The number of college students taking out loans is highest in nine years

woman screaming

This women has just seen her student loan bill.

According to an annual nationwide survey released today, about two-thirds of incoming students said they had “some” or “major” concern about their ability to pay for their education.

The percentage of those with “some” concern — 55.4 — was at its highest level since 1971. The number of students taking out loans was at its highest in nine years, at 53.3 percent. The number whose fathers were unemployed — 4.5 percent — was the highest in the history of the survey. The number of students whose mothers were unemployed was higher — 7.9 percent — and at its highest since 1979.

“What all this points to is that they are going to be graduating with a larger debt burden than students in the past,” Mr. Pryor told the NYT. More fun stats below!

About 9 percent of students said they chose their college because their first choice did not offer them financial aid — the highest since that question was asked in 1984.

And students seemed acutely aware of value when choosing a college. The factor most often cited for choosing a school was that its graduates got good jobs — 56.5 percent said this was “very important,” the highest rate since the question was asked in 1985.

At least there seems to be one silver lining: not as many fresh-eyed grads have an interest in becoming a despised i-banker.

However, their ideas on where the good jobs are may be changing: the number of students saying they expected a career in business had dropped to 12.1 percent, the lowest since 1976.

3 thoughts on “The number of college students taking out loans is highest in nine years

  1. Tuition is rapidly rising. As a result, students are taking out more in loans. However, salaries and jobs are not growing as fast. Something’s gotta give! There will come a day when people will realize that college is a ripoff!

  2. One of the main reasons this number has blown sky high is that too many older adults are being deceived into going back to school. There are millions of unemployed laborers in their late 40’s and 50’s now enrolling in college for tech careers and other dead end industries that will be completely outsourced by time they graduate.

    And then you have younger folks realizing the service sector economy is collapsing and think getting an industrial/skilled labor job is the route to go. Hopefully the 50 year olds and 19 year olds have a chat in the halls before they’re both almost 6 figures in school loan debt with no opportunity for a job. It’s a sad state of affairs.

  3. Pingback: Avoid these schools unless you have at least $400 million in the bank « Ivy Leagued and Unemployed

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