Trends in 

Undergraduate 

Borrowing II:

Federal Student Loans 

in 1995–96, 1999–2000, 

and 2003–04

Postsecondary Education 

Descriptive Analysis Report

U.S. Department of Education

NCES 2008-179rev
THIS PAGE INTENTIONALLY LEFT BLANK 
U.S. Department of Education 

NCES 2008–179rev 

Trends in 

Undergraduate 

Borrowing II: 

Federal Student Loans 

in 1995–96, 1999–2000, 

and 2003–04 

Postsecondary Education 

Descriptive Analysis Report 

February 2008 

Christina Chang Wei 

Lutz Berkner 

MPR Associates, Inc. 

C. Dennis Carroll 

Project Officer 

National Center for 

Education Statistics 
U.S. Department of Education 

Margaret Spellings 

Secretary 

Institute of Education Sciences 

Grover J. Whitehurst 

Director 

National Center for Education Statistics 

Mark Schneider 

Commissioner 

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Suggested Citation 

Wei, C.C., and Berkner, L. (2008). Trends in Undergraduate Borrowing II: Federal Student Loans in 1995–96, 

1999–2000, and 2003–04 (NCES 2008–179rev). National Center for Education Statistics, Institute of 

Education Sciences, U.S. Department of Education. Washington, DC. 

For ordering information on this report, write to 

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or call toll free 1–877–4ED–PUBS or order online at http://www.edpubs.org. 

Content Contact 

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Aurora.D’Amico@ed.gov
iii 

Executive Summary 

This report updates an earlier study, Trends in 

Undergraduate Borrowing: Federal Student Loans 

in 1989–90, 1992–93, and 1995–96 (Berkner 

2000), which provided an analysis of 

undergraduate borrowing through the federal 

Stafford loan programs1 in 1989–90, 1992–93, and 

1995–96, using data from the National 

Postsecondary Student Aid Study (NPSAS).2 

NPSAS consists of nationally representative 

survey data that focus on student financial aid and 

the enrollment and background characteristics of 

undergraduate and graduate students. 

Data from the two most recent NPSAS surveys 

(NPSAS:2000 and NPSAS:04) are used in this 

report to examine the trends in Stafford loan 

borrowing among undergraduates since 1995–96, 

the final year included in the first report. Together 

the two reports can be used to provide a picture of 

borrowing trends over the 15-year period, from 

1989–90 to 2003–04. 

 Data and Key Variables 

This report describes the percentage of students 

borrowing through the Stafford loan program, the 

average amount of subsidized, unsubsidized, and 

total Stafford loans taken out in each of the three 

NPSAS years, the percentage borrowing the 

 

1 Throughout this report, “federal Stafford loans” will be 

referred to as “Stafford loans.” 

2 The supplemental tables in Berkner (2000) were 

subsequently updated with estimates from the 1999–2000 

NPSAS survey in a Supplemental Tables Update that was 

published in January 2002. The 1995–96 and 1999–2000 

estimates produced for this report replace all previously 

published estimates for those years. 

maximum amounts, and the cumulative amounts 

borrowed through those years. As in the first 

report, loan amounts are shown in current dollars 

so that researchers can make adjustments for 

inflation according to any specific years they 

would like to compare. Differences over time were 

tested for statistical significance at p < .05 using 

standard t-test comparisons. 

In addition to the figures provided in the text, 

supplemental tables in appendix A contain 

undergraduate totals and separate tables for four 

major sectors (public 2-year, public 4-year, private 

not-for-profit 4-year, and private for-profit 

institutions) and for full-time, full-year students 

within those sectors. For each type of Stafford loan 

and within each sector, subtotals are shown by 

undergraduate class level, dependency status, 

dependent and independent student family income, 

attendance pattern, and tuition levels. 

Background 

The Stafford loan program consists of both 

subsidized and unsubsidized loans that are 

guaranteed by the federal government. Borrowers 

must be enrolled at least half time, can only 

borrow up to the amount of their student budget 

after other aid (such as grants and scholarships) is 

subtracted, and the loan amount must be within 

annual and cumulative limits. 

Subsidized Stafford loans are available to 

students who are eligible for need-based aid. The 

federal government guarantees and pays the 

interest on subsidized loans while the student is 
Executive Summary 

iv 

enrolled and for a 6-month grace period after the 

borrower leaves postsecondary education. The 

federal government guarantees but does not pay 

the interest on unsubsidized loans, which are 

available to undergraduate students regardless of 

need. Interest on an unsubsidized loan accrues and 

is usually added to the principal of the loan while 

the student is enrolled in school and not yet in 

repayment. 

Students may take out either a subsidized loan 

or an unsubsidized loan, or both, depending on 

their eligibility for need-based aid and whether the 

loan amounts are within the maximum limits for 

the academic year. The maximum subsidized and 

unsubsidized Stafford loan limits vary by 

dependency and undergraduate class level. Both 

annual and cumulative loan limits are higher for 

independent students than for dependent students, 

but parents of dependent students can borrow 

through another federal loan program, the Parent 

Loan to Undergraduate Students (PLUS). 

Several major policy changes were made to the 

Stafford loan programs as a result of the 1992 

Reauthorization of the Higher Education Act. 

These changes allowed more students to qualify 

for subsidized and unsubsidized loans and resulted 

in an increase in the annual percentage of 

undergraduates borrowing Stafford loans between 

1992–93 and 1995–96, from about one-fifth (19 

percent) to one-fourth (25 percent) of all 

undergraduates (Berkner 2000). More than a 

decade later, the demand for both subsidized and 

unsubsidized Stafford loans has continued to grow. 

Between 1995–96 and 2003–04, an increasing 

percentage of both dependent and independent 

students took out unsubsidized loans in addition to

their subsidized loans. Although the average 

amount of subsidized loans has leveled off, 

unsubsidized loans have continued to grow both in 

the amount of the average loan as well as in the 

percentage of borrowers—an indication that many 

students reached the maximum annual limits of 

their subsidized loans and turned to unsubsidized 

loans to cover more of their educational expenses. 

These and other key findings from this study are 

described in the summary that follows. 

Key Findings From 1995–96 to 

2003–04 

In 1995–96, one-fourth (25 percent) of all 

undergraduates received either a subsidized or an 

unsubsidized Stafford loan, or both. By 2003–04, 

one-third (33 percent) were borrowing through one 

or both of the Stafford loan programs (figure A-1). 

Subsidized loan recipients increased from 22 

percent to 28 percent of the undergraduate 

population, and those receiving unsubsidized loans 

grew from 10 percent to 21 percent of all 

undergraduates. 

Subsidized and Unsubsidized Stafford 

Loans 

Although borrowing of subsidized and 

unsubsidized Stafford loans increased between 

1995–96 and 2003–04, the proportion of 

undergraduates taking out only subsidized loans 

(and no unsubsidized loans) declined from 15 

percent to 13 percent (figure A-2), reflecting the 

increase in borrowers who took out unsubsidized 

loans along with their subsidized loans. Those 

receiving a combination of subsidized and

unsubsidized loans grew from 7 percent to 15 

percent between 1995–96 and 2003–04 while 

those receiving unsubsidized loans only increased 
Executive Summary

v 

Figure A-1.—Percentage of all undergraduates who received federal subsidized, unsubsidized, and any 

Figure A-1.—Stafford loans: 1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

25

10

22

28

15

23

33

21

28

0

10

20

30

40

50

Subsidized loans Unsubsidized loans Any Stafford loans

Type of loan

Percent

1995–96 1999–2000 2003–04

Figure A-2.—Percentage distribution of all undergraduates by type of federal Stafford loans received: 

Figure A-2.—1995–96 and 2003–04

Figure A-2.—

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 

National Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

67

15

13

7

15

75

3 5

0

20

40

60

80

100

1995–96 2003–04

Unsubsidized 

loans only

Both subsidized and

unsubsidized loans

Subsidized 

loans only

No Stafford 

loans

Percent

Year
Executive Summary

vi 

from 3 percent to 5 percent. The average total 

Stafford loan amount (for subsidized and/or 

unsubsidized loans) increased by about $1,000 

between 1995–96 and 2003–04 (from $3,900 to 

$4,900) (figure B-1). The average subsidized loan 

increased by about $100 during the earlier years 

(from $3,100 to $3,200), and leveled off at about 

$3,200 in 1999–2000 and 2003–04. The average 

unsubsidized loan, however, grew from about 

$2,900 to about $3,600, an increase of $700. 

Borrowing by Dependency Status 

An undergraduate student’s dependency status 

is a major factor in determining how much he or 

she may borrow through the Stafford loan 

program. The level of financial need, as well as the 

maximum annual and cumulative Stafford loan 

amounts, are all determined in large part by a 

student’s dependency status. Because independent 

students are considered self-supporting, they have 

higher loan limits than dependent students, and 

this allows them to take out both subsidized and 

unsubsidized loans. Although the maximum 

annual amount of subsidized loans is the same for 

dependent and independent students, independent 

students may also borrow $4,000–$5,000 in 

unsubsidized loans. Dependent students also can 

take out both types of loans concurrently, but they 

can only borrow up to the maximum amount of a 

single Stafford loan. That is, while it is possible 

for them to take out both types of loans, they can 

only do so as long as the combined amount does 

not exceed the maximum annual amount of a 

subsidized Stafford loan.

Figure B-1.—Average amounts of federal subsidized, unsubsidized, and any Stafford loans received by all

Figure B-1.—undergraduates: 1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 

National Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

$3,900

$3,100 $2,900

4,500

3,200 3,300

4,900

3,600 3,200

0

5,000

10,000

15,000

20,000

Subsidized loans Unsubsidized loans Any Stafford loans

Amount 1995–96 1999–2000 2003–04

$

Type of loan
Executive Summary

vii 

In 2003–04, about three-fourths (73 percent) of 

dependent Stafford loan borrowers took out the 

annual maximum combined (subsidized and 

unsubsidized) loan.3 This was up from 57 percent 

in 1995–96. Among independent students, over 

one-third (36 percent) of Stafford loan borrowers 

took out the maximum combined loan in 2003–04, 

up from 13 percent in 1995–96.4 Dependent 

students reach their maximum limits at higher 

rates than independent students because dependent 

students have lower annual maximum loan limits 

than independent students. The percentage of 

 

3 See figure 6. From 1995–96 to 2003–04, the annual 

maximum combined Stafford loan for dependent students was 

$2,625 for first-year, $3,500 for second-year, and $5,500 for 

upper-level students. 

4 The annual maximum combined Stafford loan for 

independent students was $6,625 for first-year, $7,500 for 

second-year, and $10,500 for upper-level students from 1995–

96 to 2003–04. Subsidized loans could not exceed $2,625 for 

first-year, $3,500 for second-year, and $5,500 for upper-level 

independent students. 

borrowers taking out the maximum combined 

Stafford loan has been increasing since 1989–90 

(Berkner 2000). 

The amount of the average Stafford loan 

borrowed by dependent students increased by 

about $600 between 1995–96 and 2003–04, from 

$3,400 to $4,000. Independent students took out 

an average of $6,000 in Stafford loans in 2003–04, 

compared with $4,600 in 1995–96, an increase of 

about $1,400 in the average loan amount (figure 

B-2). 

Figure B-2.—Average total federal Stafford loan amounts received by all undergraduates, by dependency 

Figure B-2.—status: 1995–96, 1999–2000, and 2003–04

NOTE: Total Stafford loans includes subsidized, unsubsidized, or a combination of both types of loans. Standard error tables are 

available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 

National Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

$3,900 $3,400

4,500 $4,600 3,800

5,500 4,900 4,000

6,000

0

5,000

10,000

15,000

20,000

All undergraduates Dependent Independent

Amount

1995–96 1999–2000 2003–04

$

Dependency status
Executive Summary

viii 

The proportion of undergraduate Stafford loan 

borrowers taking out only subsidized loans 

decreased among both dependent and independent 

students (figure C). In 1995–96, about two-thirds 

(68 percent) of dependent students and about onehalf (47 percent) of independent borrowers took 

out only subsidized loans. By 2003–04, these 

percentages had dropped to one-half (52 percent) 

of dependent students and one-fifth (21 percent) of 

independent students. 

Among independent students, a higher 

percentage of Stafford loan borrowers took out 

both subsidized and unsubsidized loans in 2003–

04 (71 percent) than in 1995–96 (47 percent). 

Borrowing by Income Level 

Before the 1992 Reauthorization of the Higher 

Education Act, total Stafford loan borrowing rates 

increased over time only for low-income 

dependent students. The percentage of low-income 

dependent undergraduates who took out a Stafford 

loan grew from 29 percent to 34 percent between 

1989–90 and 1992–93.5 After changes to the loan 

programs were implemented in 1993, however, 

there was no increase in the percentage of lowincome students (either dependent or independent) 

who took out Stafford loans. In fact, through 

2003–04, the most recent year for which NPSAS 

data are available, no further increases in total 

Stafford loan borrowing rates among low-income 

students—dependent or independent—were 

observed. Total Stafford loan borrowing has 

remained at around 33–37 percent among lowincome undergraduates for about a decade or more 

(1992–93 to 2003–04) (figure D).6 

 

5 Berkner (2000), figure 7. Total Stafford loan borrowing 

among low-income independent students did not change, 

either before or after the 1992 Reauthorization, from 1989–90 

to 2003–04. 

6 See also Berkner (2000), figures D, 7, and 8. 

Unlike students in the higher income 

categories, low-income students are generally also 

eligible for other types of need-based aid such as 

Federal Pell Grants, to help with their educational 

expenses. Also, in 1992–93, low-income students 

were already receiving Stafford loans at a rate that 

students in the higher income categories are only 

now beginning to approach. Lower middle-, upper 

Figure C.—Percentage distributions of dependent 

Figure C.—and independent undergraduates who 

Figure C.—received any federal Stafford loans, by 

Figure C.—type and combination of loans received: 

Figure C.—1995–96, 1999–2000, and 2003–04

Figure C—

NOTE: Detail may not sum to totals because of rounding. 

Standard error tables are available at 

http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center

for Education Statistics, 1995–96, 1999–2000, and 2003–04

National Postsecondary Student Aid Studies (NPSAS:96,

NPSAS:2000, and NPSAS:04).

Dependent

68 56 52

23

15

22

22 25

0

20

40

60

80

100

1995–96 1999–2000 2003–04

Year

Percent

Independent

47

32 21

61 71

47

6 7 7

0

20

40

60

80

100

1995–96 1999–2000 2003–04

Year

Percent

 Unsubsidized only Both Subsidized only

16
Executive Summary

ix 

Figure D.—Percentage of dependent and independent undergraduates who received federal subsidized, 

Figure D.—unsubsidized, or a combination of both Stafford loans, by family income: 1995–96, 1999–2000, 

Figure D.—and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

20

30

35 34

26

36 36 36

30

38 39

37

0

10

20

30

40

50

Low income Lower middle income Upper middle income High income

Income 

Percent

1995–96 1999–2000 2003–04

9

16

24

34

8

17

27

37

18

31

39

36

0

10

20

30

40

50

Low income Lower middle income Upper middle income High income

Income 

Percent

Dependent

Independent
Executive Summary

x 

middle-, and high-income students all had greater 

proportions of borrowers in 2003–04 than in 

1995–96 among both dependent and independent 

students alike. 

Although there was no change in the overall 

percentage of low-income students taking out a 

Stafford loan during this time, low-income 

borrowers began adding unsubsidized loans to the 

subsidized loans they were already receiving. 

This shift towards adding unsubsidized loans to 

subsidized loans was also observed among middleand high-income dependent students through 

1999–2000, and among independent students at 

every income level until 2003–04, the most recent 

academic year for which NPSAS data are 

available. 

Tuition and Borrowing by Institution 

Type 

Borrowing increased over time among 

undergraduates enrolled at all of the four different 

types of institutions analyzed in this study: public 

4-year institutions, private not-for-profit 4-year 

institutions, public 2-year institutions, and private 

for-profit institutions. 

Among students enrolled in the four sectors, 

those in public 2-year colleges have the lowest 

tuition costs. Those enrolled in public 2-year 

institutions also have the highest proportion of 

part-time students and the lowest percentage of 

Stafford loan recipients: 6 percent to 11 percent 

between 1995–96 and 2003–04. Undergraduates 

must be enrolled at least half time to be eligible for 

a Stafford loan, so those enrolled less than half 

time at public 2-year institutions were not able to 

receive a Stafford loan. 

Among those enrolled in private for-profit 

institutions, borrowing rates declined between 

1989–90 and 1992–93, when a number of private 

for-profit institutions with high default rates 

became ineligible to participate in the Stafford 

loan programs due to regulatory changes (Berkner 

2000). However, after 1995–96 borrowing rates 

began rising again, and by 2003–04, students in 

private for-profit institutions borrowed at higher 

rates, and in larger amounts, than did students in 

any other sector. The majority of students enrolled 

in private for-profit institutions are enrolled full 

time for the duration of their programs, which 

enables many of them to qualify for a Stafford 

loan. In 2003–04, 72 percent of undergraduates 

enrolled in private for-profit institutions took out a 

Stafford loan, compared with 11 percent of 

undergraduates at public 2-year, 42 percent of 

those at public 4-year, and 53 percent of those at 

private not-for-profit 4-year institutions. 

Students enrolled at public 4-year and private 

not-for-profit 4-year institutions together comprise 

two-thirds (66 percent) of all undergraduates who 

received Stafford loans in 2003–04. Tuition, grant 

aid, Stafford loan borrowing rates, and average 

Stafford loan amounts all increased among fulltime, full-year undergraduates enrolled in these 

types of institutions between 1995–96 and 2003–

04. At public 4-year institutions, average tuition 

among full-time undergraduates increased from 

$3,800 to $5,400 between 1995–96 and 2003–04 

and the average amount received in grant aid 

(among full-time undergraduates who were grant 

recipients) grew from $3,000 to $4,700. The 

proportion of Stafford loan borrowers increased 

from 43 percent to about one-half (49 percent) of 

all full-time undergraduates, and Stafford loan 

borrowers received an average of $4,200 in 1995–

96 and $4,900 in 2003–04 in total Stafford loans (a 

difference of $700). When analyzed by tuition 

level, Stafford loan borrowing increased between 

1995–96 and 2003–04 (from 40 percent to 50 

percent) among those in the highest tuition 
Executive Summary 

xi 

category ($6,000 or more). The average 

cumulative amount in total Stafford loans among 

4th/5th year students and graduating seniors who 

borrowed was $11,000 in 1995–96 and $15,500 in 

2003–04. 

Among full-time undergraduates enrolled at 

private not-for-profit 4-year institutions, average 

tuition increased from $12,700 in 1995–96 to 

$18,400 in 2003–04—a difference of $5,700—and 

borrowing rates increased among students in the 

middle three tuition categories (those with tuition 

ranging from $12,000 to $24,000 per year). The 

percentage of full-time undergraduates who 

received a Stafford loan in this sector grew from 

56 percent to 63 percent, and the average annual 

amount borrowed in total Stafford loans increased 

by $800 (from $4,200 to $5,000). The average 

grant (among recipients) grew from $6,700 to 

$9,400, an increase of $2,700. The average 

cumulative amount in total Stafford loans, among 

borrowers who were in their 4th or 5th year or 

were graduating seniors, was $13,100 in 1995–96 

and $17,400 in 2003–04. 
xii 

Foreword 

This report is an extension of a previous study titled Trends in Borrowing: Federal Student 

Loans in 1989–90, 1992–93, and 1995–96 (Berkner 2000). In this report, the 1995–96 estimates 

from the earlier report have been revised and data for the academic years 1999–2000 and 2003–

04 have been added. All of the data in both reports are from the National Postsecondary Students 

Aid Study (NPSAS). Prior to the 1999–2000 study, the NPSAS studies included a small number 

of postsecondary institutions that did not participate in the Department of Education’s Title IV 

financial aid programs. The 1995–96 data for these ineligible institutions were excluded from the 

tables and figures in this report to be consistent with the later NPSAS studies. The format and 

table numbers in the two reports are the same, but a section has been added to provide detailed 

data about private for-profit institutions. 

The estimates shown in the tables and figures of this report are from the NPSAS surveys of 

1995–96 (NPSAS:96), 1999–2000 (NPSAS:2000), and 2003–04 (NPSAS:04). NPSAS, a 

nationally representative survey, is conducted periodically, and focuses on student financial aid 

and the enrollment and background characteristics of undergraduate and graduate students. The 

NPSAS studies also use federal student loan data from the National Student Loan Data System 

(NSLDS) to supplement the information provided by students and institutions. The first report, 

covering the academic years 1989–90, 1992–93, and 1995–96, focused on the effect of policy 

changes that were made to the federal student loan programs after the passage of the 1992 

Reauthorization of the Higher Education Act. As a result of the 1992 Reauthorization, both the 

number of students who were eligible for loans and the amounts they could borrow increased. 

This report examines the borrowing trends that were observed in the years following 1995–96, 

and provides an analysis of those trends up to one decade after implementation of the 1992 

Reauthorization. 

The tables in this report were produced using the NPSAS:96, NPSAS:2000, and NPSAS:04 

Data Analysis Systems (DAS). All of these data are available for public use on the NCES 

website. Each DAS allows users to generate tables and standard errors from any one of the 

NPSAS databases. Statistical analyses and testing can be performed on these data using the 

standard errors that take into account the various and complex sampling designs of each NPSAS 

survey. For more information about the DAS, please refer to appendix C of this report, or log 

onto the NCES website at http://nces.ed.gov/das. 
xiii 

Acknowledgments 

The authors would like to thank the many individuals who contributed to the production of 

this report. At MPR Associates, Barbara Kridl managed the production of the entire document. 

