Student Loans have Reached New Heights

According to a recent Wall Street Journal article, “Students Borrow More Than Ever for College,” student borrowing for college has reached a record high.  Just last year, the amount of borrowing for educational loans grew nearly 25% where such borrowing had once been as low as 1.7%.  As students across the nation headed back to school, FGI Research conducted a study to learn more about respondents who had borrowed money to pursue higher education.

Where Aid Comes From

Of those who responded, 83.92% said they had qualified and used Financial Aid.  Respondents were asked to share all forms of financial aid that they received for their education.  The majority of this aid came from Stafford Loans (76.98%), followed by Perkins Loans (36.51%) and then private loans (29.37%). While most respondents were female, the gender distribution of those seeking financial aid were mostly equal. Moreover, respondents receiving financial aid were diverse ethnically and in terms of age, making it apparent that this trend has affected multiple demographics since the country’s economic downturn.