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“Sound Off” on Student Debt Survey Results

“Sound Off” on Student Debt Survey Results . U.S. Representative Karen Bass Tuesday, April 4, 2012. Education and Student Debt. Repaying student loans is a challenge. Survey Results . Education Debt From: 43% --Undergraduate 24% --Graduate 33% --Both .

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“Sound Off” on Student Debt Survey Results

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  1. “Sound Off” on Student Debt Survey Results U.S. Representative Karen Bass Tuesday, April 4, 2012

  2. Education and Student Debt

  3. Repaying student loans is a challenge. Survey Results Education Debt From: 43% --Undergraduate 24% --Graduate 33% --Both 1,396 people responded to the survey.

  4. Who Responded? Ethnicity % Ethnicity (N=784) 28% African American 7% Asian AM/PI 16% Latino .6% Native American 40% White 8% Multi-racial

  5. Who Responded? School Type % Type (N=822) 51% Private (4yr) 34% Public (4yr) 3% Community College 7% Technical School 6% Both Pvt/Public

  6. The Survey Respondents Employment Status: 17%  employed part-time 50%  employed full-time 19%  unemployed 14%  still enrolled in school

  7. How Easy Is Repayment? 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

  8. 54% of Those Out of School Can’t Pay 47%  in Repayment12%  delinquent 7%  in default =54%19%  in deferment16%  in forbearance Title of your presentation

  9. Total Debt Range Federal + Private Debt Median = $50,000 Mode = $20,000 40% 23% 21% 15%

  10. Federal vs Private Debt 51% Federal Debt Private Debt Median = $38,000 Mode = $20,000 Median = $25,000 Mode = $10,000 63%

  11. Interest RatesVary • Interest Rate % of Respondents • 4% or < 24% • 5-7% 37% • 7-9% 32% • 10% or + 8% 71% reported that interest accumulated while they were “in” school

  12. Help Sought? Places Where People Sought Help:71%  Dept of Education25%  Their Lender 7%  Their School18%  Their Family32%  Have NOT Sought Help

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