Share of Undergraduate Students with Private Loans over Time

The share of undergraduate students taking private student loans fell from 14% in 2007-08 to 6% in both 2011-12 and 2015-16.

Figure 10B: Share of Undergraduate Students with Private Loans, 1999-00 to 2015-16

Notes & Sources 

SOURCES: NCES, NPSAS 2000, 2004, 2008, 2016; calculations by the authors.

  • In 2007-08, 40% of undergraduates at for-profit institutions took private student loans, but that share had fallen to 6% by 2015-16—lower than the 12% at private nonprofit four-year and the 8% at public four-year colleges in 2015-16.
  • In 2015-16, the average size of private student loans among the students who used them ranged from $4,100 for 2% of public two-year college students to $12,400 for 12% of private nonprofit four-year college students.