Rosa Van and Joanna Wu generated the tables, Andrea Livingston edited the text, and Alicia 

Broadway formatted the report, tables, and figures. Robin Henke and Laura Horn reviewed the 

report for technical accuracy. At NCES, Paula Knepper provided a thorough technical review 

and Marilyn Seastrom conducted a comprehensive review. Technical Review Panel members 

who provided helpful comments include Daniel Goldenberg of the Office of the Deputy 

Secretary in the U.S. Department of Education, Richard Richardson of New York University, 

and Tricia Grimes of the Minnesota Office of Higher Education. 
THIS PAGE INTENTIONALLY LEFT BLANK 
xv 

Contents 

Page 

Executive Summary................................................................................................................... iii 

Foreword..................................................................................................................................... xii 

Acknowledgments...................................................................................................................... xiii 

List of Tables.............................................................................................................................. xvi 

List of Figures............................................................................................................................. xxi 

Introduction................................................................................................................................ 1 

Organization of the Report and Data Sources........................................................................ 1 

Background............................................................................................................................ 2 

Summary of Key Findings from Trends in Undergraduate Borrowing: Federal Student 

Loans in 1989–90, 1992–93, and 1995–96......................................................................... 5 

Trends in Subsidized and Unsubsidized Loans....................................................................... 7

Subsidized and Unsubsidized Stafford Loans........................................................................ 7 

Borrowing Trends by Dependency Status ............................................................................. 9 

Maximum Annual Loans ....................................................................................................... 12 

Borrowing Trends by Income Level...................................................................................... 13 

Borrowing Trends by Institution Type.................................................................................... 19

Tuition and Borrowing at 4-Year Institutions........................................................................ 23

Public 4-Year Institutions ...................................................................................................... 23 

Private Not-for-Profit 4-Year Institutions.............................................................................. 28 

Summary..................................................................................................................................... 33 

References................................................................................................................................... 35 

Appendix A—Supplemental Tables.........................................................................................A-1 

Appendix B—Glossary .............................................................................................................. B-1

Appendix C—Technical Notes and Methodology...................................................................C-1 
xvi 

List of Tables 

Table Page 

1 Annual and cumulative loan limits for undergraduate federal Stafford loans, by 

students’ dependency status: 1993–94 to 2006–07....................................................... 4 

All institutions 

1.1 Percentage of all undergraduates who received any federal subsidized or unsubsidized 

Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, and 2003–

04, by selected institutional and student characteristics ............................................... A-2 

1.2 Percentage of all undergraduates who received federal subsidized Stafford loans, and 

the average amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected 

institutional and student characteristics ........................................................................ A-3 

1.3 Percentage of all undergraduates who received federal unsubsidized Stafford loans, 

and the average amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected 

institutional and student characteristics ........................................................................ A-4 

1.4 Percentage of full-time, full-year undergraduates who received any federal subsidized 

or unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–

2000, and 2003–04, by selected institutional and student characteristics..................... A-5 

1.5 Percentage of full-time, full-year undergraduates who received federal subsidized 

Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, and 2003–

04, by selected institutional and student characteristics ............................................... A-6 

1.6 Percentage of full-time, full-year undergraduates who received federal unsubsidized 

Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, and 2003–

04, by selected institutional and student characteristics ............................................... A-7 

1.7 Percentage of all undergraduates with subsidized Stafford loans and percentage with 

any subsidized or unsubsidized Stafford loans who borrowed the maximum allowable 

amounts in 1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics................................................................................................................ A-8 

1.8 Percentage of all undergraduates who had ever received federal subsidized or 

unsubsidized Stafford loans, and the average cumulative amount borrowed in 1995–

96, 1999–2000, and 2003–04, by selected institutional and student characteristics..... A-9 
 List of Tables 

xvii 

Table Page 

Public 4-year 

2.1 Percentage of all undergraduates in public 4-year institutions who received any 

federal subsidized or unsubsidized Stafford loans, and the average amount borrowed 

in 1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics................................................................................................................ A-10 

2.2 Percentage of all undergraduates in public 4-year institutions who received federal 

subsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, 

and 2003–04, by selected institutional and student characteristics............................... A-11 

2.3 Percentage of all undergraduates in public 4-year institutions who received federal 

unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–

2000, and 2003–04, by selected institutional and student characteristics..................... A-12 

2.4 Percentage of full-time, full-year undergraduates in public 4-year institutions who 

received any federal subsidized or unsubsidized Stafford loans, and the average 

amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected institutional and 

student characteristics ................................................................................................... A-13

2.5 Percentage of full-time, full-year undergraduates in public 4-year institutions who 

received federal subsidized Stafford loans, and the average amount borrowed in 

1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics................................................................................................................ A-14 

2.6 Percentage of full-time, full-year undergraduates in public 4-year institutions who 

received federal unsubsidized Stafford loans, and the average amount borrowed in 

1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics................................................................................................................ A-15 

2.7 Percentage of all undergraduates with subsidized Stafford loans and percentage with 

any subsidized or unsubsidized Stafford loans in public 4-year institutions who 

borrowed the maximum allowable amounts in 1995–96, 1999–2000, and 2003–04, by 

selected institutional and student characteristics .......................................................... A-16 

2.8 Percentage of all undergraduates who attended public 4-year institutions who had 

ever received federal subsidized or unsubsidized Stafford loans, and the average 

cumulative amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected 

institutional and student characteristics ........................................................................ A-17 

2.9 Percentage of seniors who attended public 4-year institutions who had ever received 

federal subsidized or unsubsidized Stafford loans, and the average cumulative amount 

borrowed in 1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics ............................................................................................................... A-18 
List of Tables

xviii 

Table Page 

Private not-for-profit 4-year 

3.1 Percentage of all undergraduates in private not-for-profit 4-year institutions who 

received any federal subsidized or unsubsidized Stafford loans, and the average 

amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected institutional and 

student characteristics ................................................................................................... A-19

3.2 Percentage of all undergraduates in private not-for-profit 4-year institutions who 

received federal subsidized Stafford loans, and the average amount borrowed in 

1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics................................................................................................................ A-20 

3.3 Percentage of all undergraduates in private not-for-profit 4-year institutions who 

received federal unsubsidized Stafford loans, and the average amount borrowed in 

1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics................................................................................................................ A-21 

3.4 Percentage of full-time, full-year undergraduates in private not-for-profit 4-year 

institutions who received any federal subsidized or unsubsidized Stafford loans, and 

the average amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected 

institutional and student characteristics ........................................................................ A-22 

3.5 Percentage of full-time, full-year undergraduates in private not-for-profit 4-year 

institutions who received federal subsidized Stafford loans, and the average amount 

borrowed in 1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics................................................................................................................ A-23 

3.6 Percentage of full-time, full-year undergraduates in private not-for-profit 4-year 

institutions who received federal unsubsidized Stafford loans, and the average amount 

borrowed in 1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics................................................................................................................ A-24 

3.7 Percentage of undergraduates with subsidized Stafford loans and percentage with any 

subsidized or unsubsidized Stafford loans in private not-for-profit 4-year institutions 

who borrowed the maximum allowable amounts in 1995–96, 1999–2000, and 2003–

04, by selected institutional and student characteristics ............................................... A-25 

3.8 Percentage of all undergraduates attending private not-for-profit 4-year institutions 

who had ever received federal subsidized or unsubsidized Stafford loans, and the 

average cumulative amount borrowed in 1995–96, 1999–2000, and 2003–04, by 

selected institutional and student characteristics .......................................................... A-26 
 List of Tables 

xix 

Table Page 

3.9 Percentage of seniors attending private not-for-profit 4-year institutions who had ever 

received federal subsidized or unsubsidized Stafford loans, and the average 

cumulative amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected 

institutional and student characteristics ....................................................................... A-27 

Public 2-year 

4.1 Percentage of all undergraduates in public 2-year institutions who received any 

federal subsidized or unsubsidized Stafford loans, and the average amount borrowed 

in 1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics................................................................................................................ A-28 

4.2 Percentage of all undergraduates in public 2-year institutions who received federal 

subsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, 

and 2003–04, by selected institutional and student characteristics............................... A-29 

4.3 Percentage of all undergraduates in public 2-year institutions who received federal 

unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–

2000, and 2003–04, by selected institutional and student characteristics..................... A-30 

4.4 Percentage of full-time, full-year undergraduates in public 2-year institutions who 

received any federal subsidized or unsubsidized Stafford loans, and the average 

amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected institutional and 

student characteristics ................................................................................................... A-31

4.5 Percentage of undergraduates with subsidized Stafford loans and percentage of 

undergraduates with any subsidized or unsubsidized Stafford loans in public 2-year 

institutions who borrowed the maximum allowable amounts in 1995–96, 1999–2000, 

and 2003–04, by selected institutional and student characteristics............................... A-32 

4.6 Percentage of all undergraduates attending public 2-year institutions who had ever 

received federal subsidized or unsubsidized Stafford loans, and the average 

cumulative amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected 

institutional and student characteristics ....................................................................... A-33 

Private for-profit 

5.1 Percentage of all undergraduates in private for-profit institutions who received any 

subsidized or unsubsidized Stafford loans, and the average amount borrowed in 

1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics................................................................................................................ A-34 

5.2 Percentage of all undergraduates in private for-profit institutions who received federal 

subsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, 

and 2003–04, by selected institutional and student characteristics............................... A-35 
List of Tables

xx 

Table Page 

5.3 Percentage of all undergraduates in private for-profit institutions who received federal 

unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–

2000, and 2003–04, by selected institutional and student characteristics..................... A-36 

5.4 Percentage of full-time, full-year undergraduates in private for-profit institutions who 

received any federal subsidized or unsubsidized Stafford loans, and the average 

amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected institutional and 

student characteristics ................................................................................................... A-37

5.5 Percentage of full-time, full-year undergraduates in private for-profit institutions who 

received federal subsidized Stafford loans, and the average amount borrowed in 

1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics................................................................................................................ A-38 

5.6 Percentage of full-time, full-year undergraduates in private for-profit institutions who 

received federal unsubsidized Stafford loans, and the average amount borrowed in 

1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics................................................................................................................ A-39 

5.7 Percentage of undergraduates with subsidized Stafford loans and percentage of 

undergraduates with any subsidized or unsubsidized Stafford loans in private forprofit institutions who borrowed the maximum allowable amounts in 1995–96, 1999–

2000, and 2003–04, by selected institutional and student characteristics..................... A-40 

5.8 Percentage of all undergraduates attending private for-profit institutions who had ever 

received federal subsidized or unsubsidized Stafford loans, and the average 

cumulative amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected 

institutional and student characteristics ....................................................................... A-41 

5.9 Percentage of seniors attending private for-profit institutions who had ever received 

federal subsidized or unsubsidized Stafford loans, and the average cumulative amount 

borrowed in 1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics................................................................................................................ A-42 

Appendix 

C-1 Standard errors for 1.1: Percentage of all undergraduates who received any federal 

subsidized or unsubsidized Stafford loans, and the average amount borrowed in 

1995–96, 1999–2000, and 2003–04, by selected institutional and student 

characteristics................................................................................................................ C-5 
xxi 

List of Figures 

Figure Page 

Executive Summary 

A-1 Percentage of all undergraduates who received federal subsidized, unsubsidized, and 

any Stafford loans: 1995–96, 1999–2000, and 2003–04 .............................................. v 

A-2 Percentage distribution of all undergraduates by type of federal Stafford loans 

received: 1995–96 and 2003–04 ................................................................................... v 

B-1 Average amounts of federal subsidized, unsubsidized, and any Stafford loans received 

by all undergraduates: 1995–96, 1999–2000, and 2003–04 ......................................... vi 

B-2 Average total federal Stafford loan amounts received by all undergraduates, by 

dependency status: 1995–96, 1999–2000, and 2003–04 .............................................. vii 

C Percentage distributions of dependent and independent undergraduates who received 

any federal Stafford loans, by type and combination of loans received: 1995–96, 

1999–2000, and 2003–04.............................................................................................. viii 

D Percentage of dependent and independent undergraduates who received federal 

subsidized, unsubsidized, or a combination of both Stafford loans, by family income: 

1995–96, 1999–2000, and 2003–04.............................................................................. ix 

Text 

1-A Percentage of all undergraduates who received federal subsidized, unsubsidized, and 

any Stafford loans: 1995–96, 1999–2000, and 2003–04 .............................................. 7 

1-B Percentage distribution of all undergraduates by type of federal Stafford loans 

received: 1995–96 and 2003–04 ................................................................................... 8 

2 Average amounts of federal subsidized, unsubsidized, and any Stafford loans received 

by all undergraduates: 1995–96, 1999–2000, and 2003–04 ......................................... 9 

3 Percentage of dependent and independent undergraduates who received federal 

subsidized, unsubsidized, and any Stafford loans: 1995–96, 1999–2000, and 

2003–04......................................................................................................................... 10 
List of Figures

xxii 

Figure Page 

4 Percentage distribution of all undergraduates who received federal subsidized, 

unsubsidized, or a combination of both Stafford loans, by dependency status: 1995–

96, 1999–2000, and 2003–04........................................................................................ 11 

5 Average amounts of federal subsidized, unsubsidized, and any Stafford loans received 

by dependent and independent undergraduates: 1995–96, 1999–2000, and 2003–04 . 12 

6 Percentage of undergraduate Stafford loan recipients who borrowed the maximum 

annual subsidized and total (subsidized and unsubsidized) loan amounts, by 

dependency status: 1995–96, 1999–2000, and 2003–04 .............................................. 13 

7-A Percentage of dependent undergraduates who received federal subsidized Stafford 

loans, by family income: 1995–96, 1999–2000, and 2003–04..................................... 14 

7-B Percentage of independent undergraduates who received federal subsidized Stafford 

loans, by family income: 1995–96, 1999–2000, and 2003–04..................................... 14 

8-A Percentage of dependent undergraduates who received federal subsidized, 

unsubsidized, or a combination of both Stafford loans, by family income: 1995–96, 

1999–2000, and 2003–04.............................................................................................. 15 

8-B Percentage of independent undergraduates who received federal subsidized, 

unsubsidized, or a combination of both Stafford loans, by family income: 1995–96, 

1999–2000, and 2003–04.............................................................................................. 15 

9-A Percentage distribution of all dependent undergraduates who received federal 

subsidized, unsubsidized, or a combination of both loans, by family income: 1995–

96, 1999–2000, and 2003–04........................................................................................ 16 

9-B Percentage distribution of all independent undergraduates who received federal 

subsidized, unsubsidized, or a combination of both loans, by family income: 1995–

96, 1999–2000, and 2003–04........................................................................................ 17 

10 Percentage of all undergraduates who received any federal Stafford loans, by type of 

institution attended: 1995–96, 1999–2000, and 2003–04............................................. 19 

11 Average total amount of any federal Stafford loans received by undergraduates, by 

type of institution attended: 1995–96, 1999–2000, and 2003–04................................. 20 

12 Average tuition and fees for full-time, full-year undergraduates, by type of institution 

attended: 1995–96, 1999–2000, and 2003–04 .............................................................. 21 

13 Percentage distributions of all undergraduates and of federal Stafford loan borrowers 

by type of institution attended: 1995–96, 1999–2000, and 2003–04............................ 22 
 List of Figures 

xxiii 

Figure Page 

14 Average tuition, grants, and total federal Stafford loans received by full-time, fullyear undergraduates in public 4-year institutions: 1995–96, 1999–2000, and 

2003–04......................................................................................................................... 23 

15 Percentage of all undergraduates and of full-time, full-year undergraduates in public 

4-year institutions who received any federal Stafford loans, by dependency status: 

1995–96, 1999–2000, and 2003–04 ............................................................................. 24 

16 Average total federal Stafford loan amounts received by full-time, full-year 

undergraduates in public 4-year institutions, by dependency status: 1995–96, 1999–

2000, and 2003–2004.................................................................................................... 25 

17 Percentage distributions of all undergraduates and full-time, full-year undergraduates 

in public 4-year institutions, by tuition and fees: 1995–96, 1999–2000, and 2003–04 26 

18 Percentage of full-time, full-year undergraduates in public 4-year institutions who 

received any federal Stafford loans, by tuition and fees: 1995–96, 1999–2000, and 

2003–04......................................................................................................................... 27 

19 Average cumulative total federal Stafford loans borrowed by undergraduates in public 

4-year institutions, by class level: 1995–96, 1999–2000, and 2003–04 ....................... 27 

20 Average tuition, grants, and total federal Stafford loans received by full-time, fullyear undergraduates in private not-for-profit 4-year institutions: 1995–96, 1999–2000, 

and 2003–04.................................................................................................................. 28 

21 Percentage of all undergraduates and of full-time, full-year undergraduates in private 

not-for-profit 4-year institutions who received any federal Stafford loans, by 

dependency status: 1995–96, 1999–2000, and 2003–04 .............................................. 29 

22 Average total federal Stafford loan amounts received by full-time, full-year 

undergraduates in private not-for-profit 4-year institutions, by dependency status: 

1995–96, 1999–2000, and 2003–04.............................................................................. 30 

23 Percentage distribution of all undergraduates and full-time, full-year undergraduates 

in private not-for-profit 4-year institutions, by tuition and fees: 1995–96, 1999–2000, 

and 2003–04.................................................................................................................. 31 

24 Percentage of full-time, full-year undergraduates in private not-for-profit 4-year 

institutions who received any federal Stafford loans, by tuition and fees: 1995–96, 

1999–2000, and 2003–04.............................................................................................. 32 

25 Average cumulative total federal Stafford loans borrowed by undergraduates in 

private not-for-profit 4-year institutions, by class level: 1995–96, 1999–2000, and 

2003–04......................................................................................................................... 32 
THIS PAGE INTENTIONALLY LEFT BLANK 
1 

Introduction 

This report updates an earlier study, Trends in Undergraduate Borrowing: Federal 

Student Loans in 1989–90, 1992–93, and 1995–96 (Berkner 2000), which examined 

undergraduate borrowing through the federal Stafford loan programs over time, using data from 

the 1989–90, 1992–93, and 1995–96 National Postsecondary Student Aid Study (NPSAS). 

NPSAS consists of nationally representative survey data focusing on student financial aid and 

the enrollment and background characteristics of undergraduate and graduate students. This 

study provides an analysis of trends in undergraduate borrowing since 1995–96, adding data 

from the 1999–2000 and 2003–04 NPSAS survey years. Together, the two reports provide 

comparable data about undergraduate Stafford loan borrowing for a period of about 15 years.1

Organization of the Report and Data Sources 

Data from the last three NPSAS surveys (NPSAS:96, NPSAS:2000, and NPSAS:04) were 

used to examine the trends in undergraduate borrowing patterns from 1995–96, the final year of 

analysis in the first report, to 2003–04, the most recent year for which NPSAS data are available. 

Differences over time were tested for statistical significance at p < .05 using standard t-test 

comparisons. As in the previous report, loan amounts are shown in current dollars so that readers 

can make adjustments for inflation according to the specific years they would like to compare. 

Since the Stafford loan limits did not increase during these years (from 1995–96 through 2003–

04), the average loan amounts discussed in this report also were not adjusted for inflation, so that 

analyses of changes in borrowing over time can be conducted in relation to the federal loan 

limits. 

 

1 The 1995–96 estimates in this report vary slightly from the 1995–96 estimates that were published in the first report to 

accommodate a change in the population of institutions included in NPSAS. Prior to the 1999–2000 NPSAS, the population 

included institutions that were ineligible for U.S. Department of Education Title IV financial aid program funds. Beginning with 

the 1999–2000 survey, however, Title IV-ineligible institutions were excluded from the sample. Therefore, to be comparable with

subsequent surveys’ estimates, the 1995–96 estimates in this report have been revised from those published in the previous report 

to include only those institutions that were eligible for Title IV funds. This change in the analysis sample eliminated a small

number of private for-profit and private not-for-profit institutions from the analyses in this report, resulting in minor differences 

in the estimates, overall and by institution type, when compared with the original 1995–96 estimates in the first report. 

Additionally, the 1999–2000 estimates in this report differ slightly from those published in the January 2002 Supplemental 

Tables Update (found online at http://nces.ed.gov/pubs2000/2000151update.pdf). For this report, the cutoff points used to 

analyze borrowing trends by income level in 1999–2000 were brought into alignment with the 1995–96 and 2003–04 data. This 

resulted in minor changes to the 1999–2000 estimates by income level. This change was also made to increase the comparability 

of data across years. 
Introduction 

2 

This report discusses briefly some key findings from the previous study, which covered the 

academic years 1989–90, 1992–93, and 1995–96 (Berkner 2000). The report then examines 

trends in the percentage of students borrowing through the Stafford loan program; the average 

amount of subsidized, unsubsidized, and the total Stafford loans taken out in each of the three 

NPSAS years (1995–96, 1999–2000, and 2003–04); the percentage of students borrowing the 

maximum amounts; and the cumulative amounts borrowed through those years. Changes over 

time in the percentages of borrowers and average loan amounts are analyzed, controlling for 

dependency status, income, institution type, attendance status, class level, and type of loan. 

Supplemental tables provided in appendix A include the totals mentioned above. 

Additional tables provide estimates for each of the four major sectors (public 2-year, public 4-

year, private not-for-profit 4-year, and private for-profit institutions), and for full-time, full-year 

students within each sector. For each type of Stafford loan and within each sector, subtotals are 

shown by undergraduate class level, dependency status, family income for dependent and 

independent students, attendance pattern, and levels of tuition. 

The supplemental tables show the same categories as in the Berkner (2000) report, with the 

exception of the tuition categories used for public 4-year and private not-for-profit 4-year 

institutions. Tuition categories for those two sectors were adjusted to reflect increases over time 

and to gain a better distribution of the varying tuition levels, particularly among full-time, fullyear undergraduates enrolled during the later years. 

Background

During the early 1990s, several major policy changes were made to the federal Stafford 

loan programs as a result of the 1992 Reauthorization of the Higher Education Act (hereafter 

referred to as the “1992 Reauthorization”). These changes allowed more students to qualify for 

subsidized and unsubsidized loans and resulted in an increase in the percentage of undergraduate 

Stafford loan borrowers between 1992–93 and 1995–96 (Berkner 2000). Although no major 

legislative changes were made to the Stafford loan program from 1995–96 to 2003–04, the 

annual undergraduate Stafford loan dollar volume during those years nearly doubled, growing 

from about $17 billion to $31 billion (College Board 2006).2 

The increase in federal Stafford loans is consistent with the overall growth in financial aid. 

The volume of private (also known as “alternative”) loans also increased substantially during the 

years under study (College Board 2006), and total expenditures for the Pell Grant program, the 

 

2 These figures represent the total dollar amount (in current dollars) in subsidized and unsubsidized Stafford loans taken out by 

undergraduate students. From table 4 of Trends in Student Aid 2006 (College Board 2006). 
Introduction

3 

federal government’s largest grant program available to low- and moderate-income 

undergraduates with financial need (Curs, Singell, and Waddell 2007), grew from $5.5 billion in 

1995–96 to $12.7 billion in 2003–04 (U.S. Department of Education 2005). The percentage of all 

full-time undergraduates receiving grant aid from other sources, such as state, institutional, and 

private agencies, also increased between 1995–96 and 2003–04 (Wei, Li, and Berkner 2004; 

Berkner and Wei 2006).3

The Stafford loan program consists of both subsidized and unsubsidized loans that are 

guaranteed by the federal government. Both types of loans are available either through private 

lenders and guaranty agencies, or directly from the federal government. Stafford loans offered by 

private lending institutions and guaranty agencies are available through the Federal Family 

Education Loan (FFEL) program, while Direct Loans are funded by the federal government and 

are administered by participating schools under the auspices of the William D. Ford Direct Loan 

Program. Regardless of the source, borrowers must be enrolled at least half time and can only 

borrow up to the amount of their student budget after other aid is received (such as grants and 

scholarships). Their loan amounts must be within annual and cumulative loan limits. 

Eligibility for subsidized Stafford loans is determined based upon students’ level of 

financial need. The federal government determines a student’s financial need by taking into 

account a student’s dependency status, income, assets, family financial obligations, price of 

attendance, and other related factors. In financial need analysis, students are considered either 

dependent on their parents for support or independent of their parents and self-supporting. 

Parental income is taken into consideration for dependent students but not for independent 

students. 

The federal government guarantees and pays the interest on subsidized loans while the 

student is enrolled and for a 6-month grace period after the borrower leaves postsecondary 

education. The federal government guarantees but does not pay the interest on unsubsidized 

loans, which are available to undergraduates regardless of need. Interest on an unsubsidized loan 

accrues and is usually added to the principal of the loan while the student is enrolled in school 

and not yet in repayment. 

Students may take out either a subsidized loan or an unsubsidized loan, or both, depending 

on their eligibility for need-based aid and whether they have met the maximum loan limit for the 

academic year. The maximum subsidized and unsubsidized Stafford loan limits vary by 

dependency and undergraduate class level (table 1). Loan limits are higher for independent 

 

3 Among all full-time, full-year undergraduates, the percentage receiving a grant from any source (including federal, state, 

institutional, or private) was 55 percent in 1995–96 and 62 percent in 2003–04. 
Introduction 

4 

students than for dependent students, but parents of dependent students can borrow through 

another federal loan program, the Parent Loan to Undergraduate Students (PLUS). Creditworthy 

parents of dependent students may borrow up to the entire amount of the student budget through 

the PLUS loan program. If a parent cannot meet the creditworthiness criteria to qualify for a 

PLUS loan, dependent students may be able to borrow up to the maximum limit for independent 

students, if they have financial need. 

Overall, the percentage of undergraduates taking out student loans (from all sources) was 

26 percent in 1995–96, then 29 percent in 1999–2000, and 35 percent in 2003–04 (Berkner 1998; 

Berkner et al. 2002; Berkner and Wei 2006).4 Among full-time, full-year undergraduate students, 

the rate of borrowing was 44–45 percent in 1995–96 and 1999–2000 and 50 percent in 2003–04. 

