grants and scholarships from work, student loans, and parent loans on costs sheets
23 Potential Solutions Enact and enforce consumer protections from debt settlement and financial aid vendors, student loan servicers Enforcement actions from AG, CFPB Consent orders from prudential regulators Servicing standards We need better data Children s savings accounts
24 Student debt: what s the problem? October 9, 2014 Katie Buitrago Senior Policy and Communications Associate Woodstock Institute Chicago, Illinois P F WoodstockInstitute
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