Share of College Graduates From High-Income Families who Borrow Has DoubledIn 2012, a record share of the nation’s new college graduates (69%) had taken out student loans to finance their education, and the typical amount they had borrowed was more than twice that of college graduates 20 years ago. A new Pew Research Center analysis of recently released government data finds that the increase in the rate of borrowing over the past two decades has been much greater among graduates from more affluent families than among those from low-income families. Fully half of the 2012 graduates from high-income families borrowed money for college, double the share that borrowed in 1992-93.
The rise in the rate of borrowing was also substantial among upper-middle-income graduates, with 62% of 2012 graduates from upper-middle-income households leaving college with debt, compared with 34% roughly 20 years ago.