The average cumulative student loan debt among bachelor’s degree recipients also increased 

over time. Choy and Li (2005) observed that the average cumulative loan debt one year out of 

college had increased from $12,100 to $19,300 (in constant 1999 dollars) between 1992–93 and 

1999–2000.5 

 

4 These include federal, state, institutional, and private (alternative) loans. They do not include PLUS loans to parents. 

5 Average cumulative loan amounts among 1992–93 and 1999–2000 bachelor’s degree recipients who had taken out 

undergraduate student loans. 

Table 1.—Annual and cumulative loan limits for undergraduate federal Stafford loans, by students’ 

Table 1.—dependency status: 1993–94 to 2006–07

Stafford loan limits Subsidized Unsubsidized Subsidized Unsubsidized

1993–94 to 2006–07 Stafford Stafford Total Stafford Stafford Total

Annual maximum

 Undergraduate class level

 1st-year $2,625 $2,625 $2,625 $2,625 $6,625 $6,625

 2nd-year 3,500 3,500 3,500 3,500 7,500 7,500

 3rd-year 5,500 5,500 5,500 5,500 10,500 10,500

 4th-year 5,500 5,500 5,500 5,500 10,500 10,500

 5th-year1 5,500 5,500 5,500 5,500 10,500 10,500

Cumulative maximum 23,000 23,000 23,000 23,000 46,000 46,000

1

Students may borrow for more than 5 years as long as they stay within the cumulative total.

NOTE: These limits apply to undergraduates enrolled full time for a full academic year. Part-time students will have different 

maximum limits not shown here. The yearly maximum amounts add to $22,625 for dependent students and $45,625 for 

independent students, but the cumulative maximums stipulated by federal regulations are $23,000 and $46,000, respectively. 

Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, Federal Student Aid. (2006). Funding Education Beyond High School: The Guide to 

Federal Student Aid. Washington, DC: Author.

Dependent students Independent students
Introduction

5 

Thus, existing research indicates a trend of increased borrowing among undergraduates that 

continued long after 1995–96, the final year that was included in the previous study (discussed 

below). This report presents analyses of these changes since that time by student enrollment and 

background characteristics. 

Summary of Key Findings From Trends in Undergraduate Borrowing: Federal 

Student Loans in 1989–90, 1992–93, and 1995–96

A major focus of the 2000 report was to examine whether changes in the federal student 

loan programs that resulted from the 1992 Reauthorization were followed by changes in 

students’ borrowing patterns. The 1992 legislation allowed dependent students to take out 

unsubsidized loans, raised the Stafford loan limits, amended the definition of independent 

students, and made important changes to the methodology used in determining the federal 

Expected Family Contribution. These changes in the federal loan programs went into effect in 

1993–94 and were accompanied by large increases in loan volume and changes in undergraduate 

borrowing patterns, especially among independent students and middle-income dependent 

students (Berkner 2000). 

Prior to the 1992 Reauthorization, the proportion of undergraduates who took out a federal 

loan remained at about one-fifth (19 percent) of the population in both 1989–90 and 1992–93. 

However, while the rate of borrowing did not change, the average loan amount grew, in current 

dollars, from $2,600 to $3,100 (Berkner 2000). At that time, federal loans included subsidized 

Stafford loans and Supplemental Loans to Students (SLS)—unsubsidized loans available only to 

independent students.6 Although the average loan amount among those who borrowed increased, 

the availability of loans to all students was still restricted by the older loan requirements (i.e., 

dependent students could not take out unsubsidized loans), and the proportion of undergraduates 

who took out a Stafford or SLS loan did not increase. The proportion of borrowers increased 

after the 1992 Reauthorization changed federal need analysis methodology so that more 

dependent students could qualify for need-based aid (such as subsidized Stafford loans). The 

1992 Reauthorization also increased the supply of loans to more students by allowing dependent 

students to begin taking out unsubsidized loans. From 1992–93 to 1995–96, both the percentage 

of those taking out a subsidized or an unsubsidized Stafford loan (19 percent to 25 percent), as 

 

6 Supplemental Loans to Students (SLS) were federally guaranteed unsubsidized loans available to independent students. Only in 

very special circumstances could a dependent student receive an SLS loan, such as when there was exceptional need, and the 

student’s parents did not meet the creditworthiness requirements to qualify for a Parent Loan to Undergraduate Students (PLUS).

In 1993–94, SLS loans were phased out and replaced by Stafford unsubsidized loans, for which all dependent as well as 

independent students were eligible. As with the SLS program, dependent students whose parents are unable to borrow a PLUS 

loan may be able to take out unsubsidized Stafford loans at the higher maximum amounts allowed to independent students. 
Introduction 

6 

well as the average amount borrowed ($3,100 to $3,900), increased among undergraduate 

students. 

The growth during those years reflected an increasing proportion of middle- and highincome undergraduates who took out Stafford loans, with the greatest increases in unsubsidized 

loans. Changes in the borrowing patterns of dependent students were closely related to income 

and the specific policies that were implemented as a result of the 1992 Reauthorization. Before 

1992–93, the only increases in borrowing occurred among the lowest income dependent students, 

who took out subsidized Stafford loans in 1992–93 at a higher rate (34 percent) than in 1989–90 

(29 percent). After the 1992 Reauthorization, low-income dependent students’ borrowing rates 

did not increase, but a larger percentage of lower middle-income students took out subsidized 

Stafford loans. Also, borrowing of both subsidized and unsubsidized Stafford loans increased 

among upper middle-income students, and borrowing of unsubsidized Stafford loans increased 

among the highest income students (Berkner 2000). 

The 1992 Reauthorization did not change eligibility for Stafford loans among independent 

students, and overall, their borrowing rates did not increase between 1992–93 and 1995–96. 

However, borrowing rates did change over time within income groups. The percentage of 

independent students who took out both subsidized and unsubsidized Stafford loans increased 

during this period, even though these students had always been eligible to receive unsubsidized 

loans in the form of SLS loans. After the 1992 Reauthorization, independent students were given 

a single loan application that allowed them to apply for both subsidized and unsubsidized 

Stafford loans at the same time. This streamlined application process was positively associated 

with increases in unsubsidized loan rates among independent students. The proportion of 

independent students who took out an unsubsidized loan grew from one-fourth (25 percent) in 

1992–93 to nearly one-half (47 percent) in 1995–96 (Berkner 2000). This upward trend has 

continued, as will be discussed later in this report. 
7 

Trends in Subsidized and Unsubsidized Loans 

In 1995–96, one-fourth (25 percent) of all undergraduates received a Stafford loan (figure 

1-A). By 2003–04, this figure had grown to one-third (33 percent) of all undergraduates even 

though federal loan program policies did not change during those years. Subsidized loan 

recipients increased from 22 percent to 28 percent of the undergraduate population, and those 

receiving unsubsidized loans grew from 10 percent to 21 percent of all undergraduates. 

Subsidized and Unsubsidized Stafford Loans 

Although borrowing of subsidized and unsubsidized Stafford loans increased between 

1995–96 and 2003–04, the proportion of undergraduates taking out only subsidized loans (and no 

unsubsidized loans) declined from 15 percent to 13 percent (figure 1-B). This change was 

Figure 1-A.—Percentage of all undergraduates who received federal subsidized, unsubsidized, and any 

Figure 1-A.—Stafford loans: 1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

All undergraduates

25

10

22

28

15

23

33

21

28

0

10

20

30

40

50

Subsidized loans Unsubsidized loans Any Stafford loans

Type of loan

Percent

1995–96 1999–2000 2003–04
Trends in Subsidized and Unsubsidized Loans 

8 

directly related to the increase in the percentage taking out both types of loans. More borrowers 

took out unsubsidized loans along with their subsidized loans in 2003–04 than in previous years. 

Those receiving subsidized and unsubsidized loans grew from 7 percent to 15 percent between 

1995–96 and 2003–04 while those receiving only unsubsidized loans increased from 3 percent to 

5 percent. 

The average total Stafford loan amount (for subsidized and/or unsubsidized loans) 

continued to grow beyond 1995–96, increasing by $1,000 between 1995–96 and 2003–04 (from 

$3,900 to $4,900) (figure 2). This increase was associated with growth in the amount of 

unsubsidized loans. The average subsidized loan was $3,100 in 1995–96 and then leveled off at 

$3,200 between 1999–2000 and 2003–04. The average unsubsidized loan, however, grew from 

$2,900 to $3,600, an increase of $700.7 

 

7 These and all other dollar comparisons in this report are presented in current dollar amounts. As they have not been adjusted for 

inflation, any increases in real (constant) dollar amounts will be lower, and any differences between constant dollar amounts over 

time may or may not be statistically significant. 

Figure 1-B.—Percentage distribution of all undergraduates by type of federal Stafford loans received: 

Figure 1-B.—1995–96 and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 

National Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

75

67

15

13

7

15

3 5

0

20

40

60

80

100

1995–96 2003–04

Unsubsidized 

loans only

Both subsidized and 

unsubsidized loans

Subsidized 

loans only

No Stafford 

loans

Percent

Year
Trends in Subsidized and Unsubsidized Loans

9 

Borrowing Trends by Dependency Status 

Undergraduate students’ dependency status is a major factor in determining the amount 

they are allowed to borrow through the Stafford loan program. The level of financial need, as 

well as the maximum annual and cumulative Stafford loan amounts, are all determined in large 

part by a student’s dependency status. Independent students are considered self-supporting, and 

they have higher loan limits than dependent students. Although the maximum annual amount of 

subsidized loans is the same for dependent and independent students, independent students may 

also borrow $4,000–$5,000 in unsubsidized loans (see table 1). Dependent students can take out 

both types of loans concurrently, but their combined amount may not exceed the maximum 

amount for a subsidized Stafford loan. 

A higher percentage of independent students took out any Stafford loan in 2003–04 than in 

1995–96 (figure 3). Between those years, the percentage of independent undergraduates who 

took out any Stafford loans increased from 20 percent to 31 percent. Subsidized loan borrowing 

among independent students grew from 19 percent to 28 percent, and unsubsidized loan 

borrowing grew from 11 percent to 24 percent. 

Figure 2.—Average amounts of federal subsidized, unsubsidized, and any Stafford loans received by all 

Figure 2.—undergraduates: 1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

$3,900

$3,100 $2,900

4,500

3,200 3,300

4,900

3,600 3,200

0

5,000

10,000

15,000

20,000

Subsidized loans Unsubsidized loans Any Stafford loans

Type of loan

Amount

1995–96 1999–2000 2003–04

$
Trends in Subsidized and Unsubsidized Loans 

10 

The rate of total Stafford loan borrowing among dependent students also grew (30 percent 

to 36 percent). While the percentage of dependent students with unsubsidized loans grew from 9 

percent to 17 percent, the percentage with subsidized loans increased by only 2 percentage points 

(25 to 27 percent). 

The proportion of undergraduate Stafford loan borrowers taking out only subsidized loans 

(and no unsubsidized loans) has been decreasing over time among both dependent (68 percent to 

52 percent) and independent (47 percent to 21 percent) students alike (figure 4). This reflected 

the corresponding increase in the percentage taking out a combination of both subsidized and

unsubsidized loans, rather than any decrease in demand for subsidized loans. 

Among independent students, a higher percentage of Stafford loan borrowers took out both

subsidized and unsubsidized loans in 2003–04 (71 percent) than in 1995–96 (47 percent). While 

the percentage of dependent Stafford loan recipients who took out both subsidized and 

unsubsidized loans also increased, this was only in the earlier years (15 percent to 22 percent), 

and no further increase was observed between 1999–2000 and 2003–04. The percentage of 

dependent students receiving only unsubsidized loans also increased only during the earlier years 

(16 percent to 22 percent), with no further change detected in 2003–04. Among independent 

Figure 3.—Percentage of dependent and independent undergraduates who received federal subsidized, 

Figure 3.—unsubsidized, and any Stafford loans: 1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

Dependent

30

9

25

33

15

26

36

17

27

0

10

20

30

40

50

Subsidized

loans

Unsubsidized

loans

Any Stafford

loans

Type of loan

Percent

Independent

20

11

19

22

15

20

31

24

28

0

10

20

30

40

50

Subsidized 

loans

Unsubsidized

loans

Any Stafford

loans

Type of loan

Percent

 1995–96 1999–2000 2003–04
Trends in Subsidized and Unsubsidized Loans

11 

students, no increase in the percentage receiving only unsubsidized loans (6–7 percent) was 

detected during either time period. 

The average total (subsidized plus unsubsidized) Stafford loan amount among independent 

students was $6,000 in 2003–04, compared with $4,600 in 1995–96—a difference of about 

$1,400 in the average loan amount (figure 5). Among independent students, the average 

subsidized loan increased by $100 during the first period, and then remained at about $3,300 in 

1999–2000 and 2003–04. However, the average unsubsidized loan taken out by independent 

students increased in both periods (from $3,100 in 1995–96 to $3,600 in 1999–2000, and then 

$3,700 in 2003–04). Among dependent students, the average subsidized loan amount did not 

increase during either time period, but the average unsubsidized loan amount increased in each 

survey year, by a total of $500 from 1995–96 to 2003–04. 

Figure 4.—Percentage distribution of all undergraduates who received federal subsidized, unsubsidized,

Figure 4.—or a combination of both Stafford loans, by dependency status: 1995–96, 1999–2000, and 2003–04

Figure 4.—

NOTE: Detail may not sum to totals because of rounding. Standard error tables are available at 

http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

All undergraduates

59

46

38

28

38

46

12 16 17

0

20

40

60

80

100

1995–96 1999–2000 2003–04

Year

Dependent

68

56 52

23

15

22

25 16 22

0

20

40

60

80

100

1995–96 1999–2000 2003–04

Year

Percent Independent

47

32

21

61

71

47

7 7 6

0

20

40

60

80

100

1995–96 1999–2000 2003–04

Year

Percent

 Unsubsidized only

 Both

 Subsidized only

Percent
Trends in Subsidized and Unsubsidized Loans 

12 

Maximum Annual Loans 

In 2003–04, about three-fourths (73 percent) of dependent Stafford loan borrowers took out 

the annual maximum combined (subsidized and unsubsidized) loan (figure 6). This was up from 

57 percent in 1995–96. Among independent students, over one-third (36 percent) of Stafford 

loan borrowers took out the maximum combined loan in 2003–04, up from 13 percent in 1995–

96. These percentages have been increasing since 1989–90, when about one-third (34 percent) of 

dependent student borrowers and 3 percent of independent student borrowers took out the 

maximum combined Stafford loan (Berkner 2000). Dependent students have lower maximum 

loan limits than do independent students (see table 1), contributing to their higher rate of 

borrowing at the maximum (73 percent vs. 36 percent in 2003–04). 

Figure 5.—Average amounts of federal subsidized, unsubsidized, and any Stafford loans received by 

Figure 5.—dependent and independent undergraduates: 1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

Dependent

3,400 2,800 3,100 3,800 3,100 3,100

4,000 3,200 3,300

0

5,000

10,000

15,000

20,000

Subsidized 

loans

Unsubsidized

loans

Any Stafford

loans

Type of loan

Amount

Independent

4,600

3,200 3,100

5,500

3,600 3,300

6,000

3,700 3,300

0

5,000

10,000

15,000

20,000

Subsidized 

loans

Unsubsidized

loans

Any Stafford

loans

Type of loan

Amount

$

 1995–96 1999–2000 2003–04

$
Trends in Subsidized and Unsubsidized Loans

13 

Borrowing Trends by Income Level 

Between 1995–96 and 2003–04, the percentage of dependent undergraduates who took out 

subsidized Stafford loans increased only among low-income8 students (33 percent to 36 percent) 

(figure 7-A).9 Among independent students, the percentage who took out subsidized Stafford 

loans increased at all income levels (figure 7-B). However, the rate of borrowing any Stafford 

loan (subsidized and unsubsidized) increased among all but the lowest income students, for both 

dependent and independent undergraduates alike (figures 8-A and 8-B). 

 

8 The income categories in this study are divided into 25th percentiles. “Low-income” is defined as those in the lowest 25th 

percentile, “middle income” includes those in the 25th through 75th percentiles, and “high income” includes those with incomes 

above the 75th percentile. 

9 While it appears that borrowing of subsidized Stafford loans among middle-income dependent students also increased, this 

percentage change was not statistically significant. Apparent differences of a few percentage points may or may not be 

statistically significant due to the size of the standard errors or the number of cases within a cell. Only statistically significant 

differences are reported in this study. 

Figure 6.—Percentage of undergraduate Stafford loan recipients who borrowed the maximum annual 

Figure 6.—subsidized and total (subsidized and unsubsidized) loan amounts, by dependency status: 1995–96, 

Figure 6.—1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

Dependent

59 55

47

73 69

57

0

20

40

60

80

100

1995–96 1999–2000 2003–04

Year

Percent Independent

57 55

46

36

27

13

0

20

40

60

80

100

1995–96 1999–2000 2003–04

Year

Percent

 Maximum subsidized loan Maximum combined total
Trends in Subsidized and Unsubsidized Loans 

14 

Figure 7-A.—Percentage of dependent undergraduates who received federal subsidized Stafford loans, by 

Figure 7-A.—family income: 1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

33 33

24

9

36 33

26

10

36 36

26

11

0

10

20

30

40

50

Low income Lower middle income Upper middle income High income

Income

Percent

1995–96 1999–2000 2003–04

Figure 7-B.—Percentage of independent undergraduates who received federal subsidized Stafford loans, by 

Figure 8-A.—family income: 1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

6

15

23

32

6

16

26

36

13

29

38

35

0

10

20

30

40

50

Low income Lower middle income Upper middle income High income

 Family income

Percent

1995–96 1999–2000 2003–04
Trends in Subsidized and Unsubsidized Loans

15 

Figure 8-A.—Percentage of dependent undergraduates who received federal subsidized, unsubsidized, or a 

Figure 7-B.—combination of both Stafford loans, by family income: 1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

20

30

35 34

26

36 36 36

30

38 39 37

0

10

20

30

40

50

Low income Lower middle income Upper middle income High income

Family income

Percent

1995–96 1999–2000 2003–04

Figure 8-B.—Percentage of independent undergraduates who received federal subsidized, unsubsidized, or a 

Figure 8-B.—combination of both Stafford loans, by family income: 1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

9

16

24

34

8

17

27

37

18

31

39

36

0

10

20

30

40

50

Low income Lower middle income Upper middle income High income

Family income

Percent

1995–96 1999–2000 2003–04
Trends in Subsidized and Unsubsidized Loans 

16 

After the 1992 Reauthorization resulted in various policy changes to the Stafford loan 

programs, no change in total Stafford loan (subsidized and unsubsidized) borrowing rates among 

either dependent or independent low-income students was observed (Berkner 2000). Total 

Stafford loan borrowing rates have remained at about 35 percent (between 33 and 37 percent) of 

both dependent and independent low-income undergraduates for a decade or more (from 1992–

93 through 2003–04). Unlike students in the higher income categories, low-income students are 

generally also eligible for other types of need-based aid such as Federal Pell Grants to help with 

their education financing. Also, at the beginning of the 1990s, low-income students were already 

receiving Stafford loans at a rate that students in the higher income categories were only 

beginning to approach in 2003–04. 

However, low-income borrowers have begun adding unsubsidized loans to the subsidized 

loans they are receiving. The percentage taking out both types of loans—subsidized and

unsubsidized—increased from 10 percent to 27 percent among low-income dependent borrowers 

(figure 9-A) and grew from 44 percent to 70 percent among low-income independent borrowers 

Figure 9-A.—Percentage distribution of all dependent undergraduates who received federal subsidized, 

Figure 9-A.—unsubsidized, or a combination of both loans, by family income: 1995–96, 1999–2000, and 

Figure 9-A.—2003–04

NOTE: Detail may not sum to totals because of rounding. Standard error tables are available at 

http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 

National Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

Dependent

87

78 72

81

69 66

57

46 44

33

22 21

27 15

25 26

21

25 25

14

17 15

31

52 61 64

20

10

3 2 2 4 6 8

21 28

0

20

40

60

80

100

1995–

96

1999–

2000

2003–

04

1995–

96

1999–

2000

2003–

04

1995–

96

1999–

2000

2003–

04

1995–

96

1999–

2000

2003–

04

Percent

Unsubsidized

loans only

Both

Subsidized

loans only

Lower middle 

income

Low income Upper middle High income

income
Trends in Subsidized and Unsubsidized Loans

17 

between 1995–96 and 2003–04 (figure 9-B). Taking out unsubsidized loans, as opposed to 

subsidized loans, could increase a student’s debt burden upon graduation. Unsubsidized loans are 

different from subsidized loans because the federal government does not pay the interest on an 

unsubsidized loan while the student is enrolled. Interest on an unsubsidized loan could accrue 

while the student is enrolled if no interest payments are made and would be added to the 

principal of the loan, thus making the amount that must be repaid upon leaving postsecondary 

education larger than the amount that was initially taken out. For example, at an interest rate of 

6.8 percent, a $3,000 unsubsidized loan taken out during one’s freshman year would be more 

than $4,000 at the end of 5 years if no interest payments are made. This compares with a 

subsidized Stafford loan, which would remain at $3,000. 

The shift toward using both types of loans (subsidized and unsubsidized) was also observed 

among middle-income dependent borrowers from 1995–96 until 1999–2000, leveling off to 

about one-fourth (25–26 percent) of Stafford loan recipients between 1999–2000 and 2003–04 

(figure 9-A). Also, among all but the lowest income dependent student borrowers, the percentage 

Figure 9-B.—Percentage distribution of all independent undergraduates who received federal subsidized, 

Figure 9-B.—unsubsidized, or a combination of both loans, by family income: 1995–96, 1999–2000, and 

Figure 9-B.—2003–04

Figure 9-B.—

NOTE: Detail may not sum to totals because of rounding. Standard error tables are available at 

http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

Independent

52

38

27

48

32

23

44

27

19

29

15 11

60

70

50

64 75

50

64 75

44

52 62

44

28 33

27

7 9 6

3 3 2 3 4 3

0

20

40

60

80

100

1995–

96

1999–

2000

2003–

04

1995–

96

1999–

2000

2003–

04

1995–

96

1999–

2000

2003–

04

1995–

96

1999–

2000

2003–

04

Percent

Unsubsidized

loans only

Both

Subsidized

loans only

Lower middle 

income

Low income Upper middle High income 

income
Trends in Subsidized and Unsubsidized Loans 

18 

taking out only unsubsidized loans increased between 1995–96 and 1999–2000, but the apparent 

increases between 1999–2000 and 2003–04 were generally not statistically significant.10 

Among independent student borrowers, the percentage who took out both subsidized and 

unsubsidized Stafford loans increased at every income level in both 1999–2000 and 2003–04 

(figure 9-B). The percentage taking out only unsubsidized loans did not increase among 

independent students at any income level between 1995–96 and 2003–04. 

 

10 There was one exception: among those in the lower-middle-income category a small but statistically significant difference was 

observed (6 vs. 8 percent). 
19 

Borrowing Trends by Institution Type 

Between 1995–96 and 2003–04, total Stafford loan borrowing increased among 

undergraduates enrolled at each of the four types of institutions analyzed in this study (public 4-

year institutions, private not-for-profit 4-year institutions, public 2-year institutions, and private 

for-profit institutions) (figure 10). Students in each institution sector increased their borrowing, 

regardless of the differences in the level of student borrowing rates across sectors. 

