|
|
 |
|
Student Loan Facts
Fast Student Loan Facts
- In 2004, the private sector student loan program raised and lent $39 billion for college loans to 5.4 million students and their parents.
- FFELP lenders represent 74% of the total guaranteed student loan market.
- 83 percent of schools participate exclusively in the private sector FFELP.
- From FY1991 to FY2003 the cost of all entitlement spending increased by 52 percent while the cost of the private sector student loan program – which is also an entitlement program – declined by 100 percent.
- In FY 2004, the federal dollars actually spent on the FFEL Program was less than $900 million to support $245 billion in outstanding guaranteed loans – less than four-tenths of a cent on every outstanding dollar.
- Since FY 2001, the FFELP has returned more than $12 billion to the Treasury because the government had significantly overestimated the cost of this program.
- After 10 years, the Direct Loan program has not saved a single dime. In fact, the Direct Loan program has spent $10.7 billion more on interest payments than it has collected in interest and fees.
- At the end of FY 2004 the Direct Loan program owed taxpayers $96 billion but had only $86 billion in outstanding student loans to cover this debt.
- More than $6.2 billion of loans in the Direct Loan program are in default.
- In FY 2004, the Direct Loan program collected $2.7 billion less in interest and fees from borrowers than it paid in interest on its borrowings from the taxpayer.
- The non-partisan U.S. Government Accountability Office (GAO) found that the Direct Loan program has spent more than it has collected in fees and interest in every year since 1997.
- In recent years, taxpayers have provided an additional $7 billion to the Direct Loan program because the government has significantly underestimated the cost of the program.
- More than 500 schools have left the Direct Loan program to return to the private sector student loan program.
- Non-federal student loans, which hardly existed in 1993-94, now account for $11 billion—almost 9 percent—of total financial aid in 2003-04.
- Education tax credits, enacted by Congress in the 1990's, now represent 5 percent of all financial aid.
- The Class of 2008 will be the largest high school class in U.S. history, with nearly 3.2 million graduates. Between 2005 and 2008, the number of high school graduates will increase by almost 5 percent.
- In 2005, minority students accounted for 34 percent of high school graduates. By 2013, minority students will account for 41 percent of high school graduates.
- Between 2005 and 2013, the number of Hispanic students graduating from high school will increase by 41 percent.
- By 2013, Hispanic students will account for 20 percent of all high school graduates.
- Enrollment in higher education is expected to increase by 15 percent between 2003 and 2014. In comparison, higher education enrollment increased by 13 percent between 1992-2003.
- Full time enrollment is expected to increase 16 percent between 2003 and 2014. Part-time enrollment is expected to increase 12 percent during the same period.
- By 2014, undergraduate enrollment in four year colleges is expected to increase by 16 percent, while enrolmment in two year colleges is expected to increase by 14 percent.
|
|
|