News Release

Where Students Stand To Lose the Most if Federal Loan Rates Double

For Immediate Release

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


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