Borrowing rates among undergraduates enrolled in private for-profit institutions declined 

between 1989–90 and 1992–93, when a number of private for-profit institutions with high 

default rates became ineligible to participate in the Stafford loan programs due to regulatory 

changes (Berkner 2000). However, in 1995–96 those rates began climbing again and by 2003–

04, relatively more of their students borrowed, and borrowed larger amounts, than in any other 

Figure 10.—Percentage of all undergraduates who received any federal Stafford loans, by type of institution 

Figure 10.—attended: 1995–96, 1999–2000, and 2003–04

NOTE: Total Stafford loans includes subsidized, unsubsidized, or a combination of both types of loans. Standard error tables are 

available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

35

44

57

6 7

38

47

65

42

53

72

11

0

20

40

60

80

100

Public 2-year Public 4-year Private not-for-profit 

4-year

Private for-profit

Type of institution

Percent 1995–96 1999–2000 2003–04
Borrowing Trends by Institution Type 

20 

sector. In 2003–04, 72 percent of undergraduates enrolled in private for-profit institutions took 

out a Stafford loan, compared with 11 percent of undergraduates at public 2-year, 42 percent of 

those at public 4-year, and 53 percent of those at private not-for-profit 4-year institutions (figure 

10). 

A major component of a student’s budget is the tuition, and any demand for loans is likely 

to be related to changes in tuition as well. In each institutional sector, both the average loan 

amount (figure 11) and the average amount of tuition and fees (figure 12) increased between 

1995–96 and 2003–04. Among the four sectors, students enrolled in public 2-year institutions 

were charged the lowest tuition, had the lowest percentage of Stafford loan recipients, and the 

lowest average Stafford loan amount in each survey year. Although students at private not-forprofit 4-year institutions were charged the highest average tuition in all 3 years, they borrowed at 

lower rates than students enrolled at private for-profit institutions, whose tuition levels were 

lower. 

Figure 11.—Average total amount of any federal Stafford loans received by undergraduates, by type of 

Figure 11.—institution attended: 1995–96, 1999–2000, and 2003–04

NOTE: Total Stafford loans includes subsidized, unsubsidized, or a combination of both types of loans. Standard error tables are 

available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

$4,000 $4,300 $4,000 3,000

4,400 4,900 4,900 5,100 5,800

$2,900

5,300

3,400

0

5,000

10,000

15,000

20,000

Public 2-year Public 4-year Private not-for-profit 

4-year

Private for-profit

Type of institution

Amount 1995–96 1999–2000 2003–04

$
Borrowing Trends by Institution Type

21 

Figure 13 shows the distribution of all undergraduates enrolled in postsecondary education, 

in comparison with the distribution of all undergraduate Stafford loan recipients, among the four 

major institution sectors. In 2003–04, those attending public 2-year institutions constituted 44 

percent of all undergraduates and 15 percent of Stafford loan borrowers. The majority of 

undergraduates (about 80 percent) attending public 2-year institutions are enrolled only part time 

or for only part of the academic year, thus making many of them ineligible for federal Stafford 

loans.11 Students must be enrolled at least half time to receive a Stafford loan. 

Undergraduates attending private for-profit institutions comprised 8 percent of the total 

undergraduate population, but represented 18 percent of all Stafford loan borrowers in 2003–04. 

About three-fourths (72–79 percent) of all undergraduates attending private for-profit institutions 

were enrolled full time for either all or part of the academic year.12 Full-time students have a 

higher price of attendance and, because of their full-time status, can be eligible for Stafford 

loans. 

 

11 1995–96, 1999–2000, and 2003–04 National Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04). 

12 Ibid. 

Figure 12.—Average tuition and fees for full-time, full-year undergraduates, by type of institution attended:

Figure 12.—1995–96, 1999–2000, and 2003–04

1

 Tuition amounts for students in public 4-year institutions include out-of-state students who are usually charged higher tuition.

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

$3,800

$6,900

1,600

4,300

15,000

5,400

18,400

10,600

$12,700

$1,400

8,900

2,000

0

5,000

10,000

15,000

20,000

Public 2-year Public 4-year Private not-for-profit 

4-year

Private for-profit

Type of institution

Tuition 

and fees

1995–96 1999–2000 2003–04

$

1
Borrowing Trends by Institution Type 

22 

Those enrolled at public 4-year and private not-for-profit 4-year institutions together 

comprised 47 percent of all undergraduates and about two-thirds (66 percent) of those who 

received Stafford loans in 2003–04. The following section will describe in more detail the 

changes in tuition and borrowing rates among undergraduates enrolled in these two sectors. 

Figure 13.—Percentage distributions of all undergraduates and of federal Stafford loan borrowers by type of 

Figure 13.—institution attended: 1995–96, 1999–2000, and 2003–04

NOTE: Detail may not sum to totals because of rounding. Standard error tables are available at 

http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

All undergraduates

32 33 32

15 15 15

46 45 44

5 5 8

2 2 1

0

20

40

60

80

100

1995–96 1999–2000 2003–04

Year

Percent

Stafford loan borrowers

47 48 42

27

24

11 12

15

27

18 13 13

2 1 1

0

20

40

60

80

100

1995–96 1999–2000 2003–04

Year

Percent

Other

Private for-profit

Public 2-year

Private not-forprofit 4-year

Public 4-year
23 

Tuition and Borrowing at 4-Year Institutions 

Public 4-Year Institutions 

Between 1995–96 and 2003–04, the average tuition, average grant, and average Stafford 

loan amounts13 all increased among full-time, full-year undergraduates enrolled in public 4-year 

institutions (where 42 percent of all undergraduate Stafford loan recipients were enrolled in 

2003–0414) (figure 14). Tuition increased by an average of $1,600 (from $3,800 to $5,400) 

between 1995–96 and 2003–04, and the average grant and loan amounts (among recipients) also 

 

13 Note that while average tuition is calculated for all students, the average grant and loan amounts are calculated for recipients 

only. 

14 See figure 10. 

Figure 14.—Average tuition, grants, and total federal Stafford loans received by full-time, full-year 

Figure 14.—undergraduates in public 4-year institutions: 1995–96, 1999–2000, and 2003–04

1

 Tuition amounts for students in public 4-year institutions include out-of-state students who are usually charged higher tuition.

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

$3,000

4,300 $4,200 3,800 4,700 4,500 4,900

$3,800

5,400

0

5,000

10,000

15,000

20,000

Tuition All grants Stafford loans

Tuition 

and fees

1995–96 1999–2000 2003–04

$

1
Tuition and Borrowing at 4-Year Institutions 

24 

grew.15 The average grant16 was $3,000 in 1995–96 and $4,700 in 2003–04 while the average 

Stafford loan increased from $4,200 to $4,900. 

The percentage of Stafford loan borrowers among all undergraduates enrolled in public 4-

year institutions also increased between 1995–96 and 2003–04 (figure 15), but this varied by 

dependency status and enrollment intensity.17 Among independent students, borrowing only 

increased between 1999–2000 and 2003–04 (from 33 percent to 42 percent), but no increase in 

borrowing was seen among independent students who were enrolled full time for a full academic 

year. In both 1995–96 and 2003–04, about 60 percent of full-time, full-year independent 

 

15 Several studies provide more in-depth discussion on the relationships between tuition, financial aid policy, and access to 

higher education (see Ehrenberg 2000; Ellwood and Kane 2000; Seftor and Turner 2002; St. John 2003). Long (2007) provides 

an extensive overview of the economics literature pertaining to college access and persistence. 

16 Among those enrolled in public 4-year institutions, grants were received by one-half (50 percent) of all full-time, full-year 

undergraduates in 1995–96; by 55 percent in 1999–2000; and by 59 percent in 2003–04 (Wei, Li, and Berkner 2004; Berkner and 

Wei 2006). 

17 Among undergraduates enrolled in public 4-year institutions during the years 1995–96 to 2003–04, 63 to 66 percent of all 

undergraduates were dependent students and 55 to 59 percent of all undergraduates were enrolled full time. 1995–96, 1999–2000, 

and 2003–04 National Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04). 

Figure 15.—Percentage of all undergraduates and of full-time, full-year undergraduates in public 4-year 

Figure 15.—institutions who received any federal Stafford loans, by dependency status: 1995–96, 1999–2000, 

Figure 15.—and 2003–04 

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

All undergraduates

35 35 33

38 40

35

42 42 42

0

20

40

60

80

100

Total Dependent Independent

Dependency status

Percent

Full-time, full-year

43 39

60

47 44

57

49 46

61

0

20

40

60

80

100

Total Dependent Independent

Dependency status

Percent

 1995–96 1999–2000 2003–04
Tuition and Borrowing at 4-Year Institutions 

25 

students took out a Stafford loan. Full-time dependent students, on the other hand, increased their 

rate of borrowing between 1995–96 and 2003–04 (from 39 percent to 46 percent), and this was 

reflected in the overall increase in borrowing among full-time dependent and independent 

students combined. 

The average Stafford loan amount at public 4-year institutions increased in each NPSAS 

study year since 1989–90 and 1995–96 (Berkner 2000), and also increased in each NPSAS study 

year since 1995–96 for both dependent and independent students alike (figure 16). Independent 

students, who have higher loan limits than dependent students, reached an average total of 

$7,100 in 2003–04. 

The distribution of all undergraduates and of full-time, full-year undergraduates by tuition 

is shown in figure 17. In 1995–96, about two-thirds (66 percent) of all undergraduates in public 

4-year institutions were charged less than $3,000 (the lowest category) in tuition, and this 

Figure 16.—Average total federal Stafford loan amounts received by full-time, full-year undergraduates in 

Figure 16.—public 4-year institutions, by dependency status: 1995–96, 1999–2000, and 2003–2004

NOTE: Total Stafford loans includes subsidized, unsubsidized, or a combination of both types of loans. Standard error tables are 

available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

$5,500

$3,700 $4,200

6,300

3,900 4,500

7,100

4,200 4,900

0

5,000

10,000

15,000

20,000

All undergraduates Dependent Independent

Dependency status

Amount

1995–96 1999–2000 2003–04

$
Tuition and Borrowing at 4-Year Institutions 

26 

percentage dropped to 39 percent in 2003–04. Among full-time, full-year undergraduates 

enrolled in public 4-year institutions (figure 18), Stafford loan borrowing increased between 

1995–96 and 2003–04 (from 40 percent to 50 percent) among those in the highest tuition 

category ($6,000 or more), but no changes were observed in the rate of borrowing within each of 

the other tuition categories. 

All of the estimates presented thus far concern the annual loan percentages and amounts, 

that is, the borrowing in a particular academic year. As students progress through the 

undergraduate class levels, the amounts they have borrowed during each academic year 

accumulate. In turn, the cumulative Stafford loan amounts held by students also increased among 

those enrolled at public 4-year institutions, between 1995–96 and 1999–2000 in particular (figure 

19). Students in their fourth or fifth year of undergraduate study had an average cumulative loan 

amount of $15,500 in 2003–04, compared with $14,300 in 1999–2000 and $11,000 in 1995–96. 

Figure 17.—Percentage distributions of all undergraduates and full-time, full-year undergraduates in 

Figure 17.—public 4-year institutions, by tuition and fees: 1995–96, 1999–2000, and 2003–04

NOTE: Tuition amounts for students in public 4-year institutions include out-of-state students who are usually charged higher 

tuition. Detail may not sum to totals because of rounding. Standard error tables are available at 

http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

8

All undergraduates

66 59

39

14

18

18

10 9

14

11

3 3

8 10

18

0

20

40

60

80

100

1995–96 1999–2000 2003–04

Year

Percent

Full-time, full-year

48

37

16

21

27

22

19

16

16

26

14

15

12

0

20

40

60

80

100

1995–96 1999–2000 2003–04

Year

Percent

$6,000 or

more

$5,000–5,999

$4,000–4,999

$3,000–3,999

Less than

$3,000

5 5
Tuition and Borrowing at 4-Year Institutions 

27 

Figure 18.—Percentage of full-time, full-year undergraduates in public 4-year institutions who received 

Figure 18.—any federal Stafford loans, by tuition and fees: 1995–96, 1999–2000, and 2003–04

1

 Tuition amounts for students in public 4-year institutions include out-of-state students who are usually charged higher tuition.

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

40

47 49 50

40 42

48 51

56

47 43

48 52 51 50

0

20

40

60

80

100

Less than $3,000 $3,000–3,999 $4,000–4,999 $5,000–5,999 $6,000 or more

Tuition and fees1

Percent 1995–96 1999–2000 2003–04

Figure 19.—Average cumulative total federal Stafford loans borrowed by undergraduates in public 4-year 

Figure 19.—institutions, by class level: 1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

$3,400

$5,500

$8,100

3,900

7,400

14,300

4,300

7,200

15,500

$11,000 11,000

11,600

0

5,000

10,000

15,000

20,000

1st year 2nd year 3rd year 4th/5th year

Class level

Cumulative 

amount

1995–96 1999–2000 2003–04

$
Tuition and Borrowing at 4-Year Institutions 

28 

Private Not-for-Profit 4-Year Institutions 

Among full-time, full-year undergraduates enrolled at private not-for-profit 4-year 

institutions, the average tuition, average grant, and average Stafford loan18 all increased between 

1995–96 and 2003–04 (figure 20). While the average tuition increased from $12,700 to 

$18,400—a difference of $5,700—the average grant19 went up by $2,700 and the average 

Stafford loan increased by $800 between 1995–96 and 2003–04. 

Between 1995–96 and 1999–2000, no change in borrowing rates was detected among all 

undergraduates enrolled in private not-for-profit 4-year institutions (figure 21). However, 

between 1999–2000 and 2003–04, the rate of Stafford loan borrowing increased from 47 percent 

 

18 Note that while tuition is calculated for all students, the average grant and loan amounts are calculated among recipients only. 

19 Among those enrolled in private not-for-profit 4-year institutions, grants were received by 72 percent of all full-time, full-year 

undergraduates in 1995–96; by 76 percent in 1999–2000; and by 82 percent in 2003–04 (Wei, Li, and Berkner 2004; Berkner and 

Wei 2006). 

Figure 20.—Average tuition, grants, and total federal Stafford loans received by full-time, full-year 

Figure 20.—undergraduates in private not-for-profit 4-year institutions: 1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

$6,700

$4,200

15,000

8,400

4,800

9,400

5,000

$12,700

18,400

0

5,000

10,000

15,000

20,000

Tuition All grants Stafford loans

Amount 1995–96 1999–2000 2003–04

$

Tuition and financial aid
Tuition and Borrowing at 4-Year Institutions 

29 

to 53 percent among all undergraduates, and from 57 percent to 63 percent among full-time, fullyear undergraduates.20 

Between 1995–96 and 2003–04, the average Stafford loan amount received among all 

students enrolled in private not-for-profit 4-year institutions increased, but most of this occurred 

during the initial period of study (1995–96 to 1999–2000), and varied somewhat by dependency 

status (figure 22). The average loan taken out by independent students increased by about $1,200 

between 1995–96 and 1999–2000, and then leveled off between 1999–2000 and 2003–04 at 

$7,500–$7,600. Among dependent students the average Stafford loan received increased by 

about $400 ($3,800 to $4,200) between 1995–96 and 1999–2000, and increased by $200 between 

1999–2000 and 2003–04. 

 

20 Among undergraduates enrolled in private not-for-profit 4-year institutions during the years 1995–96 to 2003–04, 58–60 

percent of all undergraduates were enrolled full time and independent students constituted 16–19 percent of all full-time students 

enrolled in this sector. Full-time, full-year independent students saw their rates of borrowing actually decline between 1995–96 

and 1999–2000 (63 percent to 53 percent) and then increase again in 2003–04 (69 percent). This apparent decrease may have 

been due to small sample size. 

Figure 21.—Percentage of all undergraduates and of full-time, full-year undergraduates in private 

Figure 21.—not-for-profit 4-year institutions who received any federal Stafford loans, by dependency status: 

Figure 21.—1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

All undergraduates

44

50

33

47

55

34

53 57

48

0

20

40

60

80

100

Total Dependent Independent

Dependency status

Percent

Full-time, full-year

56 55

63

57 58

53

63 61

69

0

20

40

60

80

100

Total Dependent Independent

 Dependency status

Percent

 1995–96 1999–2000 2003–04
Tuition and Borrowing at 4-Year Institutions 

30 

Tuition and fees charged to students attending private not-for-profit 4-year institutions also 

increased between 1995–96 and 2003–04. For the purposes of this analysis, undergraduates who 

were enrolled full time for a full academic year in private not-for-profit 4-year institutions were 

divided into five categories according to the tuition and fees charged by their institutions (figure 

23). Among undergraduates who were enrolled full time for a full academic year, the percentage 

who were charged less than $12,000 in tuition, the lowest tuition/fee category, decreased from 42 

percent to 21 percent between 1995–96 and 2003–04. In addition, those paying $24,000 or more 

in tuition, the highest category, increased from less than 1 percent in 1995–96 to about onefourth (24 percent) in 2003–04. 

Borrowing rates increased between 1995–96 and 2003–04 among students in the middle 

three tuition/fee categories (figure 24).21 Since there is a wide range of tuition and fees charged 

at private not-for-profit 4-year institutions, the middle tuition categories shown include a spread 

of $4,000 (compared with the $1,000 spread in the public institution categories shown in figure 

 

21 The apparent increases in borrowing among those attending private not-for-profit 4-year institutions charging the lowest and 

the highest levels of tuition were not statistically significant. 

Figure 22.—Average total federal Stafford loan amounts received by full-time, full-year undergraduates in 

Figure 22.—private not-for-profit 4-year institutions, by dependency status: 1995–96, 1999–2000, and 

Figure 22.—2003–04

NOTE: Total Stafford loans includes subsidized, unsubsidized, or a combination of both types of loans. Standard error tables are 

available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

$6,300

$3,800 $4,200

7,500

4,200 4,800

7,600

4,400 5,000

0

5,000

10,000

15,000

20,000

All undergraduates Dependent Independent

Dependency status

Amount

1995–96 1999–2000 2003–04

$
Tuition and Borrowing at 4-Year Institutions 

31 

18). These categories were defined using total tuition and fees charged to full-time, full-year 

undergraduates enrolled in 2003–04, in increments that allowed the 2003–04 sample to be more 

evenly distributed among the five levels. 

The cumulative amounts borrowed also increased over time in every class level among 

undergraduates enrolled at private not-for-profit 4-year institutions (figure 25), and these 

increases are associated with the increases in the average annual total Stafford loan amount 

received. In 1995–96 the average cumulative amount of Stafford loans borrowed by fourth- and 

fifth-year students was $13,100; 8 years later it was $17,400. 

Figure 23.—Percentage distribution of all undergraduates and full-time, full-year undergraduates in private 

Figure 23.—not-for-profit 4-year institutions, by tuition and fees: 1995–96, 1999–2000, and 2003–04

NOTE: Detail may not sum to totals because of rounding. Standard error tables are available at 

http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

All undergraduates

63 56

46

21

16

13

12

12

14

4

11

8

15 8

0

20

40

60

80

100

Year

Percent

Full-time, full-year

33

22

18

20

21

42

21

32

17

17

13

7 13

24

1

0

20

40

60

80

100

1995–96 1999–2000 2003–04

Year

Percent

$24,000 or

more

$20,000–23,999

$16,000–19,999

$12,000–15,999

Less than

$12,000

1995–96 1999–2000 2003–04
Tuition and Borrowing at 4-Year Institutions 

32 

Figure 24.—Percentage of full-time, full-year undergraduates in private not-for-profit 4-year institutions 

Figure 24.—who received any federal Stafford loans, by tuition and fees: 1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

57 61

49

42 40

52

66 68

56

40

61

73 71

65

47

0

20

40

60

80

100

Less than $12,000 $12,000–15,999 $16,000–19,999 $20,000–23,999 $24,000 or more

Tuition and fees

Percent

1995–96 1999–2000 2003–04

Figure 25.—Average cumulative total federal Stafford loans borrowed by undergraduates in private 

Figure 25.—not-for-profit 4-year institutions, by class level: 1995–96, 1999–2000, and 2003–04

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

$3,700

$6,600

$9,800

4,000

7,100

12,100

15,700

4,400

7,900

13,000 $13,100

17,400

0

5,000

10,000

15,000

20,000

1st year 2nd year 3rd year 4th/5th year

Class level

Cumulative 

amount

1995–96 1999–2000 2003–04

$
33 

Summary 

The demand for both subsidized and unsubsidized Stafford loans increased between 1989–

90 and 1995–96, and has continued to grow. Borrowing of subsidized Stafford loans increased 

among low-income dependent undergraduates and among independent students at all income 

levels. The rate of borrowing any Stafford loan (subsidized or unsubsidized) increased among all 

but those in the lowest income category, for both dependent and independent undergraduates 

alike. 

While the average amount of subsidized loans has leveled off over time, unsubsidized loans 

have continued to grow both in the amount of the average loan as well as in the percentage of 

borrowers. Taking out unsubsidized loans, as opposed to subsidized loans, could increase a 

student’s debt burden upon graduation. Unlike subsidized loans, the federal government does not 

pay the interest on an unsubsidized loan while the student is enrolled. Interest on an unsubsidized 

loan could accrue while the student is enrolled if no interest payments are made and would be 

added to the principal of the loan, thus making the amount that must be repaid upon leaving 

postsecondary education larger than the amount that was initially taken out. This study found 

that between 1995–96 and 2003–04, an increasing proportion of both dependent and independent 

student borrowers at all income levels took out unsubsidized loans either alone or in addition to 

their subsidized loans. This was true particularly among independent students whose higher loan 

limits allow more of them to take out both types of loans. 

The Stafford loan program permits dependent students to take out both subsidized and 

unsubsidized loans, but the combined amount cannot exceed the maximum amount of a single 

loan. In 2003–04, about three-fourths (73 percent) of all dependent student borrowers took out 

the annual maximum amount allowed in subsidized and unsubsidized Stafford loans combined. 

This was an increase from 57 percent in 1995–96. 
THIS PAGE INTENTIONALLY LEFT BLANK 
35 

References 

Berkner, L. (1998). Student Financing of Undergraduate Education: 1995–96, With an Essay on 

Student Loans (NCES 98-076). National Center for Education Statistics, U.S. Department of 

Education. Washington, DC. 

Berkner, L. (2000). Trends in Undergraduate Borrowing: Federal Student Loans in 1989–90, 

1992–93, and 1995–96 (NCES 2000-151). National Center for Education Statistics, U.S. 

Department of Education. Washington, DC. 

Berkner, L., Berker, A., Rooney, K., and Peter, K. (2002). Student Financing of Undergraduate 

Education: 1999–2000 (NCES 2002-167). National Center for Education Statistics, U.S. 

Department of Education. Washington, DC. 

Berkner, L., and Wei, C.C. (2006). Student Financing of Undergraduate Education: 2003–04, 

With a Special Analysis of the Net Price of Attendance and Federal Education Tax Benefits

(NCES 2006-186). National Center for Education Statistics, Institute of Education Sciences, 

U.S. Department of Education. Washington, DC. 

The College Board. (2006). Trends in Student Aid 2006. Washington, DC: The College Entrance 

Examination Board. 

Choy, S., and Li, X. (2005). Debt Burden: A Comparison of 1992–93 and 1999–2000 Bachelor’s 

Degree Recipients a Year After Graduating (NCES 2005-170). National Center for 

Education Statistics, Institute of Education Sciences, U.S. Department of Education. 

Washington, DC. 

Curs, B., Singell, L., and Waddell, G. (2007). The Pell Program at Thirty Years. In Higher 

Education: Handbook of Theory and Research (vol. 23, pp. 281–334). Dordrecht, 

Netherlands: Springer Netherlands. 

Ehrenberg, R. (2000). Tuition Rising: Why College Costs So Much. Cambridge, MA: Harvard 

University Press. 
References 

36 

Ellwood, D., and Kane, T. (2000). Who Is Getting a College Education: Family Background and 

the Growing Gaps in Enrollment. In Securing the Future: Investing in Children From Birth 

to College. New York: Russell Sage Foundation. 

Long, B. (2007). The Contributions of Economics to the Study of College Access and Success. 

