The data collected from the 1993-2003 Baccalaureate and Beyond Study examined the borrowing habits of 1992-93 bachelor’s degree earners. The study was conducted to find out the details of the repayment of undergrad Stafford loans who were no longer enrolled in college.
Nearly half of the grads had borrowed money so that they could afford to earn a college degree and the average amount borrowed was $10,500. The study found that 74 percent of the graduates had repaid all of their student loans by the year 2003. There were 26% who were still making loan payment and the median debt burden among this group was 3.3 percent.
The recipients of bachelor’s degrees who did not go further with their education, 39% had taken out Stafford loans as undergrads. Among this group, five percent had a deferment, 12 percent experienced a period of forbearance while 10 percent had defaulted on their loan at one time or another.
The students did not have problems repaying the loan right away as the study found it took between four and five years for the students to run into trouble with regards to making the payments. Many stated that the problem was just temporary while nearly half said that they were able to enter into new repayment agreements. Also, most of those people who had periods of repayment said they were able to recover financially speaking and did not default on their loans.
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