Chris Lindstrom
Where Students Stand To Lose the Most if Federal Loan Rates Double
Media Contacts
U.S. PIRG
WASHINGTON, DC – The U.S. Public Interest Research Group (U.S. PIRG) released data today detailing the colleges and universities across the country where students would be the most adversely impacted by the looming rate hike on Subsidized Stafford student loans. Without congressional action, on July 1 the interest rate on these loans will double from 3.4 percent to 6.8 percent, increasing costs for over 7 million students by $1,000 per student per loan.
Tomorrow, the House Education and Workforce Committee will vote to advance a student loan plan by Chairman John Kline (R-MN), which will increase student loan debt by $4 billion, over and above the impending increase on July 1.
An analysis of U.S. Department of Education data from last year shows that almost every major college and university in the country serves Subsidized Stafford student loan borrowers. The top two colleges with the largest populations are Ivy Tech Community College of Indiana, serving 42,504 Subsidized Stafford student loan borrowers at $133 million dollars loaned; and Penn State University, serving 39,137 borrowers at $160 million dollars loaned.
TOP TWENTY FIVE COLLEGES AND UNIVERSITIES FOR STAFFORD STUDENT LOAN BORROWER ATTENDANCE
|
COLLEGE |
STATE |
BORROWERS |
AMOUNT LOANED |
|
Ivy Tech Community College of Indiana |
Indiana |
42,504 |
$133,447,846 |
|
Penn State University |
Pennsylvania |
39,137 |
$160,335,336 |
|
Liberty University |
Virginia |
35,474 |
$145,369,401 |
|
Arizona State University |
Arizona |
28,850 |
$127,677,073 |
|
Baker College |
Michigan |
22,954 |
$73,015,115 |
|
Rutgers, The State University of New Jersey |
New Jersey |
21,918 |
$95,051,391 |
|
Kent State University |
Ohio |
21,279 |
$78,500,349 |
|
University of Central Florida |
Florida |
19,653 |
$76,402,914 |
|
Ohio State University |
Ohio |
18,715 |
$76,933,717 |
|
Temple University |
Pennsylvania |
16,890 |
$72,065,036 |
|
University of Cincinnati |
Ohio |
16,090 |
$62,421,942 |
|
Houston Community College |
Texas |
15,589 |
$57,119,681 |
|
University of South Florida |
Florida |
15,514 |
$60,904,988 |
|
Western Governors University |
Utah |
15,022 |
$56,860,741 |
|
Ohio University |
Ohio |
14,595 |
$51,003,423 |
|
Michigan State University |
Michigan |
14,305 |
$56,063,199 |
|
Lone Star College North Harris |
Texas |
13,951 |
$41,780,545 |
|
Georgia State University |
Georgia |
13,860 |
$57,984,096 |
|
Florida International University |
Florida |
13,750 |
$55,780,244 |
|
University of Wisconsin Milwaukee |
Wisconsin |
13,746 |
$53,422,654 |
|
University of Texas Arlington |
Texas |
13,493 |
$49,967,139 |
|
Texas State University San Marcos |
Texas |
13,144 |
$53,867,923 |
|
University of North Texas |
Texas |
13,026 |
$52,931,450 |
|
University of Akron |
Ohio |
12,954 |
$47,091,369 |
|
Columbus State Community College |
Ohio |
12,922 |
$45,940,188 |