Teachers College Record, 109(10): 2367–2443. 

Seftor, N., and Turner, S. (2002, Spring). Back to School: Federal Student Aid Policy and Adult 

College Enrollment. Journal of Human Resources, 37: 336–352. 

St. John, E.P. (2003). Refinancing the College Dream: Access, Equal Opportunity, and Justice 

for Taxpayers. Baltimore and London: Johns Hopkins University Press. 

U.S. Department of Education. (2005). 2004–2005 Federal Pell Grant Program End-of-Year 

Report. Washington, DC: Office of Postsecondary Education. 

U.S. Department of Education, Federal Student Aid. (2006). Funding Education Beyond High 

School: The Guide to Federal Student Aid. Washington, DC: Author. 

Wei, C.C., Li, X., and Berkner, L. (2004). A Decade of Undergraduate Student Aid: 1989–90 to 

1999–2000 (NCES 2004-158). National Center for Education Statistics, Institute of 

Education Sciences, U.S. Department of Education. Washington, DC. 
A-1 

Appendix A—Supplemental Tables 

1. All institutions 

2. Public 4-year 

3. Private not-for-profit 4-year 

4. Public 2-year 

5. Private for-profit 
Appendix A—Supplemental Tables 

A-2 

Table 1.1.—Percentage of all undergraduates who received any federal subsidized or unsubsidized Stafford 

Table 1.1.—loans, and the average amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected 

Table 1.1.—institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 24.9 $3,900 27.6 $4,500 33.2 $4,900

Type of institution

Public 4-year 34.5 4,000 38.0 4,400 42.1 4,900

Private not-for-profit 4-year 43.9 4,300 47.3 4,900 53.4 5,100

Public 2-year 5.9 2,900 6.9 3,000 11.1 3,400

Private for-profit 56.5 4,000 65.0 5,300 71.7 5,800

Undergraduate class level

1st-year/freshmen 19.4 2,900 24.4 3,300 32.3 3,600

2nd-year/sophomore 21.9 3,500 26.0 4,000 29.1 4,400

3rd-year/junior 41.2 4,800 48.1 5,600 45.9 6,300

4th- or 5th-year/senior 38.9 5,000 37.5 5,800 43.3 6,200

Dependency status

Dependent 29.6 3,400 33.4 3,800 35.7 4,000

Independent 20.3 4,600 22.0 5,500 30.7 6,000

Dependent student income

Low income 34.1 3,300 36.2 3,800 36.6 4,000

Lower middle income 34.7 3,500 35.7 3,700 39.0 4,000

Upper middle income 30.0 3,400 35.9 3,800 37.6 3,900

High income 19.7 3,600 26.1 4,000 29.9 4,000

Independent student income

Low income 33.5 4,500 37.0 5,300 36.1 5,700

Lower middle income 24.3 4,600 27.1 5,400 38.6 5,800

Upper middle income 15.9 4,600 17.2 5,700 30.7 6,000

High income 8.7 4,800 8.2 6,300 17.6 6,800

Attendance pattern

Full-time/full-year 42.7 4,100 43.7 4,600 47.1 5,000

Full-time/part-year 24.3 3,200 32.5 3,800 37.5 4,300

Part-time/full-year 17.4 4,000 19.6 5,000 26.6 5,400

Part-time/part-year 5.0 3,000 8.0 4,000 11.7 4,100

Tuition and fees

Less than $1,000 3.9 2,700 4.3 3,100 6.4 3,400

$1,000–1,999 24.1 3,300 22.2 3,600 21.5 3,800

$2,000–3,999 38.7 4,000 39.8 4,400 39.0 4,800

$4,000–7,999 51.8 4,200 54.0 5,000 52.3 5,100

$8,000 or more 55.4 4,500 59.2 4,900 63.6 5,400

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-3 

Table 1.2.—Percentage of all undergraduates who received federal subsidized Stafford loans, and the 

Table 1.2.—average amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected institutional and 

Table 1.2.—student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 21.9 $3,100 23.2 $3,200 27.7 $3,200

Type of institution

Public 4-year 29.7 3,300 30.6 3,400 32.8 3,500

Private not-for-profit 4-year 39.4 3,600 40.6 3,700 45.2 3,600

Public 2-year 4.9 2,200 5.7 2,200 9.2 2,300

Private for-profit 52.6 2,400 61.2 2,700 68.1 2,900

Undergraduate class level

1st-year/freshmen 16.8 2,200 20.5 2,200 27.4 2,200

2nd-year/sophomore 19.2 2,800 21.8 2,900 24.4 2,900

3rd-year/junior 36.0 3,900 40.4 4,200 37.8 4,400

4th- or 5th-year/senior 34.7 4,100 31.5 4,200 35.3 4,300

Dependency status

Dependent 24.8 3,100 26.0 3,100 27.0 3,200

Independent 19.1 3,200 20.5 3,300 28.4 3,300

Dependent student income

Low income 32.9 3,100 35.6 3,200 36.0 3,200

Lower middle income 33.4 3,200 33.5 3,200 35.9 3,300

Upper middle income 23.6 3,000 25.7 3,100 25.8 3,100

High income 9.4 2,900 10.2 3,000 10.8 3,100

Independent student income

Low income 32.4 3,300 36.0 3,400 35.2 3,300

Lower middle income 23.6 3,100 26.1 3,200 37.5 3,200

Upper middle income 15.0 3,100 15.6 3,200 28.7 3,300

High income 6.4 3,100 5.5 3,200 12.7 3,300

Attendance pattern

Full-time/full-year 37.2 3,400 36.1 3,500 38.3 3,600

Full-time/part-year 22.0 2,200 28.6 2,500 33.4 2,400

Part-time/full-year 15.5 3,100 16.4 3,300 22.5 3,300

Part-time/part-year 4.4 2,200 6.9 2,700 10.1 2,300

Tuition and fees

Less than $1,000 3.3 2,100 3.6 2,200 5.3 2,300

$1,000–1,999 20.5 2,700 18.5 2,700 17.8 2,500

$2,000–3,999 34.1 3,200 32.8 3,200 32.0 3,200

$4,000–7,999 45.8 3,100 45.7 3,200 42.6 3,400

$8,000 or more 49.5 3,600 50.8 3,700 55.0 3,600

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-4 

Table 1.3.—Percentage of all undergraduates who received federal unsubsidized Stafford loans, and the 

Table 1.3.—average amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected institutional and 

Table 1.3.—student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 10.1 $2,900 14.9 $3,300 20.7 $3,600

Type of institution

Public 4-year 13.5 2,900 19.8 3,300 24.5 3,700

Private not-for-profit 4-year 14.1 3,300 21.5 3,700 28.3 3,800

Public 2-year 2.5 2,400 3.6 2,400 6.1 2,700

Private for-profit 34.3 3,000 51.9 3,400 62.3 3,600

Undergraduate class level

1st-year/freshmen 7.7 2,600 12.8 2,700 19.9 2,900

2nd-year/sophomore 8.6 2,700 13.7 3,000 17.3 3,200

3rd-year/junior 16.9 3,400 26.0 3,800 29.3 4,300

4th- or 5th-year/senior 16.1 3,200 21.5 4,000 27.6 4,300

Dependency status

Dependent 9.4 2,800 14.7 3,100 17.1 3,300

Independent 10.8 3,100 15.0 3,600 24.2 3,700

Dependent student income

Low income 4.5 2,500 7.9 2,700 10.4 3,100

Lower middle income 6.7 2,200 11.1 2,500 13.1 2,800

Upper middle income 12.8 2,600 19.2 3,000 21.0 3,200

High income 13.1 3,300 20.2 3,600 23.7 3,700

Independent student income

Low income 16.0 2,800 23.0 3,200 26.3 3,400

Lower middle income 12.7 3,000 18.3 3,300 29.9 3,500

Upper middle income 8.9 3,100 12.6 3,800 25.0 3,700

High income 6.2 3,600 6.9 4,900 15.7 4,900

Attendance pattern

Full-time/full-year 16.2 3,100 22.2 3,400 27.0 3,700

Full-time/part-year 11.8 2,400 19.3 2,800 26.9 3,000

Part-time/full-year 7.4 2,900 11.7 3,700 17.4 3,900

Part-time/part-year 2.4 2,200 4.5 2,900 8.5 2,900

Tuition and fees

Less than $1,000 1.5 2,300 2.2 2,400 3.7 2,600

$1,000–1,999 9.6 2,500 11.1 2,800 12.6 2,900

$2,000–3,999 16.0 2,900 21.5 3,200 24.5 3,600

$4,000–7,999 24.7 3,000 34.9 3,500 34.0 3,700

$8,000 or more 19.8 3,500 28.4 3,700 38.5 3,800

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-5 

Table 1.4.—Percentage of full-time, full-year undergraduates who received any federal subsidized or 

Table 1.4.—unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, and 

Table 1.4.—2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 42.7 $4,100 43.7 $4,600 47.1 $5,000

Type of institution

Public 4-year 43.4 4,200 46.8 4,500 48.9 4,900

Private not-for-profit 4-year 55.9 4,200 57.1 4,800 62.7 5,000

Public 2-year 14.7 3,000 16.1 3,400 21.2 3,700

Private for-profit 65.9 4,700 74.0 5,900 78.1 6,700

Undergraduate class level

1st-year/freshmen 40.3 3,000 43.9 3,100 45.9 3,400

2nd-year/sophomore 36.5 3,600 37.6 4,100 41.8 4,400

3rd-year/junior 51.1 4,900 55.9 5,700 54.6 6,300

4th- or 5th-year/senior 48.6 5,300 45.3 6,100 52.3 6,400

Dependency status

Dependent 40.0 3,600 42.4 3,900 44.1 4,200

Independent 50.6 5,300 47.4 6,300 54.9 6,800

Dependent student income

Low income 46.6 3,500 46.0 3,900 46.4 4,300

Lower middle income 48.4 3,700 46.8 3,800 47.9 4,100

Upper middle income 41.0 3,600 46.3 3,900 45.9 4,100

High income 26.2 3,700 32.0 4,100 37.2 4,100

Independent student income

Low income 55.2 5,100 52.5 6,100 55.5 6,400

Lower middle income 54.0 5,400 46.1 6,000 59.4 6,700

Upper middle income 47.5 5,300 48.4 6,700 56.1 7,200

High income 35.7 5,600 31.2 7,400 42.6 8,000

Tuition and fees

Less than $1,000 8.4 2,600 7.6 3,800 10.2 4,100

$1,000–1,999 27.0 3,500 23.1 3,800 22.8 3,800

$2,000–3,999 40.7 4,200 41.9 4,300 39.9 4,800

$4,000–7,999 53.1 4,200 53.5 5,000 50.8 5,000

$8,000 or more 56.4 4,400 59.4 4,900 64.5 5,400

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-6 

Table 1.5.—Percentage of full-time, full-year undergraduates who received federal subsidized Stafford loans, 

Table 1.5.—and the average amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected institutional 

Table 1.5.—and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 37.2 $3,400 36.1 $3,500 38.3 $3,600

Type of institution

Public 4-year 36.9 3,500 37.2 3,500 37.3 3,700

Private not-for-profit 4-year 50.4 3,700 48.7 3,800 52.5 3,800

Public 2-year 12.1 2,300 13.0 2,400 17.4 2,600

Private for-profit 60.2 2,900 69.3 3,100 74.0 3,500

Undergraduate class level

1st-year/freshmen 34.5 2,400 35.5 2,300 36.7 2,400

2nd-year/sophomore 31.7 2,900 31.3 3,100 34.4 3,100

3rd-year/junior 44.7 4,100 46.6 4,400 44.3 4,600

4th- or 5th-year/senior 43.1 4,400 38.0 4,500 42.5 4,600

Dependency status

Dependent 33.6 3,300 33.0 3,300 33.0 3,400

Independent 47.7 3,600 44.9 3,800 51.8 3,800

Dependent student income

Low income 45.2 3,300 45.3 3,500 45.7 3,500

Lower middle income 47.0 3,400 44.0 3,300 44.5 3,500

Upper middle income 32.4 3,200 33.7 3,200 32.0 3,300

High income 13.4 3,000 12.7 3,100 13.4 3,200

Independent student income

Low income 53.5 3,700 51.5 3,900 54.5 3,800

Lower middle income 53.0 3,600 44.4 3,700 57.7 3,800

Upper middle income 44.7 3,600 44.9 3,700 53.3 3,900

High income 25.8 3,500 22.3 3,600 31.0 3,900

Tuition and fees

Less than $1,000 7.2 2,100 6.6 2,600 8.6 2,800

$1,000–1,999 22.5 2,900 19.4 2,900 18.8 2,600

$2,000–3,999 35.4 3,500 33.7 3,300 31.5 3,400

$4,000–7,999 45.8 3,300 43.5 3,500 39.4 3,700

$8,000 or more 50.1 3,700 50.4 3,700 54.8 3,700

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-7 

Table 1.6.—Percentage of full-time, full-year undergraduates who received federal unsubsidized Stafford 

Table 1.6.—loans, and the average amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected 

Table 1.6.—institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 16.2 $3,100 22.2 $3,400 27.0 $3,700

Type of institution

Public 4-year 17.1 3,000 24.3 3,400 27.4 3,800

Private not-for-profit 4-year 15.6 3,300 23.5 3,700 29.4 3,900

Public 2-year 6.4 2,600 8.7 2,500 11.6 3,000

Private for-profit 39.1 3,400 57.6 3,800 67.1 4,000

Undergraduate class level

1st-year/freshmen 14.2 2,700 20.0 2,700 24.0 3,000

2nd-year/sophomore 13.1 2,800 18.9 3,100 23.6 3,300

3rd-year/junior 20.3 3,500 29.8 3,800 32.7 4,400

4th- or 5th-year/senior 20.0 3,400 25.2 4,200 32.1 4,400

Dependency status

Dependent 12.2 2,900 18.3 3,200 20.7 3,500

Independent 28.0 3,400 32.8 3,800 43.1 4,100

Dependent student income

Low income 5.5 2,700 8.8 2,700 11.9 3,300

Lower middle income 8.2 2,300 13.9 2,500 14.6 2,900

Upper middle income 16.7 2,700 24.2 3,100 25.0 3,400

High income 16.8 3,400 24.6 3,700 29.3 3,800

Independent student income

Low income 27.6 3,000 33.4 3,500 39.9 3,700

Lower middle income 29.8 3,400 32.1 3,600 45.8 3,900

Upper middle income 26.6 3,500 36.8 4,300 47.5 4,200

High income 27.3 4,000 26.8 5,700 39.2 5,600

Tuition and fees

Less than $1,000 2.7 ‡ 4.3 2,800 5.2 3,400

$1,000–1,999 10.4 2,800 10.9 2,800 12.8 3,000

$2,000–3,999 16.1 3,000 21.6 3,300 22.7 3,700

$4,000–7,999 23.7 3,100 31.8 3,500 29.5 3,800

$8,000 or more 18.4 3,500 27.0 3,700 36.4 3,900

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-8 

Table 1.7.—Percentage of all undergraduates with subsidized Stafford loans and percentage with any 

Table 1.7.—subsidized or unsubsidized Stafford loans who borrowed the maximum allowable amounts 

Table 1.7.—in 1995–96, 1999–2000, and 2003–04, by selected institutional and student characteristics

Characteristic 1995–96 1999–2000 2003–04 1995–96 1999–2000 2003–04

 Total 46.9 54.5 57.8 38.9 52.1 55.8

Type of institution

Public 4-year 41.1 48.2 54.9 36.6 49.0 58.1

Private not-for-profit 4-year 60.6 65.8 65.5 56.6 68.5 67.9

Public 2-year 41.4 42.4 48.4 22.5 26.9 31.6

Private for-profit 45.3 67.3 65.4 31.3 55.2 58.5

Undergraduate class level

1st-year/freshmen 58.8 62.9 63.7 48.4 58.1 58.4

2nd-year/sophomore 46.1 59.1 62.3 39.8 55.9 59.0

3rd-year/junior 33.9 48.7 53.4 32.0 50.2 56.8

4th- or 5th-year/senior 43.7 43.2 51.2 32.7 41.2 50.4

Dependency status

Dependent 47.3 54.5 58.8 57.5 69.3 73.3

Independent 46.3 54.6 56.9 12.6 26.9 35.6

Dependent student income

Low income 46.5 59.8 61.7 49.7 64.1 67.8

Lower middle income 51.3 55.6 63.5 56.8 66.4 73.5

Upper middle income 43.9 48.9 53.3 59.0 71.4 74.3

High income 45.2 47.6 46.9 69.2 77.2 78.3

Independent student income

Low income 49.3 56.7 57.2 10.3 21.4 27.3

Lower middle income 47.6 55.5 60.6 14.7 28.1 36.2

Upper middle income 41.8 52.5 54.0 13.1 31.5 36.7

High income 38.2 43.7 51.8 14.4 36.8 48.7

Attendance pattern

Full-time/full-year 54.0 62.2 67.1 49.0 63.0 68.2

Full-time/part-year 29.4 41.8 41.8 20.3 34.2 36.9

Part-time/full-year 40.8 50.8 58.2 22.2 41.4 46.8

Part-time/part-year 23.9 30.3 25.1 11.3 24.3 21.9

Tuition and fees

Less than $1,000 29.5 30.3 35.9 12.8 16.4 18.7

$1,000–1,999 33.7 36.9 42.2 23.0 25.9 30.1

$2,000–3,999 41.5 50.2 50.6 32.8 46.7 47.1

$4,000–7,999 50.3 58.7 59.1 41.7 57.1 61.2

$8,000 or more 65.3 72.6 74.0 64.5 77.2 75.7

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

Percentage who borrowed 

maximum subsidized amount

Percentage who borrowed 

maximum total amount
Appendix A—Supplemental Tables

A-9 

Table 1.8.—Percentage of all undergraduates who had ever received federal subsidized or unsubsidized 

Table 1.8.—Stafford loans, and the average cumulative amount borrowed in 1995–96, 1999–2000, and 

Table 1.8.—2003–04, by selected institutional and student characteristics

Percent Average Percent Average Percent Average

who ever cumulative who ever cumulative who ever cumulative

Characteristic borrowed amount borrowed amount borrowed amount

 Total 36.2 $7,000 39.8 $8,900 43.2 $9,800

Type of institution

Public 4-year 45.4 7,800 49.7 10,000 51.7 10,600

Private not-for-profit 4-year 52.7 8,500 57.9 10,300 62.1 11,100

Public 2-year 18.7 4,700 20.4 5,700 21.7 6,700

Private for-profit 65.1 6,100 75.5 8,700 82.8 10,000

Undergraduate class level

1st-year/freshmen 28.8 4,000 34.1 4,700 39.5 5,100

2nd-year/sophomore 34.9 5,900 38.8 7,500 39.7 8,000

3rd-year/junior 51.1 9,000 57.6 11,500 55.0 12,400

4th- or 5th-year/senior 52.8 11,700 54.0 14,900 58.5 16,500

Dependency status

Dependent 35.9 6,200 41.3 7,500 42.7 7,600

Independent 36.4 7,800 38.4 10,400 43.7 11,800

Dependent student income

Low income 41.5 6,000 44.5 7,300 44.0 7,600

Lower middle income 40.6 6,500 42.9 7,400 46.6 7,600

Upper middle income 36.2 6,200 43.9 7,600 44.1 7,600

High income 25.6 6,100 34.3 7,500 36.4 7,800

Independent student income

Low income 47.2 8,700 51.1 11,500 49.6 11,600

Lower middle income 40.9 7,700 44.4 10,000 52.9 11,600

Upper middle income 33.8 7,300 35.0 10,100 43.2 12,200

High income 24.7 6,900 24.3 9,000 29.5 12,200

Attendance pattern

Full-time/full-year 48.5 7,500 50.7 9,100 52.8 9,800

Full-time/part-year 36.4 5,700 46.6 8,000 50.0 8,400

Part-time/full-year 29.9 7,400 32.6 9,700 36.8 10,900

Part-time/part-year 23.0 6,100 26.2 8,200 28.0 9,700

Tuition and fees

Less than $1,000 19.1 5,200 20.1 6,800 19.0 8,000

$1,000–1,999 35.6 6,300 36.0 8,000 33.8 8,200

$2,000–3,999 47.8 7,800 49.9 9,500 48.6 10,000

$4,000–7,999 58.9 7,600 62.7 10,100 60.0 10,400

$8,000 or more 58.7 8,400 64.7 9,900 69.6 10,600

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-10 

Table 2.1.—Percentage of all undergraduates in public 4-year institutions who received any federal 

Table 2.1.—subsidized or unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 

Table 2.1.—1999–2000, and 2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 34.5 $4,000 38.0 $4,400 42.1 $4,900

Undergraduate class level

1st-year/freshmen 33.9 2,600 41.3 2,900 44.2 3,200

2nd-year/sophomore 31.7 3,400 39.6 3,700 40.3 4,000

3rd-year/junior 37.3 4,500 45.2 5,300 47.6 5,900

4th- or 5th-year/senior 36.2 4,800 34.3 5,500 39.6 5,900

Dependency status

Dependent 35.3 3,500 39.7 3,700 42.1 4,100

Independent 33.2 4,900 35.3 5,700 42.0 6,500

Dependent student income

Low income 44.6 3,300 47.7 3,600 45.7 4,100

Lower middle income 45.9 3,600 44.0 3,700 47.7 4,100

Upper middle income 33.9 3,500 43.0 3,800 43.1 4,000

High income 20.1 3,700 27.0 4,000 33.4 4,100

Independent student income

Low income 52.8 4,800 54.8 5,700 49.8 6,100

Lower middle income 39.4 5,100 38.6 5,500 52.4 6,500

Upper middle income 25.8 4,800 27.3 5,800 42.3 6,600

High income 11.7 5,000 10.8 6,000 19.5 7,200

Attendance pattern

Full-time/full-year 43.4 4,200 46.8 4,500 48.9 4,900

Full-time/part-year 31.2 2,900 36.9 3,300 37.8 3,600

Part-time/full-year 28.3 4,200 31.4 5,000 40.2 5,800

Part-time/part-year 9.7 3,100 13.8 3,700 16.3 3,800

Tuition and fees

Less than $3,000 29.1 3,900 31.4 4,200 31.7 4,800

$3,000–3,999 46.5 4,200 46.1 4,600 47.0 5,200

$4,000–4,999 47.5 4,300 49.2 4,600 49.9 4,900

$5,000–5,999 49.6 4,200 53.8 4,700 50.2 4,900

$6,000 or more 38.0 4,100 46.7 4,700 48.7 4,800

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-11 

Table 2.2.—Percentage of all undergraduates in public 4-year institutions who received federal subsidized 

Table 2.2.—Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, and 2003–04, by 

Table 2.2.—selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 29.7 $3,300 30.6 $3,400 32.8 $3,500

Undergraduate class level

1st-year/freshmen 27.7 2,200 31.9 2,200 33.7 2,300

2nd-year/sophomore 27.8 2,900 32.1 2,900 30.7 2,900

3rd-year/junior 31.8 3,700 36.7 4,000 37.5 4,300

4th- or 5th-year/senior 32.2 4,000 28.3 4,000 31.3 4,100

Dependency status

Dependent 28.8 3,100 29.4 3,000 29.8 3,300

Independent 31.3 3,700 32.7 3,800 38.5 3,800

Dependent student income

Low income 43.1 3,200 46.7 3,300 44.6 3,500

Lower middle income 44.1 3,300 41.5 3,100 44.2 3,400

Upper middle income 25.8 2,800 27.5 2,800 26.9 3,000

High income 7.0 2,600 7.5 2,400 8.8 2,900

Independent student income

Low income 50.3 3,800 52.6 4,000 48.1 4,000

Lower middle income 38.8 3,800 36.9 3,700 50.3 3,900

Upper middle income 24.4 3,500 24.4 3,600 38.6 3,600

High income 8.7 3,300 7.1 3,300 12.0 3,600

Attendance pattern

Full-time/full-year 36.9 3,500 37.2 3,500 37.3 3,700

Full-time/part-year 26.5 2,300 29.7 2,500 31.3 2,400

Part-time/full-year 25.7 3,400 26.6 3,500 32.5 3,800

Part-time/part-year 8.8 2,500 11.3 2,800 13.1 2,400

Tuition and fees

Less than $3,000 25.4 3,200 25.8 3,200 25.9 3,200

$3,000–3,999 39.9 3,400 37.2 3,500 36.5 3,600

$4,000–4,999 41.4 3,500 38.3 3,600 38.4 3,600

$5,000–5,999 41.1 3,500 43.1 3,500 36.3 3,600

$6,000 or more 30.2 3,600 36.0 3,700 37.4 3,700

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-12 

Table 2.3.—Percentage of all undergraduates in public 4-year institutions who received federal unsubsidized 

