2014 Release of Federal Student Aid Data center

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Clementine Roberts
8 years ago
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1 2014 Release of Federal Student Aid Data center For additional commentary on these data, see: The Huffington Post, 8/11/14 The Chronicle of Higher Education, 8/14/14 PRESENTED BY The Institute for Higher Education Policy

gov/data center For additional commentary on these data, see:

2 Total outstanding student debt has more than doubled since Even adjusting for inflation, debt grew by approximately 85 percent. (in billions) $1,200 $1,000 $800 $600 $400 $200 $0 Outstanding Federal Student Loan Debt by Loan Type, ,000,000 30,000,000 29,000,000 28,000,000 27,000,000 26,000,000 25,000,000 24,000,000 23,000,000 Direct Loans Perkins Loans PRESENTED BY Federal Family Education Loans (FFEL) 12 Month Unduplicated Enrollment The Institute for Higher Education Policy Notes: Data are adjusted for inflation. Debt data for 2014 are as of 6/30. Enrollment data not available for academic year. Sources: Federal Student Aid, Federal Student Loan Portfolio: Federal Student Aid Portfolio Summary Retrieved from: ; Integrated Postsecondary Education Data System (IPEDS)

27,000,000 26,000,000 25,000,000 24,000,000 23,000,000 Direct Loans Perkins Loans PRESENTED BY Federal Family Education Loans (FFEL) 12 Month Unduplicated Enrollment The Institute for Higher

3 Outstanding federal student loan debt has shifted from FFEL to Direct Loans. The FFEL program was discontinued in Perkins Loans $ Perkins Loans $ Direct Loans $106.8 (21%) Federal Family Education Loans (FFEL) $401.9 (78%) Federal Family Education Loans (FFEL) $402.5 (37%) Direct Loans $685.7 (62%) PRESENTED BY The Institute for Higher Education Policy Source: Federal Student Aid, Federal Student Loan Portfolio: Federal Student Aid Portfolio Summary Retrieved from:

9 (78%) Federal Family Education Loans (FFEL) $402.5 (37%) Direct Loans $685.

4 The majority of outstanding loans and borrowers are currently in repayment. Only 10 percent of loan dollars and 16 percent of borrowers are in default. Loan Repayment Status Loan Dollars, 2014 Q3 (excludes students who have not yet entered repayment) Forbearance $119.0 (13%) Default $99.0 (10%) Deferment $128.1 (14%) Repayment $543.3 (58%) Grace $45.6 (5%) Source: Federal Student Aid, Federal Student Loan Portfolio: Direct Loan and Federal Family Education Loan Portfolio by Loan Status. Retrieved from:

Loan Repayment Status Loan Dollars, 2014 Q3 (excludes students who have not yet entered repayment) Forbearance $119.

5 13 percent of borrowers are enrolled in income driven plans. The majority of borrowers are enrolled in the standard repayment plan. Income driven (13%) Direct Loan Borrowers by Repayment Plan, 2014 Q3 (includes loans in repayment, deferment, and forbearance) Pay As You Earn 0.3 Alternative 0.3 Other 0.5 Income Contingent 0.6 Graduated: More Than 10 Years 0.3 Graduated: 10 Years or Less 1.9 (10%) Income Based 1.7 (9%) Standard: 10 Years or Less 11.1 (61%) Standard: More Than 10 Years 1.6 (9%) Note: Numbers of borrowers are in millions. Source: Federal Student Aid, Federal Student Loan Portfolio: Federal Student Aid Portfolio by Repayment Plan. Retrieved from:

3 Other 0.5 Income Contingent 0.6 Graduated: More Than 10 Years 0.3 Graduated: 10 Years or Less 1.9 (10%) Income Based 1.7 (9%) Standard: 10 Years or Less 11.

6 Income driven repayment plan utilization is twice as high in loan dollars (26%) than it is in number of borrowers (13%, previous slide). Direct Loan Portfolio by Repayment Plan, 2014 Q3 (includes loans in repayment, deferment, and forbearance) Alternative $6.4 Other $38.6 Pay As You Earn (8%) $9.8 Income driven $121.3 (26%) Income Based $91.2 (20%) Standard: 10 Years or Less $175.8 (38%) Income Contingent $20.3 (4%) Graduated: More Than 10 Years $11.3 Graduated: 10 Years or Less $44.8 (10%) Standard: More Than 10 Years $66.1 (14%) Source: Federal Student Aid, Federal Student Loan Portfolio: Federal Student Aid Portfolio by Repayment Plan. Retrieved from:

8 Income driven $121.3 (26%) Income Based $91.2 (20%) Standard: 10 Years or Less $175.8 (38%) Income Contingent $20.3 (4%) Graduated: More Than 10 Years $11.

7 74 percent of outstanding Direct Loan dollars requiring payment are being repaid. Nearly half of the loan dollars that are not being paid on time are less than 91 days delinquent. Direct Loan Portfolio by Repayment and Delinquency Status, 2014 Q3 Forbearance $74.9 (11%) Default $37.4 (6%) Deferment $89.3 (13%) Grace $42.8 (6%) In School $136.1 (20%) Repayment $300.1 Transferring to Debt Management and Collections $1.6 (<1%) Days $4.5 Current Repayment $248.6 (37%) Days $ Days $ Days $8.6 Sources: Federal Student Aid, Federal Student Loan Portfolio: Direct Loan and Federal Family Education Loan Portfolio by Loan Status and Federal Student Loan Portfolio: Federal Student Aid Portfolio by Delinquency Status. Retrieved from:

1 Transferring to Debt Management and Collections $1.6 (<1%) 271 360 Days $4.5 Current Repayment $248.6 (37%) 31 90 Days $23.4 91 180 Days $13.4 181 270 Days $8.

Checklist Analyze your client s circumstances Inventory the federal loans Inventory the private loans

Checklist Analyze your client s circumstances Inventory the federal loans Inventory the private loans 37 million Americans have student loans Comprehensive Student Loan Training Series August 2014 1 trillion dollars in outstanding student loan debt: $1,000,000,000,000 Private Student $150 billion is outstanding