Mike Brown, Research Analyst, LendEDU
A lot can change over the course of a decade, and when it comes to student loan debt, most of that change has been in the negative direction.
According to a Bloomberg report, the nation’s student loan debt total has more than doubled since 2009, when it was $675 million. Now, that figure has ballooned to $1.52 trillion in 2019.
There are plenty of student loan debt statistics that paint a broad stroke of how the situation has severely worsened over the last 10 years.
LendEDU wanted to take it a step further.
By licensing the annual Peterson’s financial aid survey, we have produced the Average Student Loan Debt by School by State Report for the last three years; the most recent version reflecting the graduating Class of 2017. While using the same data that we compiled to analyze the 2017 academic year, we have also tapped into Peterson’s again by licensing their 2007 financial aid dataset.
In both 2007 and 2017, the latter being the most recent and complete version made available by Peterson’s, participating colleges and universities voluntarily submit their financial aid data to Peterson’s.
Putting the 2007 and 2017 figures side by side, LendEDU created this report analyzing how student loan debt has changed over the decade at 922 different colleges and universities, while also evaluating how the student debt situation has evolved on a state level.
Also included in the report is a look at how student loan debt has changed in a decade at historically black colleges and universities (HBCUs), women’s colleges and universities, as well as at public and private institutions.
Continue reading to see how student loan debt in the U.S. has transformed at a micro-level over the course of a decade.