Table 2.3.—Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, and 2003–04, by 

Table 2.3.—selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 13.5 $2,900 19.8 $3,300 24.5 $3,700

Undergraduate class level

1st-year/freshmen 11.3 2,400 17.8 2,600 22.7 2,800

2nd-year/sophomore 11.0 2,600 19.0 2,800 21.9 3,200

3rd-year/junior 15.7 3,200 25.3 3,600 29.0 4,200

4th- or 5th-year/senior 15.6 3,000 20.0 3,800 25.0 4,200

Dependency status

Dependent 12.6 2,800 18.8 3,100 21.3 3,500

Independent 15.1 3,100 21.4 3,500 30.6 4,100

Dependent student income

Low income 4.9 2,300 8.2 2,200 10.3 3,100

Lower middle income 9.8 2,000 13.4 2,300 15.2 2,900

Upper middle income 17.4 2,700 27.3 3,200 26.9 3,400

High income 16.3 3,400 24.0 3,800 29.3 3,800

Independent student income

Low income 22.6 2,700 32.0 3,200 32.1 3,500

Lower middle income 16.1 3,200 22.8 3,200 38.6 3,800

Upper middle income 13.0 3,100 17.5 4,100 33.2 4,200

High income 7.7 3,900 8.3 5,000 16.5 5,900

Attendance pattern

Full-time/full-year 17.1 3,000 24.3 3,400 27.4 3,800

Full-time/part-year 12.7 2,100 18.4 2,400 23.1 2,700

Part-time/full-year 10.4 3,000 16.8 3,800 25.9 4,300

Part-time/part-year 3.7 2,100 7.4 2,600 10.2 2,900

Tuition and fees

Less than $3,000 10.8 2,800 16.1 3,100 19.1 3,600

$3,000–3,999 20.1 2,900 23.5 3,500 29.2 3,800

$4,000–4,999 18.4 3,100 27.3 3,300 27.9 3,800

$5,000–5,999 23.3 2,800 29.6 3,500 30.4 3,800

$6,000 or more 14.6 3,300 24.1 3,700 25.3 3,800

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-13 

Table 2.4.—Percentage of full-time, full-year undergraduates in public 4-year institutions who received any 

Table 2.4.—federal subsidized or unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 

Table 2.4.—1999–2000, and 2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 43.4 $4,200 46.8 $4,500 48.9 $4,900

Undergraduate class level

1st-year/freshmen 43.2 2,700 51.5 2,900 50.5 3,100

2nd-year/sophomore 38.5 3,500 44.3 3,700 44.7 4,000

3rd-year/junior 45.3 4,600 52.7 5,400 52.2 6,000

4th- or 5th-year/senior 45.1 5,100 41.5 5,900 47.8 6,200

Dependency status

Dependent 39.3 3,700 43.8 3,900 45.8 4,200

Independent 59.7 5,500 57.2 6,300 61.4 7,100

Dependent student income

Low income 48.8 3,500 52.9 3,700 50.3 4,200

Lower middle income 51.5 3,800 49.0 3,800 51.1 4,200

Upper middle income 38.3 3,600 47.6 3,900 46.4 4,200

High income 22.9 3,800 29.6 4,200 37.3 4,200

Independent student income

Low income 68.0 5,200 64.0 6,400 67.3 6,600

Lower middle income 63.0 5,800 50.9 6,100 66.0 7,300

Upper middle income 50.3 5,600 61.9 6,500 59.6 7,500

High income 37.7 5,800 32.7 6,700 34.2 8,500

Tuition and fees

Less than $3,000 40.4 4,100 42.4 4,400 42.8 5,000

$3,000–3,999 47.4 4,200 48.5 4,500 47.7 5,100

$4,000–4,999 48.6 4,300 50.7 4,600 51.8 4,900

$5,000–5,999 50.0 4,100 56.3 4,800 50.9 4,900

$6,000 or more 40.1 4,100 47.5 4,800 50.2 4,800

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-14 

Table 2.5.—Percentage of full-time, full-year undergraduates in public 4-year institutions who received 

Table 2.5.—federal subsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, and 

Table 2.5.—2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 36.9 $3,500 37.2 $3,500 37.3 $3,700

Undergraduate class level

1st-year/freshmen 34.4 2,300 39.2 2,300 36.9 2,400

2nd-year/sophomore 33.3 3,000 35.8 3,000 33.1 3,000

3rd-year/junior 38.5 3,800 42.1 4,100 40.6 4,500

4th- or 5th-year/senior 39.5 4,300 33.8 4,300 37.8 4,500

Dependency status

Dependent 31.9 3,200 32.4 3,200 32.2 3,400

Independent 56.5 4,100 54.1 4,200 57.6 4,300

Dependent student income

Low income 47.2 3,300 51.7 3,400 49.3 3,600

Lower middle income 50.2 3,500 46.4 3,200 47.4 3,600

Upper middle income 28.5 3,000 30.4 2,900 29.1 3,100

High income 8.2 2,700 8.0 2,500 10.1 3,000

Independent student income

Low income 65.0 4,100 62.0 4,400 65.7 4,300

Lower middle income 62.3 4,200 48.4 4,200 64.3 4,400

Upper middle income 48.0 4,000 57.2 3,900 55.4 4,200

High income 27.3 3,700 22.8 3,600 19.0 4,200

Tuition and fees

Less than $3,000 34.7 3,500 34.5 3,400 33.8 3,600

$3,000–3,999 40.8 3,400 38.9 3,500 36.8 3,700

$4,000–4,999 42.1 3,600 39.2 3,600 39.5 3,700

$5,000–5,999 40.7 3,500 44.2 3,600 36.9 3,600

$6,000 or more 31.4 3,600 36.5 3,700 38.4 3,800

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-15 

Table 2.6.—Percentage of full-time, full-year undergraduates in public 4-year institutions who received 

Table 2.6.—federal unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, 

Table 2.6.—and 2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 17.1 $3,000 24.3 $3,400 27.4 $3,800

Undergraduate class level

1st-year/freshmen 14.8 2,500 22.2 2,700 24.5 2,800

2nd-year/sophomore 12.4 2,700 20.3 2,900 23.8 3,200

3rd-year/junior 19.0 3,300 30.3 3,600 30.8 4,200

4th- or 5th-year/senior 20.2 3,200 24.7 4,000 29.5 4,300

Dependency status

Dependent 14.0 2,900 20.9 3,300 23.3 3,500

Independent 29.4 3,300 36.3 3,700 43.9 4,300

Dependent student income

Low income 5.5 2,400 9.0 2,300 11.6 3,100

Lower middle income 9.9 2,100 14.8 2,300 15.9 2,900

Upper middle income 19.6 2,800 30.3 3,300 28.8 3,500

High income 18.3 3,500 26.6 3,900 32.7 3,900

Independent student income

Low income 30.7 2,800 40.2 3,300 43.7 3,700

Lower middle income 28.9 3,600 32.0 3,500 48.1 4,100

Upper middle income 27.6 3,400 38.5 4,600 47.1 4,600

High income 29.0 4,000 25.1 5,500 30.5 6,900

Tuition and fees

Less than $3,000 14.9 3,100 21.5 3,200 23.8 3,900

$3,000–3,999 20.5 2,800 24.5 3,500 28.6 3,800

$4,000–4,999 18.2 3,100 27.5 3,300 29.2 3,700

$5,000–5,999 23.7 2,700 32.2 3,500 30.4 3,700

$6,000 or more 15.8 3,300 24.6 3,700 25.6 3,800

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-16 

Table 2.7.—Percentage of all undergraduates with subsidized Stafford loans and percentage with any 

Table 2.7.—subsidized or unsubsidized Stafford loans in public 4-year institutions who borrowed the 

Table 2.7.—maximum allowable amounts in 1995–96, 1999–2000, and 2003–04, by selected institutional and 

Table 2.7.—student characteristics

Characteristic 1995–96 1999–2000 2003–04 1995–96 1999–2000 2003–04

 Total 41.1 48.2 54.9 36.6 49.0 58.1

Undergraduate class level

1st-year/freshmen 58.8 64.7 70.3 57.7 69.0 74.0

2nd-year/sophomore 47.0 57.2 60.4 45.1 56.8 65.3

3rd-year/junior 26.5 40.0 49.3 25.3 42.0 54.5

4th- or 5th-year/senior 37.1 37.0 46.5 26.9 33.9 45.9

Dependency status

Dependent 39.1 46.7 54.3 52.8 65.8 72.6

Independent 44.2 50.5 55.9 7.2 17.5 30.5

Dependent student income

Low income 40.8 54.0 59.0 43.7 58.7 65.1

Lower middle income 43.7 48.6 61.3 50.8 62.1 72.9

Upper middle income 31.9 39.0 45.0 56.3 70.6 74.0

High income 31.8 28.4 34.2 66.8 73.9 77.8

Independent student income

Low income 47.2 54.8 56.8 4.5 14.8 19.8

Lower middle income 48.1 49.7 61.7 10.2 17.0 34.6

Upper middle income 35.6 46.1 50.6 8.3 23.3 34.6

High income 28.2 25.1 39.8 8.7 25.4 43.5

Attendance pattern

Full-time/full-year 47.3 55.3 62.6 45.1 58.2 68.1

Full-time/part-year 16.4 23.3 21.3 12.1 22.7 20.8

Part-time/full-year 36.1 47.4 58.0 20.6 41.4 52.7

Part-time/part-year 20.6 18.2 10.7 6.6 12.6 11.0

Tuition and fees

Less than $3,000 35.9 41.7 44.1 27.6 36.0 36.8

$3,000–3,999 44.4 50.7 55.8 40.3 54.0 58.2

$4,000–4,999 49.1 50.8 57.3 47.8 58.4 62.9

$5,000–5,999 49.7 51.5 58.1 55.0 63.6 73.4

$6,000 or more 55.9 68.1 66.8 60.6 77.6 75.3

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

Percentage who borrowed Percentage who borrowed 

maximum subsidized amount maximum total amount
Appendix A—Supplemental Tables

A-17 

Table 2.8.—Percentage of all undergraduates who attended public 4-year institutions who had ever received 

Table 2.8.—federal subsidized or unsubsidized Stafford loans, and the average cumulative amount borrowed 

Table 2.8.—in 1995–96, 1999–2000, and 2003–04, by selected institutional and student characteristics

Percent Average Percent Average Percent Average

who ever cumulative who ever cumulative who ever cumulative

Characteristic borrowed amount borrowed amount borrowed amount

 Total 45.4 $7,800 49.7 $10,000 51.7 $10,600

Undergraduate class level

1st-year/freshmen 39.5 3,400 46.8 3,900 47.8 4,300

2nd-year/sophomore 42.0 5,500 49.1 7,400 48.0 7,200

3rd-year/junior 47.6 8,100 54.5 11,000 55.5 11,600

4th- or 5th-year/senior 50.6 11,000 51.7 14,300 55.3 15,500

Dependency status

Dependent 42.4 6,500 47.9 7,800 49.0 8,300

Independent 50.5 9,700 52.7 13,200 56.8 14,500

Dependent student income

Low income 51.9 6,300 55.6 7,600 53.3 8,400

Lower middle income 52.6 7,000 51.8 7,800 55.0 8,300

Upper middle income 42.3 6,200 51.6 8,100 49.7 8,000

High income 26.0 6,200 35.4 7,800 40.0 8,400

Independent student income

Low income 66.5 11,100 68.0 15,100 63.8 14,800

Lower middle income 58.0 9,400 56.3 12,600 68.0 14,500

Upper middle income 43.9 8,800 47.8 12,400 55.7 14,500

High income 30.9 8,000 31.3 9,800 35.4 14,100

Attendance pattern

Full-time/full-year 49.5 7,800 53.5 9,600 54.2 9,900

Full-time/part-year 43.8 6,600 52.1 10,100 51.1 9,900

Part-time/full-year 42.2 8,800 45.4 11,000 51.0 12,800

Part-time/part-year 34.2 7,300 38.8 10,300 41.2 12,000

Tuition and fees

Less than $3,000 42.3 7,600 46.4 9,900 46.6 11,000

$3,000–3,999 53.8 8,300 53.6 10,200 54.4 10,900

$4,000–4,999 54.3 8,100 56.2 9,700 55.9 10,300

$5,000–5,999 56.9 8,200 60.2 11,200 55.6 10,300

$6,000 or more 41.6 7,800 52.4 9,700 54.5 10,000

NOTE: Cumulative loan amounts shown here include federal subsidized and unsubsidized Stafford loans as well as any 

Supplemental Loans for Students (SLS) received in prior years. Beginning in 1993–94, SLS loans, which were limited to 

independent students only, were replaced by federal unsubsidized Stafford loans available to both independent and dependent 

students. Standard error tables are available at http://nces.ed.gov/das/library/reports.asp. 

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-18 

Table 2.9.—Percentage of seniors who attended public 4-year institutions who had ever received federal 

Table 2.9.—subsidized or unsubsidized Stafford loans, and the average cumulative amount borrowed in 

Table 2.9.—1995–96, 1999–2000, and 2003–04, by selected institutional and student characteristics 

Percent Average Percent Average Percent Average

who ever cumulative who ever cumulative who ever cumulative

Characteristic borrowed amount borrowed amount borrowed amount

 Total 50.6 $11,000 51.7 $14,300 55.3 $15,500

Dependency status

Dependent 44.1 10,100 46.8 12,400 50.8 13,100

Independent 57.4 11,700 56.2 15,800 60.3 17,800

Dependent student income

Low income 57.9 10,200 56.3 12,700 59.7 13,800

Lower middle income 57.1 11,100 49.8 12,600 53.9 13,100

Upper middle income 46.2 9,500 48.5 12,900 48.9 12,800

High income 24.2 9,200 37.1 11,500 44.2 12,800

Independent student income

Low income 74.0 12,800 71.6 18,200 67.9 17,900

Lower middle income 61.8 11,800 57.9 15,400 68.6 17,700

Upper middle income 49.5 11,200 51.6 14,700 60.4 18,200

High income 36.2 8,800 35.9 11,000 39.5 16,800

Attendance pattern

Full-time/full-year 53.8 11,400 53.2 14,300 57.2 15,000

Full-time/part-year 49.6 10,300 59.8 14,800 56.6 14,900

Part-time/full-year 47.6 10,900 45.7 14,500 52.2 17,200

Part-time/part-year 41.7 9,100 48.7 13,500 52.0 15,300

Tuition and fees

Less than $3,000 48.6 10,300 50.4 14,000 53.4 15,200

$3,000–3,999 59.6 12,300 53.7 15,000 56.6 15,700

$4,000–4,999 56.4 11,500 55.8 13,900 59.4 15,600

$5,000–5,999 60.5 12,500 57.1 15,800 57.2 16,100

$6,000 or more 37.7 12,300 49.7 15,300 54.3 15,500

NOTE: Cumulative loan amounts shown here include federal subsidized and unsubsidized Stafford loans as well as any 

Supplemental Loans for Students (SLS) received in prior years. Beginning in 1993–94, SLS loans, which were limited to 

independent students only, were replaced by federal unsubsidized Stafford loans available to both independent and dependent 

students. Standard error tables are available at http://nces.ed.gov/das/library/reports.asp. 

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-19 

Table 3.1.—Percentage of all undergraduates in private not-for-profit 4-year institutions who received any 

Table 3.1.—federal subsidized or unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 

Table 3.1.—1999–2000, and 2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 43.9 $4,300 47.3 $4,900 53.4 $5,100

Undergraduate class level

1st-year/freshmen 42.8 2,900 49.3 3,100 56.3 3,400

2nd-year/sophomore 45.0 3,700 51.4 3,900 53.1 4,200

3rd-year/junior 48.0 5,100 54.8 6,100 59.9 6,300

4th- or 5th-year/senior 42.9 5,400 43.0 6,100 49.2 6,100

Dependency status

Dependent 50.0 3,700 55.0 4,200 56.8 4,200

Independent 32.5 5,700 34.1 6,800 47.8 6,700

Dependent student income

Low income 57.8 3,700 58.6 4,300 59.3 4,300

Lower middle income 63.8 3,800 62.2 4,200 63.9 4,300

Upper middle income 53.8 3,800 61.9 4,100 62.0 4,200

High income 32.7 3,600 42.5 4,100 46.7 4,100

Independent student income

Low income 50.2 5,800 50.0 6,500 54.5 6,600

Lower middle income 38.1 5,500 41.5 6,800 56.5 6,500

Upper middle income 32.9 5,600 33.1 6,800 49.2 6,600

High income 16.4 5,700 16.4 7,300 34.4 7,100

Attendance pattern

Full-time/full-year 55.9 4,200 57.1 4,800 62.7 5,000

Full-time/part-year 37.0 3,700 44.5 4,100 48.3 4,300

Part-time/full-year 27.7 5,300 38.4 6,200 48.8 6,200

Part-time/part-year 12.8 3,600 14.9 4,400 22.1 4,700

Tuition and fees

Less than $12,000 37.4 4,300 38.2 5,100 44.4 5,300

$12,000–15,999 59.8 4,300 63.7 4,800 68.4 5,500

$16,000–19,999 48.7 4,200 67.0 4,700 68.9 4,800

$20,000–23,999 41.2 4,100 55.7 4,600 63.2 4,700

$24,000 or more 39.5 4,800 40.4 4,200 46.2 4,400

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-20 

Table 3.2.—Percentage of all undergraduates in private not-for-profit 4-year institutions who received 

Table 3.2.—federal subsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, 

Table 3.2.—and 2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 39.4 $3,600 40.6 $3,700 45.2 $3,600

Undergraduate class level

1st-year/freshmen 37.7 2,400 42.0 2,300 47.2 2,300

2nd-year/sophomore 40.1 3,100 42.8 3,100 45.4 3,100

3rd-year/junior 43.8 4,200 47.8 4,700 51.3 4,500

4th- or 5th-year/senior 39.1 4,500 37.3 4,500 41.1 4,500

Dependency status

Dependent 44.3 3,400 46.0 3,600 46.4 3,600

Independent 30.4 3,900 31.2 3,900 43.3 3,700

Dependent student income

Low income 56.1 3,400 57.7 3,800 58.8 3,600

Lower middle income 62.6 3,600 59.8 3,700 61.1 3,700

Upper middle income 48.7 3,400 53.3 3,500 52.8 3,500

High income 20.8 3,200 23.5 3,500 23.8 3,400

Independent student income

Low income 49.2 4,000 48.8 4,000 53.2 3,800

Lower middle income 37.1 3,800 40.4 3,900 54.8 3,700

Upper middle income 31.3 3,800 29.3 3,800 46.5 3,600

High income 12.5 3,800 11.1 3,700 23.8 3,600

Attendance pattern

Full-time/full-year 50.4 3,700 48.7 3,800 52.5 3,800

Full-time/part-year 34.0 2,800 39.0 2,900 42.7 2,800

Part-time/full-year 25.1 3,900 32.9 4,000 42.3 3,700

Part-time/part-year 11.3 2,600 12.9 2,700 18.1 2,700

Tuition and fees

Less than $12,000 33.6 3,400 32.9 3,400 38.6 3,300

$12,000–15,999 53.7 3,700 53.5 3,900 57.6 3,800

$16,000–19,999 44.9 3,800 56.8 4,000 57.8 3,800

$20,000–23,999 38.9 3,800 48.2 4,000 51.4 4,000

$24,000 or more 37.7 4,200 36.1 3,800 38.4 3,800

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-21 

Table 3.3.—Percentage of all undergraduates in private not-for-profit 4-year institutions who received 

Table 3.3.—federal unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, 

Table 3.3.—and 2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 14.1 $3,300 21.5 $3,700 28.3 $3,800

Undergraduate class level

1st-year/freshmen 11.7 2,600 19.9 2,800 27.9 3,000

2nd-year/sophomore 13.8 3,000 21.0 3,200 25.5 3,300

3rd-year/junior 16.2 3,600 26.8 4,100 33.5 4,300

4th- or 5th-year/senior 15.7 3,700 21.9 4,400 27.6 4,300

Dependency status

Dependent 11.6 3,000 19.3 3,300 21.6 3,500

Independent 18.6 3,600 25.3 4,300 39.3 4,000

Dependent student income

Low income 7.0 3,100 11.1 3,200 12.8 3,400

Lower middle income 7.5 2,700 13.9 2,900 15.1 3,200

Upper middle income 13.2 2,800 22.4 2,900 23.0 3,300

High income 16.1 3,200 25.7 3,700 30.6 3,600

Independent student income

Low income 27.1 3,500 32.3 4,000 41.3 3,800

Lower middle income 20.2 3,500 30.0 4,000 44.4 3,700

Upper middle income 18.5 3,600 27.0 4,300 41.7 3,700

High income 11.7 3,900 14.5 5,500 31.6 5,000

Attendance pattern

Full-time/full-year 15.6 3,300 23.5 3,700 29.4 3,900

Full-time/part-year 14.0 2,800 21.0 3,200 29.4 2,900

Part-time/full-year 13.4 3,600 24.5 4,300 33.7 4,300

Part-time/part-year 6.7 2,500 9.4 3,200 15.9 3,500

Tuition and fees

Less than $12,000 14.2 3,200 21.5 3,800 29.8 3,700

$12,000–15,999 16.8 3,400 26.7 3,700 39.1 4,000

$16,000–19,999 9.9 3,300 24.4 3,800 30.6 3,800

$20,000–23,999 6.3 3,500 18.8 3,400 23.8 3,900

$24,000 or more 10.3 ‡ 10.1 3,300 15.9 3,600

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-22 

Table 3.4.—Percentage of full-time, full-year undergraduates in private not-for-profit 4-year institutions who

Table 3.4.—received any federal subsidized or unsubsidized Stafford loans, and the average amount 

Table 3.4.—borrowed in 1995–96, 1999–2000, and 2003–04, by selected institutional and student 

Table 3.4.—characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 55.9 $4,200 57.1 $4,800 62.7 $5,000

Undergraduate class level

1st-year/freshmen 58.6 2,800 59.0 3,000 64.7 3,300

2nd-year/sophomore 53.7 3,700 57.1 3,900 59.0 4,100

3rd-year/junior 57.3 5,000 62.1 6,100 66.3 6,200

4th- or 5th-year/senior 53.5 5,600 51.8 6,200 59.7 6,300

Dependency status

Dependent 54.5 3,800 58.0 4,200 61.2 4,400

Independent 62.9 6,300 52.8 7,500 68.9 7,600

Dependent student income

Low income 62.9 3,900 61.8 4,500 65.2 4,500

Lower middle income 67.7 3,800 67.0 4,200 68.3 4,400

Upper middle income 60.3 3,800 66.5 4,100 66.4 4,400

High income 36.1 3,700 43.4 4,200 50.6 4,200

Independent student income

Low income 69.0 6,100 53.8 7,000 65.9 7,400

Lower middle income 60.0 6,300 51.0 7,600 72.8 7,200

Upper middle income 64.5 6,200 61.9 7,700 71.7 7,900

High income 48.3 6,800 40.8 9,100 64.4 8,200

Tuition and fees

Less than $12,000 56.8 4,300 51.9 5,100 60.8 5,700

$12,000–15,999 61.3 4,200 65.6 4,800 73.4 5,400

$16,000–19,999 49.3 4,100 68.0 4,700 71.3 4,900

$20,000–23,999 42.3 4,100 55.7 4,600 65.2 4,700

$24,000 or more 39.5 4,800 39.9 4,200 47.2 4,400

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-23 

Table 3.5.—Percentage of full-time, full-year undergraduates in private not-for-profit 4-year institutions who

