Sunday, October 13, 2019
Hawai'i Free Press

Current Articles | Archives

Thursday, November 13, 2014
Hawaii a Low-Debt State for Students
By News Release @ 4:54 AM :: 2925 Views :: Hawaii Statistics, Higher Education

Average Debt for 2013 Grads Tops $30k in 6 States; Only 1 Below $20k

New report shows student loan debt still rising for bachelor’s degree recipients; includes state-by-state and college-by-college debt levels

News Release from Project Student Debt November 13, 2014

Oakland, CA – Student debt levels for newly minted bachelor’s degrees continue to rise, but how high varies greatly by state and by college, according to a new report from the Project on Student Debt at The Institute for College Access & Success (TICAS). In 2013, seven in 10 (69%) graduating seniors at public and private nonprofit colleges had student loans. Nationally, the average debt for these graduates was $28,400, two percent higher than for public and nonprofit graduates in 2012, but there was significant variation by college: at nearly one in five colleges, average debt levels increased 10 percent or more. In both years, about one-fifth of new graduates’ debt was in private loans, which are typically more costly and provide far fewer consumer protections and repayment options than safer federal student loans.

Student Debt and the Class of 2013 draws on the most recent available data, which are reported voluntarily by colleges around the country. Because virtually all for-profit colleges decline to disclose their graduates’ debt, the national, state, and college figures in this report are for public and nonprofit colleges, which award most four-year degrees.

Recent graduates still face a tougher job market than before the recession, with a 2013 unemployment rate of 7.8%. However, it is less than half the 2013 rate for those who only finished high school (16.5%).

“A college degree is still the best path to a job and decent pay, and while loans are increasingly needed to get through school, graduating with burdensome debt is not a foregone conclusion,” said Lauren Asher, TICAS president. “Where you go to college matters, and the kind of loans you have matter, too. Federal student loans come with crucial consumer protections like income-based repayment plans, while private loans offer little or no relief if you hit a rough patch.”

State Highs and Lows. At the state level, borrowers’ average debt at graduation ranges from $18,656 to $32,795, with six states topping $30,000 and only one under $20,000. Nearly all the highest debt states are in the Northeast and Midwest, with the lowest debt states in the West and South.

High-Debt States
New Hampshire $32,795
Delaware $32,571
Pennsylvania $32,528
Rhode Island $31,561
Minnesota $30,894
Connecticut $30,191
Maine $29,934
Michigan $29,583
Iowa $29,370
South Carolina $29,092

Low-Debt States
New Mexico $18,656
California $20,340
Nevada $21,666
District of Columbia $22,048
Oklahoma $22,174
Arizona $22,253
Utah $22,418
Hawaii $22,785
Wyoming $22,879
Louisiana $23,358

“Graduates from New Hampshire colleges are almost twice as likely as Nevada graduates to leave school with student loan debt, and they owe almost twice as much as graduates from New Mexico colleges,” said Debbie Cochrane, research director at TICAS and coauthor of the report. “The importance of state policy and investment cannot be overstated when it comes to student debt levels.”

College highs and lows. Average debt at graduation varies even more widely from college to college, from less than $2,500 to more than $71,000 in 2013. The odds of graduating with loans also vary from 10 percent to 100 percent.

The report lists public and nonprofit colleges with especially high or low debt compared to other schools that provide data. Colleges with higher costs tend to have higher average debt at graduation, but not all high-debt colleges are high-cost. Fourteen of the 40 high-debt colleges – four public and 10 nonprofit – have tuition and fees below the national average for their sector. The composition of graduates’ debt also varies: at almost half of the 40 high-debt colleges and at eight of the 20 low-debt colleges, more than one third of graduates’ debt came from private loans.

Recommendations include call for better data. The report uses the best available data on debt at graduation, but the data have significant limitations. Because colleges are not required to report debt levels for their graduates, only some do. Only 57% of public and nonprofit bachelor’s degree-granting colleges provided data, representing 83% of 2013 graduates in these sectors. Even colleges that do provide data may understate graduates’ debt loads if they are not aware of their students’ private loans, and the quality of reported data varies. For-profit colleges could not be included in the analysis because so few report their graduates’ debt loads. However, the most recent national-level data show for-profit schools have much higher borrowing rates and debt at graduation than other types of four-year schools.

“Only with comprehensive, reliable data for every college will we see the full picture of student debt. This is too important an issue for students, schools, and policymakers to rely on voluntary, self-reported data,” said Matthew Reed, TICAS program director and coauthor of the report. “Federal collection of both federal and private loan debt at graduation is both necessary and long overdue.”

In addition to making the case for better debt data, the report’s policy recommendations include reducing students’ need to borrow by containing college net costs, helping keep loan payments manageable by simplifying and raising awareness of income-driven repayment plans, helping students and families make informed choices about college enrollment and financing, strengthening college accountability to more closely tied a college’s eligibility for federal funding to student and taxpayer risk, and reducing private loan borrowing.