Table 3.5.—received federal subsidized Stafford loans, and the average amount borrowed in 1995–96, 

Table 3.5.—1999–2000, and 2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 50.4 $3,700 48.7 $3,800 52.5 $3,800

Undergraduate class level

1st-year/freshmen 51.5 2,500 49.5 2,400 52.8 2,500

2nd-year/sophomore 48.8 3,200 47.3 3,200 50.0 3,200

3rd-year/junior 52.0 4,300 53.8 4,800 56.7 4,800

4th- or 5th-year/senior 48.9 4,700 45.4 4,800 49.6 4,900

Dependency status

Dependent 48.5 3,500 48.5 3,700 49.6 3,700

Independent 60.1 4,300 49.4 4,400 64.8 4,300

Dependent student income

Low income 60.8 3,600 61.0 4,000 64.6 3,800

Lower middle income 66.6 3,600 64.0 3,700 65.9 3,900

Upper middle income 54.6 3,500 57.2 3,600 56.9 3,600

High income 24.1 3,300 24.4 3,500 25.1 3,400

Independent student income

Low income 67.4 4,300 53.6 4,400 65.2 4,400

Lower middle income 59.7 4,300 49.6 4,500 70.0 4,300

Upper middle income 62.0 4,400 53.0 4,200 69.8 4,300

High income 38.0 4,400 31.2 4,200 46.3 4,100

Tuition and fees

Less than $12,000 50.6 3,600 44.3 3,600 53.6 3,800

$12,000–15,999 55.0 3,700 54.9 3,900 61.6 3,800

$16,000–19,999 45.5 3,800 57.8 4,000 59.1 3,800

$20,000–23,999 39.9 3,800 48.0 4,000 52.8 4,000

$24,000 or more 37.7 4,200 35.7 3,800 39.0 3,900

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-24 

Table 3.6.—Percentage of full-time, full-year undergraduates in private not-for-profit 4-year institutions 

Table 3.6.—who received federal unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 

Table 3.6.—1999–2000, and 2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 15.6 $3,300 23.5 $3,700 29.4 $3,900

Undergraduate class level

1st-year/freshmen 13.9 2,600 20.7 2,800 27.5 3,000

2nd-year/sophomore 13.7 3,000 22.4 3,200 24.3 3,400

3rd-year/junior 17.7 3,600 28.5 4,100 32.9 4,400

4th- or 5th-year/senior 17.4 3,900 23.2 4,500 31.1 4,400

Dependency status

Dependent 12.1 3,100 20.2 3,300 23.1 3,600

Independent 34.8 3,900 38.5 4,700 56.2 4,300

Dependent student income

Low income 7.3 3,300 11.0 3,300 14.0 3,600

Lower middle income 7.4 2,600 15.8 2,800 14.5 3,300

Upper middle income 13.9 2,900 23.7 2,800 24.2 3,500

High income 16.9 3,200 25.7 3,700 33.2 3,700

Independent student income

Low income 37.6 3,600 33.5 4,200 49.8 4,100

Lower middle income 33.5 3,700 37.3 4,400 56.4 4,000

Upper middle income 30.4 4,100 52.9 4,800 63.9 4,200

High income 35.5 4,600 36.3 6,800 60.6 5,500

Tuition and fees

Less than $12,000 18.9 3,300 27.6 3,900 36.0 4,000

$12,000–15,999 16.7 3,400 27.1 3,600 41.5 3,900

$16,000–19,999 9.7 3,300 24.6 3,800 32.4 3,800

$20,000–23,999 6.2 3,500 19.1 3,400 24.3 3,900

$24,000 or more 10.3 ‡ 9.9 3,300 16.0 3,600

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-25 

Table 3.7.—Percentage of undergraduates with subsidized Stafford loans and percentage with any 

Table 3.7.—subsidized or unsubsidized Stafford loans in private not-for-profit 4-year institutions who 

Table 3.7.—borrowed the maximum allowable amounts in 1995–96, 1999–2000, and 2003–04, by selected 

Table 3.7.—institutional and student characteristics

Characteristic 1995–96 1999–2000 2003–04 1995–96 1999–2000 2003–04

 Total 60.6 65.8 65.5 56.6 68.5 67.9

Undergraduate class level

1st-year/freshmen 75.3 75.0 76.1 73.2 78.5 79.1

2nd-year/sophomore 63.2 71.4 71.7 62.7 75.0 73.9

3rd-year/junior 45.6 63.4 60.0 45.2 66.7 63.0

4th- or 5th-year/senior 56.5 55.5 57.9 45.0 56.1 58.9

Dependency status

Dependent 62.5 68.0 70.8 69.8 79.8 82.5

Independent 55.5 60.2 56.2 19.5 37.3 39.3

Dependent student income

Low income 60.6 73.7 74.6 64.0 76.6 77.6

Lower middle income 68.6 71.6 77.0 70.7 77.4 83.5

Upper middle income 62.1 62.4 68.1 71.1 79.5 83.8

High income 54.4 62.9 58.8 73.7 85.3 84.4

Independent student income

Low income 61.8 65.7 59.6 20.1 33.1 38.2

Lower middle income 56.2 63.3 60.2 20.5 41.1 39.0

Upper middle income 53.5 55.9 52.4 17.4 40.1 36.9

High income 40.4 41.3 49.4 19.8 34.9 43.9

Attendance pattern

Full-time/full-year 66.4 72.4 75.6 64.7 77.5 79.9

Full-time/part-year 34.4 39.7 36.2 29.9 40.7 38.6

Part-time/full-year 53.2 62.1 62.4 34.0 55.6 55.1

Part-time/part-year 23.7 30.0 22.7 13.5 19.2 19.3

Tuition and fees

Less than $12,000 53.9 53.4 51.1 44.1 51.1 45.2

$12,000–15,999 69.1 75.8 67.1 72.4 81.4 71.9

$16,000–19,999 64.9 80.6 77.4 67.1 87.6 85.4

$20,000–23,999 70.5 75.0 82.0 71.3 82.7 87.6

$24,000 or more 82.7 67.0 74.7 92.3 75.2 84.6

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

Percentage who borrowed Percentage who borrowed 

maximum subsidized amount maximum total amount
Appendix A—Supplemental Tables 

A-26 

Table 3.8.—Percentage of all undergraduates attending private not-for-profit 4-year institutions who had 

Table 3.8.—ever received federal subsidized or unsubsidized Stafford loans, and the average cumulative 

Table 3.8.—amount borrowed in 1995–96, 1999–2000, and 2003–04, by selected institutional and student 

Table 3.8.—characteristics

Percent Average Percent Average Percent Average

who ever cumulative who ever cumulative who ever cumulative

Characteristic borrowed amount borrowed amount borrowed amount

 Total 52.7 $8,500 57.9 $10,300 62.1 $11,100

Undergraduate class level

1st-year/freshmen 48.4 3,700 55.2 4,000 60.5 4,400

2nd-year/sophomore 51.7 6,600 58.3 7,100 60.5 7,900

3rd-year/junior 56.8 9,800 65.1 12,100 68.0 13,000

4th- or 5th-year/senior 55.8 13,100 58.7 15,700 64.0 17,400

Dependency status

Dependent 55.0 7,400 61.8 8,700 62.5 8,800

Independent 48.7 10,800 51.3 13,400 61.5 14,900

Dependent student income

Low income 64.3 7,600 66.0 8,900 66.7 9,200

Lower middle income 68.2 7,500 67.9 8,800 70.1 9,200

Upper middle income 58.4 7,500 68.8 8,700 66.9 8,800

High income 37.1 6,700 49.4 8,500 51.6 8,200

Independent student income

Low income 63.7 11,900 64.3 14,200 65.9 15,600

Lower middle income 54.2 11,300 57.7 14,200 71.2 15,200

Upper middle income 50.5 10,700 52.1 13,700 63.7 15,000

High income 33.3 9,100 35.1 11,000 48.4 13,900

Attendance pattern

Full-time/full-year 59.9 8,200 62.8 9,600 67.7 10,300

Full-time/part-year 49.0 8,700 61.2 10,300 60.3 10,800

Part-time/full-year 43.2 9,600 50.6 13,400 57.6 14,300

Part-time/part-year 33.3 8,900 40.5 10,600 44.0 12,400

Tuition and fees

Less than $12,000 49.5 8,700 53.5 10,900 57.8 12,300

$12,000–15,999 63.6 8,400 68.9 9,900 74.0 12,200

$16,000–19,999 52.3 7,900 70.5 9,700 73.2 9,800

$20,000–23,999 44.4 8,100 60.0 9,300 68.8 9,600

$24,000 or more 42.6 10,900 46.1 8,300 50.0 8,700

NOTE: Cumulative loan amounts shown here include federal subsidized and unsubsidized Stafford loans as well as any 

Supplemental Loans for Students (SLS) received in prior years. Beginning in 1993–94, SLS loans, which were limited to 

independent students only, were replaced by federal unsubsidized Stafford loans available to both independent and dependent 

students. Standard error tables are available at http://nces.ed.gov/das/library/reports.asp. 

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-27 

Table 3.9.—Percentage of seniors attending private not-for-profit 4-year institutions who had ever received 

Table 3.9.—federal subsidized or unsubsidized Stafford loans, and the average cumulative amount borrowed 

Table 3.9.—in 1995–96, 1999–2000, and 2003–04, by selected institutional and student characteristics 

Percent Average Percent Average Percent Average

who ever cumulative who ever cumulative who ever cumulative

Characteristic borrowed amount borrowed amount borrowed amount

 Total 55.8 $13,100 58.7 $15,700 64.0 $17,400

Dependency status

Dependent 53.7 12,800 62.3 14,800 63.4 15,100

Independent 58.5 13,500 54.9 16,800 64.7 20,000

Dependent student income

Low income 69.3 12,700 74.8 14,900 71.7 15,900

Lower middle income 70.4 13,300 67.4 15,700 70.8 15,900

Upper middle income 54.9 13,100 65.7 14,900 66.2 14,900

High income 32.4 11,800 51.1 13,900 52.2 14,100

Independent student income

Low income 69.0 15,100 70.5 18,200 71.4 21,900

Lower middle income 66.0 14,600 57.2 19,100 74.8 21,500

Upper middle income 65.7 12,500 57.3 17,100 65.6 19,400

High income 40.4 11,400 40.0 12,200 51.5 16,900

Attendance pattern

Full-time/full-year 60.1 13,600 61.7 15,600 68.2 16,800

Full-time/part-year 52.0 14,300 66.2 16,100 66.3 17,500

Part-time/full-year 51.2 11,800 52.3 17,000 55.5 19,200

Part-time/part-year 47.2 11,600 49.6 13,900 57.6 17,800

Tuition and fees

Less than $12,000 56.1 12,800 56.7 15,700 62.0 18,200

$12,000–15,999 61.3 13,600 64.5 15,500 75.1 18,400

$16,000–19,999 47.8 13,800 69.8 16,200 71.6 16,800

$20,000–23,999 43.5 13,500 57.4 15,500 66.6 16,500

$24,000 or more ‡ ‡ 47.8 14,500 51.7 14,600

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Cumulative loan amounts shown here include federal subsidized and unsubsidized Stafford loans as well as any 

Supplemental Loans for Students (SLS) received in prior years. Beginning in 1993–94, SLS loans, which were limited to 

independent students only, were replaced by federal unsubsidized Stafford loans available to both independent and dependent 

students. Standard error tables are available at http://nces.ed.gov/das/library/reports.asp. 

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-28 

Table 4.1.—Percentage of all undergraduates in public 2-year institutions who received any federal 

Table 4.1.—subsidized or unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 

Table 4.1.—1999–2000, and 2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 5.9 $2,900 6.9 $3,000 11.1 $3,400

Undergraduate class level

1st-year/freshmen 5.1 2,500 8.1 2,700 14.2 3,000

2nd-year/sophomore 8.1 3,300 8.1 3,600 11.7 3,900

Dependency status

Dependent 6.0 2,200 7.3 2,400 11.1 2,500

Independent 5.8 3,300 6.7 3,500 11.2 4,000

Dependent student income

Low income 6.2 2,200 8.0 2,300 10.5 2,300

Lower middle income 6.9 2,300 9.2 2,500 13.9 2,500

Upper middle income 7.4 2,200 7.0 2,200 12.5 2,500

High income 2.6 ‡ 4.3 ‡ 6.2 2,800

Independent student income

Low income 10.1 3,200 12.0 3,200 13.3 4,000

Lower middle income 8.6 3,400 10.3 3,600 15.8 3,900

Upper middle income 4.0 3,100 5.2 3,500 12.0 4,000

High income 1.9 ‡ 2.0 3,600 4.7 4,300

Attendance pattern

Full-time/full-year 14.7 3,000 16.1 3,400 21.2 3,700

Full-time/part-year 4.9 2,200 9.6 2,200 12.5 2,700

Part-time/full-year 7.2 3,000 7.1 3,300 11.6 3,600

Part-time/part-year 1.3 2,300 2.0 2,400 3.9 2,600

Tuition and fees

Less than $500 1.6 2,500 1.7 3,200 2.7 3,200

$500–999 7.6 2,700 7.4 2,600 10.3 3,200

$1,000–1,499 14.9 3,200 13.5 2,900 15.4 3,300

$1,500–1,999 19.6 2,500 20.2 3,000 20.5 3,300

$2,000 or more 21.0 3,400 22.8 3,500 23.6 3,800

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-29 

Table 4.2.—Percentage of all undergraduates in public 2-year institutions who received federal subsidized 

Table 4.2.—Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, and 2003–04, by 

Table 4.2.—selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 4.9 $2,200 5.7 $2,200 9.2 $2,300

Undergraduate class level

1st-year/freshmen 4.2 2,100 6.6 2,000 11.6 2,000

2nd-year/sophomore 6.8 2,400 6.7 2,500 9.9 2,700

Dependency status

Dependent 4.1 1,900 5.0 2,000 7.6 2,100

Independent 5.4 2,400 6.0 2,300 10.2 2,500

Dependent student income

Low income 5.6 2,100 7.8 2,100 10.2 2,100

Lower middle income 6.1 1,900 7.4 2,000 10.7 2,100

Upper middle income 3.0 ‡ 3.2 ‡ 5.6 1,900

High income 0.5 ‡ 0.4 ‡ 1.8 1,900

Independent student income

Low income 9.7 2,500 11.8 2,300 13.0 2,500

Lower middle income 8.4 2,300 9.6 2,300 15.2 2,400

Upper middle income 3.6 2,200 4.5 2,300 10.4 2,400

High income 1.4 ‡ 1.0 ‡ 3.2 2,600

Attendance pattern

Full-time/full-year 12.1 2,300 13.0 2,400 17.4 2,600

Full-time/part-year 4.4 1,800 8.3 1,600 10.3 1,900

Part-time/full-year 6.0 2,300 5.4 2,400 9.5 2,500

Part-time/part-year 1.1 1,900 1.8 1,700 3.3 1,700

Tuition and fees

Less than $500 1.3 1,900 1.5 2,300 2.4 2,000

$500–999 6.5 2,100 6.0 1,800 8.3 2,300

$1,000–1,499 12.5 2,300 11.2 2,200 12.9 2,300

$1,500–1,999 15.7 2,300 16.7 2,200 16.3 2,300

$2,000 or more 17.3 2,500 17.5 2,600 19.5 2,600

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-30 

Table 4.3.—Percentage of all undergraduates in public 2-year institutions who received federal unsubsidized 

Table 4.3.—Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, and 2003–04, by 

Table 4.3.—selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 2.5 $2,400 3.6 $2,400 6.1 $2,700

Undergraduate class level

1st-year/freshmen 1.9 2,300 4.1 2,200 7.5 2,500

2nd-year/sophomore 3.9 2,500 4.6 2,600 6.8 2,900

Dependency status

Dependent 2.9 1,900 3.8 1,900 5.5 2,100

Independent 2.2 2,800 3.5 2,700 6.5 3,000

Dependent student income

Low income 1.5 ‡ 1.4 ‡ 1.7 1,500

Lower middle income 2.4 ‡ 4.7 1,800 6.2 1,900

Upper middle income 5.2 2,100 5.2 1,900 9.4 2,100

High income 2.2 ‡ 4.1 ‡ 5.4 2,600

Independent student income

Low income 3.4 ‡ 5.2 2,300 7.3 2,900

Lower middle income 3.6 ‡ 5.6 2,600 8.6 2,900

Upper middle income 1.5 ‡ 2.8 2,800 7.3 3,100

High income 0.9 ‡ 1.4 ‡ 3.2 3,600

Attendance pattern

Full-time/full-year 6.4 2,600 8.7 2,500 11.6 3,000

Full-time/part-year 1.9 ‡ 4.4 1,600 7.1 2,100

Part-time/full-year 3.0 2,500 4.0 2,600 6.0 2,900

Part-time/part-year 0.5 ‡ 0.9 2,100 2.4 1,900

Tuition and fees

Less than $500 0.5 ‡ 0.9 2,500 1.5 2,600

$500–999 2.9 2,300 3.8 2,200 5.8 2,500

$1,000–1,499 7.5 2,400 6.7 2,200 7.9 2,600

$1,500–1,999 7.6 ‡ 10.6 2,300 11.7 2,600

$2,000 or more 10.1 ‡ 12.9 2,800 12.8 3,000

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-31 

Table 4.4.—Percentage of full-time, full-year undergraduates in public 2-year institutions who received any 

Table 4.4.—federal subsidized or unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 

Table 4.4.—1999–2000, and 2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 14.7 $3,000 16.1 $3,400 21.2 $3,700

Undergraduate class level

1st-year/freshmen 14.5 2,700 22.3 3,000 26.8 3,200

2nd-year/sophomore 15.8 3,400 11.3 4,100 19.1 4,300

Dependency status

Dependent 11.1 2,300 12.8 2,500 16.8 2,800

Independent 21.8 3,700 21.7 4,200 28.5 4,700

Dependent student income

Low income 12.0 2,300 13.2 2,600 15.4 2,500

Lower middle income 11.1 ‡ 16.1 2,600 21.0 2,800

Upper middle income 14.4 ‡ 11.1 ‡ 17.6 2,900

High income 4.7 ‡ 9.7 ‡ 11.8 3,100

Independent student income

Low income 17.5 ‡ 23.7 4,100 27.5 4,600

Lower middle income 31.0 4,200 26.0 4,300 35.1 4,600

Upper middle income 25.1 ‡ 17.3 ‡ 29.6 4,800

High income 10.3 ‡ 10.3 ‡ 15.3 5,200

Tuition and fees

Less than $500 8.0 ‡ 5.7 ‡ 10.8 ‡

$500–999 8.9 ‡ 8.2 ‡ 10.0 3,700

$1,000–1,499 14.5 3,400 15.7 3,100 20.8 3,600

$1,500–1,999 22.1 2,400 19.9 3,100 21.3 3,600

$2,000 or more 21.7 3,500 24.6 3,500 26.7 3,800

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-32 

Table 4.5.—Percentage of undergraduates with subsidized Stafford loans and percentage of undergraduates 

Table 4.5.—with any subsidized or unsubsidized Stafford loans in public 2-year institutions who borrowed 

Table 4.5.—the maximum allowable amounts in 1995–96, 1999–2000, and 2003–04, by selected institutional 

Table 4.5.—and student characteristics

Characteristic 1995–96 1999–2000 2003–04 1995–96 1999–2000 2003–04

 Total 41.4 42.4 48.4 22.5 26.9 31.6

Undergraduate class level

1st-year/freshmen 51.8 45.4 51.6 29.5 30.6 34.4

2nd-year/sophomore 31.2 38.5 47.3 15.3 21.7 28.9

Dependency status

Dependent 30.3 36.6 38.8 39.4 50.6 53.2

Independent 46.4 45.2 52.9 11.8 12.2 18.1

Dependent student income

Low income 32.0 44.9 39.6 30.3 47.2 44.3

Lower middle income 34.0 35.8 44.4 43.3 51.6 56.5

Upper middle income ‡ ‡ 27.4 34.8 47.9 54.9

High income ‡ ‡ 26.8 ‡ ‡ 60.2

Independent student income

Low income 51.3 44.8 57.2 12.3 9.0 14.9

Lower middle income 48.8 45.7 52.8 13.7 15.8 17.9

Upper middle income 33.9 44.8 51.2 8.6 10.6 18.0

High income ‡ ‡ 44.9 ‡ 13.5 26.4

Attendance pattern

Full-time/full-year 45.3 58.2 60.3 29.6 41.6 46.7

Full-time/part-year 23.1 18.0 26.8 7.8 8.1 14.6

Part-time/full-year 44.3 44.1 53.0 20.9 23.5 27.1

Part-time/part-year 30.3 17.2 18.8 12.9 4.9 9.7

Tuition and fees

Less than $500 30.2 41.5 35.2 8.2 13.6 21.3

$500–999 38.3 27.1 39.1 19.8 14.7 17.9

$1,000–1,499 47.4 43.2 47.6 30.1 22.2 30.1

$1,500–1,999 34.0 39.5 48.6 12.1 30.5 30.5

$2,000 or more 49.5 60.7 60.7 34.4 49.0 48.1

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

Percentage who borrowed Percentage who borrowed 

maximum subsidized amount maximum total amount
Appendix A—Supplemental Tables

A-33 

Table 4.6—Percentage of all undergraduates attending public 2-year institutions who had ever received 

Table 4.6—federal subsidized or unsubsidized Stafford loans, and the average cumulative amount borrowed 

Table 4.6—in 1995–96, 1999–2000, and 2003–04, by selected institutional and student characteristics 

Percent Average Percent Average Percent Average

who ever cumulative who ever cumulative who ever cumulative

Characteristic borrowed amount borrowed amount borrowed amount

 Total 18.7 $4,700 20.4 $5,700 21.7 $6,700

Undergraduate class level

1st-year/freshmen 16.4 4,200 19.7 4,800 22.1 5,200

2nd-year/sophomore 23.9 5,200 24.1 6,600 24.6 7,600

Dependency status

Dependent 12.4 3,400 15.7 3,800 18.5 4,300

Independent 22.5 5,100 23.1 6,500 23.7 7,900

Dependent student income

Low income 14.4 3,100 16.4 3,600 17.6 4,000

Lower middle income 12.7 3,400 16.5 4,200 22.2 4,100

Upper middle income 12.3 3,800 15.5 3,600 19.4 4,600

High income 9.6 3,500 14.0 3,900 13.8 5,200

Independent student income

Low income 26.0 5,100 28.4 6,500 27.6 7,300

Lower middle income 25.4 5,300 28.4 6,300 30.5 8,000

Upper middle income 23.0 5,300 22.4 6,400 23.8 8,100

High income 16.9 4,700 16.2 6,800 14.6 8,600

Attendance pattern

Full-time/full-year 22.1 4,000 25.5 5,200 27.6 6,000

Full-time/part-year 18.4 3,700 22.1 4,600 24.3 5,800

Part-time/full-year 18.8 5,200 19.8 6,100 21.6 7,000

Part-time/part-year 17.7 5,000 18.1 6,200 17.2 7,700

Tuition and fees

Less than $500 15.9 4,800 15.8 6,200 14.6 7,800

$500–999 20.0 4,500 22.6 5,600 21.0 6,600

$1,000–1,499 24.8 4,900 25.3 5,200 25.4 5,900

$1,500–1,999 28.6 3,500 30.8 5,100 30.0 5,900

$2,000 or more 30.3 5,200 31.7 5,700 31.9 6,900

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-34 

Table 5.1.—Percentage of all undergraduates in private for-profit institutions who received any subsidized 