NOTE: For more information on state and college debt for the Class of 2013, see our companion interactive map with details for all 50 states, the District of Columbia, and more than 1,000 public and nonprofit four-year colleges.

# # #

An independent, nonprofit organization, The Institute for College Access & Success (TICAS) works to make higher education more available and affordable for people of all backgrounds. TICAS’ Project on Student Debt works to increase public understanding of rising student debt and the implications for our families, economy, and society. Follow us on Twitter.

PDF: Read the report

 

Links

TEXT "follow HawaiiFreePress" to 40404

Register to Vote

2aHawaii

808 Silent Majority

808 State Update AM940

ABCDEFG Blog

ACA Signups Hawaii

ACCE

ALEC

Alliance Defending Freedom

Aloha Life Advocates

Aloha Pregnancy Care Center

American Council of Trustees and Alumni

American Mothers of Hawaii

AMVETS-Hawaii

AntiPlanner

Antonio Gramsci Reading List

A Place for Women in Waipio

Audit The Rail

Ballotpedia Hawaii

Better Hawaii 

Blaisdell Memorial Project

Broken Trust

CAFR Hawaii

Castaway Conservative

Children's Alliance Hawaii

Children's Rights Institute

Christian Homeschoolers of Hawaii

Citizens for Recall

Cliff Slater's Second Opinion

Coffee Break

Conservative Forum for Hawaii

CSIS Pacific Forum

DAR Hawaii

DeedySupport.com

DVids Hawaii

E Hana Kakou Kelii Akina

E Māua Ola i Moku o Keawe

Farmers For Choice Hawaii

FIRE

Fix Oahu!

Follow the Money Hawaii

Frank in Hawaii

Front Page Magazine

Frontline: The Fixers

Genetic Literacy Project

Get Off Your Butts!

God, Freedom, America

Grassroot Institute

Habele.org

Hawaii Aganst Assisted Suicide

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii Coalition Against Legalized Gambling

Hawaii ConCon Info

Hawaii Credit Union Watch

Hawaii Crime Victims' Rights

Hawaii Crop Improvement Association

Hawaii Debt Clock

Hawaii Defending Marriage

Hawaii Defense Foundation

Hawaii Families for Educational Choice

Hawaii Family Advocates

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii Firearm Community

Hawaii Fishermen's Alliance

Hawaii Future Project

Hawaii Gathering of Eagles

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii March for Life

Hawaii Meth Project

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Right to Life -- Big Island

Hawaii Right to Life -- Oahu

Hawaii Shield Law Coalition

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together

Heritage Foundation

HI Coalition Against Legalized Gambling

HIEC.Coop 

HiFiCo

Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Homeless Crisis

Honolulu Navy League

Honolulu Traffic

Horns of Jericho Blog

House Minority Blog

House Republican Caucus YouTube

HPACC

Hump Day Report

I Vote Hawaii

If Hawaii News

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

Iowa Meets Maui

Jackson v Abercrombie

Jihad Watch

Judgepedia Hawaii

July 4 in Hawaii

Kahle v New Hope

Kakaako Cares

Kau TEA Party

Kauai Co GOP

Keep Hawaii's Heroes

KeyWiki

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Malulani Foundation

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Mauna Kea Recreational Users Group

MentalIllnessPolicy.org

Middle East Forum--The Legal Project

Mililani Conservatives for Change

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

Muslim Brotherhood in America

NAMI Hawaii

NARTH

Natatorium.org

National Christian Foundation Hawaii

National Parents Org Hawaii

National Wind Watch

New Zeal

NFIB Hawaii News

No GMO Means No Aloha

Northwest Economic Policy Seminar

Not Dead Yet, Hawaii

Now What I Really Think

NRA-ILA Hawaii

Oahu Alternative Transport

ObamaCare Abortion Hawaii

Obookiah

OHA Lies

Opt Out Today

OurFutureHawaii.com

Pacific Aviation Museum

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Pritchett Cartoons 

Pro-GMO Hawaii

P.U.E.O.

RailRipoff.com

Rental by Owner Awareness Assn

Republican Party -- Hawaii State

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

Salvage The Rail

Save the Plastic Bag

School Choice in Hawaii

SenatorFong.com

SIFE Remington

SIFE W. Oahu 

Sink the Jones Act

Smart About Marijuana--Hawaii

St Marianne Cope

State Budget Solutions Hawaii

State Policy Network

Statehood for Guam

Tax Foundation of Hawaii

The Harriet Tubman Agenda

The Long War Journal

The Real Hanabusa

Time Out Honolulu

Truth About Trade & Technology - Hawaii

UCC Truths

Union Members Know Your Rights

US Tax Foundation Hawaii Info

Valor in the Pacific

VAREP Honolulu

Waagey.org

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii

Yes2TMT