Table 5.1.—or unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, and 

Table 5.1.—2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 56.5 $4,000 65.0 $5,300 71.7 $5,800

Undergraduate class level

1st-year/freshmen 60.3 3,700 74.3 4,600 69.6 4,700

2nd-year/sophomore 51.2 4,000 78.4 5,900 80.2 6,000

3rd-year/junior 79.9 6,700 74.1 8,100 72.9 8,700

4th- or 5th-year/senior 55.2 6,100 63.6 7,600 81.4 8,700

Dependency status

Dependent 60.3 3,200 65.1 4,400 69.6 4,600

Independent 55.0 4,400 65.0 5,700 72.3 6,200

Dependent student income

Low income 59.4 3,200 62.6 4,700 72.9 4,800

Lower middle income 75.6 3,100 69.2 4,300 72.3 4,400

Upper middle income 61.6 3,500 69.8 4,100 69.5 4,300

High income 37.6 3,400 58.3 4,000 51.8 4,100

Independent student income

Low income 57.0 4,100 61.7 5,000 69.2 5,500

Lower middle income 56.5 4,500 70.3 5,600 78.0 5,900

Upper middle income 59.0 4,600 69.2 6,100 77.7 6,600

High income 41.7 4,700 56.5 6,800 61.7 7,400

Attendance pattern

Full-time/full-year 65.9 4,700 74.0 5,900 78.1 6,700

Full-time/part-year 53.9 3,600 61.4 4,800 71.0 5,100

Part-time/full-year 58.0 4,100 69.2 5,900 70.6 6,600

Part-time/part-year 39.2 2,900 48.1 4,400 59.1 4,700

Tuition and fees

Less than $4,000 36.1 2,800 42.0 4,200 53.6 4,700

$4,000–5,999 56.4 3,600 61.5 4,400 68.3 5,400

$6,000–7,999 73.6 4,100 75.0 5,900 72.4 6,100

$8,000–9,999 78.5 5,300 78.9 5,600 75.6 5,900

$10,000 or more 80.7 5,500 80.1 5,800 87.2 6,600

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-35 

Table 5.2.—Percentage of all undergraduates in private for-profit institutions who received federal 

Table 5.2.—subsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, and 

Table 5.2.—2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 52.6 $2,400 61.2 $2,700 68.1 $2,900

Undergraduate class level

1st-year/freshmen 56.8 2,100 70.7 2,300 66.9 2,200

2nd-year/sophomore 44.8 2,700 72.0 3,100 77.3 3,100

3rd-year/junior 72.1 4,400 68.5 4,600 65.7 4,500

4th- or 5th-year/senior 51.9 4,300 56.9 4,300 74.2 4,800

Dependency status

Dependent 53.9 2,500 58.1 2,800 64.4 2,700

Independent 52.0 2,400 62.3 2,700 69.2 2,900

Dependent student income

Low income 57.8 2,600 62.2 2,900 72.3 2,700

Lower middle income 71.4 2,500 66.6 2,700 71.0 2,700

Upper middle income 52.3 2,600 57.2 3,000 62.8 2,900

High income 18.4 2,300 28.1 ‡ 23.0 2,900

Independent student income

Low income 55.8 2,300 61.5 2,500 68.1 2,600

Lower middle income 55.3 2,400 70.2 2,700 77.1 2,800

Upper middle income 55.9 2,400 66.5 2,900 76.3 3,200

High income 30.5 2,500 41.3 3,000 50.5 3,200

Attendance pattern

Full-time/full-year 60.2 2,900 69.3 3,100 74.0 3,500

Full-time/part-year 51.1 2,000 58.8 2,400 67.9 2,400

Part-time/full-year 53.6 2,600 61.7 3,000 66.4 3,400

Part-time/part-year 36.6 1,800 45.7 2,300 56.1 2,200

Tuition and fees

Less than $4,000 33.2 1,800 40.1 2,300 49.9 2,000

$4,000–5,999 52.5 2,200 57.0 2,300 65.7 2,600

$6,000–7,999 69.7 2,500 70.6 2,900 67.2 3,000

$8,000–9,999 71.7 3,000 74.6 2,800 71.9 2,900

$10,000 or more 75.5 3,000 74.7 3,200 84.3 3,500

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-36 

Table 5.3.—Percentage of all undergraduates in private for-profit institutions who received federal 

Table 5.3.—unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, and

Table 5.3.—2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 34.3 $3,000 51.9 $3,400 62.3 $3,600

Undergraduate class level

1st-year/freshmen 36.1 2,900 57.6 3,200 59.4 3,100

2nd-year/sophomore 29.7 2,800 66.8 3,500 68.4 3,500

3rd-year/junior 55.7 3,900 59.5 4,800 67.2 5,000

4th- or 5th-year/senior 32.8 3,500 51.1 4,500 76.8 4,600

Dependency status

Dependent 19.4 3,000 35.9 3,400 42.1 3,400

Independent 40.3 2,900 57.9 3,400 68.6 3,600

Dependent student income

Low income 13.9 2,900 34.3 3,400 48.1 3,200

Lower middle income 19.8 3,000 35.7 3,300 38.9 3,300

Upper middle income 25.3 3,000 32.4 3,500 34.5 3,400

High income 27.0 3,200 47.9 3,400 36.9 4,000

Independent student income

Low income 36.7 2,800 51.2 3,100 63.5 3,200

Lower middle income 42.7 2,900 63.0 3,300 74.0 3,300

Upper middle income 46.4 2,900 65.5 3,500 74.5 3,600

High income 36.9 3,300 55.2 4,700 60.9 4,800

Attendance pattern

Full-time/full-year 39.1 3,400 57.6 3,800 67.1 4,000

Full-time/part-year 33.6 2,700 49.6 3,200 61.7 3,300

Part-time/full-year 36.7 2,700 58.1 3,800 63.0 3,800

Part-time/part-year 23.0 2,200 38.1 2,800 51.8 3,100

Tuition and fees

Less than $4,000 19.0 2,200 30.3 2,900 47.1 3,200

$4,000–5,999 34.4 2,500 48.0 2,900 60.1 3,200

$6,000–7,999 41.2 3,100 63.8 3,700 63.9 3,700

$8,000–9,999 57.8 3,500 65.6 3,500 67.1 3,600

$10,000 or more 59.3 3,700 60.1 3,700 72.3 4,000

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-37 

Table 5.4.—Percentage of full-time, full-year undergraduates in private for-profit institutions who received

Table 5.4.—any federal subsidized or unsubsidized Stafford loans, and the average amount borrowed in 

Table 5.4.—1995–96, 1999–2000, and 2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 65.9 $4,700 74.0 $5,900 78.1 $6,700

Undergraduate class level

1st-year/freshmen 70.1 4,100 78.3 4,500 67.0 5,000

2nd-year/sophomore 62.4 4,300 84.4 6,200 89.5 6,200

3rd-year/junior 81.8 7,100 81.2 8,500 81.0 9,200

4th- or 5th-year/senior 70.4 6,800 69.0 8,200 86.4 8,900

Dependency status

Dependent 71.6 3,700 72.7 4,800 72.8 5,100

Independent 63.0 5,300 74.7 6,400 80.2 7,300

Dependent student income

Low income 73.7 3,600 68.5 5,000 75.5 5,300

Lower middle income 83.2 3,600 77.5 4,700 73.3 4,900

Upper middle income 73.5 4,000 82.2 4,400 74.5 4,900

High income 50.0 3,800 64.7 5,200 58.4 4,900

Independent student income

Low income 63.9 4,900 69.0 5,600 78.2 6,400

Lower middle income 62.7 5,400 82.6 6,300 83.1 7,000

Upper middle income 65.9 5,600 81.4 7,200 82.9 7,900

High income 57.0 5,600 63.8 7,600 75.4 8,200

Tuition and fees

Less than $4,000 24.0 3,700 28.6 ‡ 49.4 ‡

$4,000–5,999 55.1 3,500 49.4 3,700 39.5 6,300

$6,000–7,999 75.0 4,400 73.7 6,600 67.6 7,200

$8,000–9,999 81.4 5,500 83.3 5,900 77.1 6,100

$10,000 or more 82.8 5,600 82.9 5,800 89.4 6,900

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-38 

Table 5.5.—Percentage of full-time, full-year undergraduates in private for-profit institutions who received

Table 5.5.—federal subsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, and

Table 5.5.—2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 60.2 $2,900 69.3 $3,100 74.0 $3,500

Undergraduate class level

1st-year/freshmen 64.6 2,400 74.4 2,400 63.4 2,400

2nd-year/sophomore 53.8 3,100 78.0 3,200 87.2 3,300

3rd-year/junior 74.1 4,600 76.0 4,800 73.6 4,900

4th- or 5th-year/senior 64.3 4,500 63.8 4,500 78.6 4,900

Dependency status

Dependent 62.2 3,000 65.1 3,200 67.5 3,200

Independent 59.2 2,800 71.6 3,100 76.5 3,600

Dependent student income

Low income 70.5 3,100 68.5 3,100 75.1 3,200

Lower middle income 77.8 2,900 74.2 3,100 70.7 3,200

Upper middle income 59.5 3,200 70.6 3,400 67.9 3,300

High income 27.9 ‡ 36.0 ‡ 30.4 3,400

Independent student income

Low income 62.9 2,800 68.5 2,800 78.0 3,200

Lower middle income 60.4 2,800 82.5 3,100 82.1 3,400

Upper middle income 62.9 2,900 80.1 3,600 81.4 4,000

High income 41.2 2,900 43.9 3,200 59.0 3,900

Tuition and fees

Less than $4,000 20.9 2,300 28.6 ‡ 47.2 ‡

$4,000–5,999 50.1 2,500 46.5 2,200 36.0 3,300

$6,000–7,999 70.3 2,700 69.5 3,400 60.2 3,700

$8,000–9,999 72.9 3,300 77.2 3,100 72.5 3,100

$10,000 or more 74.5 3,300 77.5 3,200 86.8 3,700

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables

A-39 

Table 5.6.—Percentage of full-time, full-year undergraduates in private for-profit institutions who received 

Table 5.6.—federal unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 1999–2000, 

Table 5.6.—and 2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 39.1 $3,400 57.6 $3,800 67.1 $4,000

Undergraduate class level

1st-year/freshmen 40.5 3,200 53.1 3,300 54.9 3,400

2nd-year/sophomore 33.9 3,100 73.7 3,700 74.6 3,600

3rd-year/junior 58.2 4,100 63.7 5,100 74.3 5,100

4th- or 5th-year/senior 47.9 ‡ 58.0 4,800 81.3 4,700

Dependency status

Dependent 22.9 3,400 40.3 3,600 42.9 3,600

Independent 47.5 3,400 66.8 3,800 76.6 4,000

Dependent student income

Low income 15.6 3,100 38.2 3,400 47.7 3,500

Lower middle income 19.3 3,700 38.9 3,300 37.3 3,500

Upper middle income 32.2 3,200 35.4 3,500 40.1 3,500

High income 32.9 3,500 54.6 4,100 40.2 4,500

Independent student income

Low income 42.3 3,200 56.1 3,400 71.4 3,500

Lower middle income 50.0 3,400 74.4 3,600 79.3 3,800

Upper middle income 52.4 3,500 79.2 3,800 80.9 4,100

High income 51.3 3,800 62.2 5,600 74.7 5,300

Tuition and fees

Less than $4,000 14.5 2,900 21.8 ‡ 36.6 ‡

$4,000–5,999 25.0 2,800 30.8 2,600 35.6 3,600

$6,000–7,999 41.6 3,300 63.1 4,000 60.8 4,300

$8,000–9,999 56.7 3,600 65.9 3,800 67.6 3,700

$10,000 or more 56.7 3,800 60.7 3,700 74.3 4,000

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-40 

Table 5.7.—Percentage of undergraduates with subsidized Stafford loans and percentage of undergraduates 

Table 5.7.—with any subsidized or unsubsidized Stafford loans in private for-profit institutions who 

Table 5.7.—borrowed the maximum allowable amounts in 1995–96, 1999–2000, and 2003–04, by selected 

Table 5.7.—institutional and student characteristics

Characteristic 1995–96 1999–2000 2003–04 1995–96 1999–2000 2003–04

 Total 45.3 67.3 65.4 31.3 55.2 58.5

Undergraduate class level

1st-year/freshmen 54.0 67.7 62.8 35.6 51.7 53.1

2nd-year/sophomore 40.6 73.5 75.4 32.6 65.0 69.5

3rd-year/junior 30.1 60.5 61.1 28.1 58.3 62.0

4th- or 5th-year/senior 48.5 46.7 65.4 30.4 52.9 62.6

Dependency status

Dependent 49.6 69.0 71.6 61.6 78.1 82.1

Independent 43.5 66.7 63.6 18.0 46.6 51.3

Dependent student income

Low income 47.2 72.1 71.5 55.5 79.7 82.5

Lower middle income 51.9 71.5 71.9 61.7 81.1 82.9

Upper middle income 54.0 64.1 74.9 67.2 74.9 81.8

High income 41.3 ‡ 57.9 76.7 71.6 78.1

Independent student income

Low income 44.7 66.4 58.7 15.2 37.3 38.3

Lower middle income 42.6 68.4 66.9 20.3 49.1 50.7

Upper middle income 43.5 67.5 65.4 20.1 51.4 54.7

High income 40.8 59.2 62.2 18.4 61.1 68.2

Attendance pattern

Full-time/full-year 57.8 74.9 78.6 42.1 65.4 70.5

Full-time/part-year 37.4 65.3 59.1 25.1 50.4 52.4

Part-time/full-year 42.6 65.1 72.9 23.4 53.9 61.5

Part-time/part-year 19.2 44.7 36.1 10.7 34.0 36.6

Tuition and fees

Less than $4,000 23.2 50.9 28.9 13.8 37.5 34.9

$4,000–5,999 34.7 46.7 59.3 17.5 30.5 48.4

$6,000–7,999 61.1 76.9 67.1 40.0 61.9 57.1

$8,000–9,999 51.7 73.4 72.3 40.7 65.0 58.5

$10,000 or more 61.0 77.6 82.8 60.9 73.6 80.1

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Standard error tables are available at http://nces.ed.gov/das/library/reports.asp.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

maximum subsidized amount maximum total amount

Percentage who borrowed Percentage who borrowed 
Appendix A—Supplemental Tables

A-41 

Table 5.8.—Percentage of all undergraduates attending private for-profit institutions who had ever received 

Table 5.8.—federal subsidized or unsubsidized Stafford loans, and the average cumulative amount borrowed 

Table 5.8.—in 1995–96, 1999–2000, and 2003–04, by selected institutional and student characteristics 

Percent Average Percent Average Percent Average

who ever cumulative who ever cumulative who ever cumulative

Characteristic borrowed amount borrowed amount borrowed amount

 Total 65.1 $6,100 75.5 $8,700 82.8 $10,000

Undergraduate class level

1st-year/freshmen 67.8 4,400 81.6 5,900 80.7 5,800

2nd-year/sophomore 66.7 9,100 87.2 11,800 89.7 11,000

3rd-year/junior 86.3 13,800 79.5 17,600 82.4 18,100

4th- or 5th-year/senior 70.0 20,800 74.7 19,600 90.5 23,400

Dependency status

Dependent 66.0 5,000 73.2 6,900 79.2 6,500

Independent 64.7 6,600 76.4 9,300 83.9 11,000

Dependent student income

Low income 65.0 4,600 71.3 7,200 80.5 6,700

Lower middle income 77.9 5,000 76.1 6,500 81.8 6,500

Upper middle income 66.0 5,400 78.5 6,300 80.7 6,500

High income 50.6 6,100 65.9 7,900 66.7 6,100

Independent student income

Low income 63.8 6,100 71.9 7,800 82.3 9,000

Lower middle income 68.1 6,300 82.3 9,200 88.4 10,000

Upper middle income 68.5 7,200 80.3 11,000 87.3 12,800

High income 55.7 7,700 70.8 11,300 75.5 13,100

Attendance pattern

Full-time/full-year 71.9 7,000 79.2 10,700 85.1 12,100

Full-time/part-year 61.6 4,900 74.6 6,600 83.2 7,300

Part-time/full-year 64.2 7,900 78.7 11,800 81.9 13,800

Part-time/part-year 54.5 5,400 65.0 7,600 77.2 8,100

Tuition and fees

Less than $4,000 50.4 5,300 57.1 6,800 72.9 8,400

$4,000–5,999 62.7 5,400 70.2 7,200 78.3 9,200

$6,000–7,999 78.9 5,700 85.7 9,800 82.3 10,200

$8,000–9,999 82.0 8,500 88.2 8,400 87.5 9,600

$10,000 or more 81.5 7,700 83.9 10,800 91.2 12,000

NOTE: Cumulative loan amounts shown here include federal subsidized and unsubsidized Stafford loans as well as any 

Supplemental Loans for Students (SLS) received in prior years. Beginning in 1993–94, SLS loans, which were limited to 

independent students only, were replaced by federal unsubsidized Stafford loans available to both independent and dependent 

students. Standard error tables are available at http://nces.ed.gov/das/library/reports.asp. 

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix A—Supplemental Tables 

A-42 

Table 5.9.—Percentage of seniors attending private for-profit institutions who had ever received federal 

Table 5.9.—subsidized or unsubsidized Stafford loans, and the average cumulative amount borrowed 

Table 5.9.—in 1995–96, 1999–2000, and 2003–04, by selected institutional and student characteristics 

Percent Average Percent Average Percent Average

who ever cumulative who ever cumulative who ever cumulative

Characteristic borrowed amount borrowed amount borrowed amount

 Total 70.0 $20,800 74.7 $19,600 90.5 $23,400

Dependency status

Dependent ‡ ‡ 74.5 16,100 83.9 17,900

Independent 76.6 22,600 74.7 20,800 91.2 24,000

Dependent student income

Low income ‡ ‡ ‡ ‡ ‡ ‡ 

Lower middle income ‡ ‡ ‡ ‡ ‡ ‡ 

Upper middle income ‡ ‡ ‡ ‡ ‡ ‡ 

High income ‡ ‡ ‡ ‡ ‡ ‡ 

Independent student income

Low income ‡ ‡ 51.3 ‡ 91.8 ‡ 

Lower middle income ‡ ‡ 79.2 19,100 94.3 26,400

Upper middle income ‡ ‡ 84.5 22,700 94.6 25,900

High income ‡ ‡ 73.7 19,600 85.9 19,900

Attendance pattern

Full-time/full-year 75.1 22,600 77.9 20,600 90.4 23,700

Full-time/part-year ‡ ‡ 60.0 18,300 92.3 21,900

Part-time/full-year ‡ ‡ 78.5 ‡ 89.1 25,200

Part-time/part-year ‡ ‡ 78.4 ‡ ‡ ‡ 

Tuition and fees

Less than $4,000 ‡ ‡ 55.8 16,900 84.5 21,100

$4,000–5,999 ‡ ‡ 59.9 ‡ 93.4 ‡ 

$6,000–7,999 ‡ ‡ 86.7 21,600 90.0 21,700

$8,000–9,999 ‡ ‡ 83.3 ‡ 91.8 22,600

$10,000 or more ‡ ‡ 73.9 26,700 91.7 25,300

‡ Reporting standards not met. (Too few cases for a reliable estimate.)

NOTE: Cumulative loan amounts shown here include federal subsidized and unsubsidized Stafford loans as well as any 

Supplemental Loans for Students (SLS) received in prior years. Beginning in 1993–94, SLS loans, which were limited to 

independent students only, were replaced by federal unsubsidized Stafford loans available to both independent and dependent 

students. Standard error tables are available at http://nces.ed.gov/das/library/reports.asp. 

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
B-1 

Appendix B—Glossary 

This glossary describes the variables used in this report. The items were taken directly from the NCES NPSAS:96, 

NPSAS:2000, and NPSAS:04 undergraduate Data Analysis System (DAS), an NCES software application that 

generates tables from the NPSAS:96, NPSAS:2000, and NPSAS:04 data (see appendix C for a description of the 

DAS). The glossary is in alphabetical order by the variable label in the DAS, shown in bold, capital letters and 

displayed along the right-hand column. 

Glossary Index 

INSTITUTIONAL AND STUDENT CHARACTERISTICS 

Type of institution 

NPSAS:96 ........................................... AIDSECT 

NPSAS:2000 ....................................... AIDSECT 

NPSAS:04 ........................................... AIDSECT 

Undergraduate class level 

NPSAS:96 ........................................UGLEVEL2 

NPSAS:2000 .........................................UGLVL2 

NPSAS:04 .............................................UGLVL2 

Dependency status 

NPSAS:96 ............................................ DEPEND 

NPSAS:2000 ........................................ DEPEND 

NPSAS:04 ............................................ DEPEND 

Dependent student income 

NPSAS:96 ............................................. PCTDEP 

NPSAS:2000 ......................................... PCTDEP 

NPSAS:04 ............................................. PCTDEP 

Independent student income 

NPSAS:96 .........................................PCTINDEP 

NPSAS:2000 .....................................PCTINDEP 

NPSAS:04 .........................................PCTINDEP 

Attendance pattern 

NPSAS:96 ....................................... ATTNSTAT 

NPSAS:2000 ................................... ATTNSTAT 

NPSAS:04 ....................................... ATTNSTAT 

Tuition and fees 

NPSAS:96 ..........................................TUITION2 

NPSAS:2000 ......................................TUITION2 

NPSAS:04 ..........................................TUITION2 

STAFFORD LOAN VARIABLES 

Stafford total loans 

NPSAS:96 ....................................... STAFFAMT 

NPSAS:2000 ................................... STAFFAMT 

NPSAS:04 ....................................... STAFFAMT 

Subsidized Stafford loans 

NPSAS:96 ...........................................STAFSUB 

NPSAS:2000 .......................................STAFSUB 

NPSAS:04 ...........................................STAFSUB 

Unsubsidized Stafford loans 

NPSAS:96 ........................................STAFUNSB 

NPSAS:2000 ....................................STAFUNSB 

NPSAS:04 ........................................STAFUNSB 

Stafford loan type 

NPSAS:96 ........................................ STAFTYPE 

NPSAS:2000 .....................................STAFTYP2 

NPSAS:04 ........................................ STAFTYPE 

Borrowed maximum subsidized loan amount 

NPSAS:96 .........................................STAFFCT1 

NPSAS:2000 .....................................STAFFCT1 

NPSAS:04 ........................................... STAFCT1 

Borrowed maximum total Stafford loan amount 

NPSAS:96 .........................................STAFCT2R 

NPSAS:2000 .....................................STAFCT2R 

NPSAS:04 ........................................... STAFCT2 

Cumulative Stafford loan amount 

NPSAS:96 ....................................... STCUM95A 

NPSAS:2000 ...................................... STFCUM1 

NPSAS:04 .......................................... STFCUM1 
Appendix B—Glossary 

DAS Variable

B-2 

Type of institution AIDSECT (NPSAS:96) 

AIDSECT (NPSAS:2000) 

AIDSECT (NPSAS:04) 

Indicates the level and control of the sampled NPSAS institution. Institution level concerns the institution’s highest 

offering. Control concerns the source of revenue and control of operations. Four-year institutions offer bachelor’s or 

higher degrees, while 2-year institutions offer associate’s or lower degrees. The private for-profit institutions are 

primarily less-than-4 year, although a small percentage of students in bachelor’s degree programs are included. 

Public less-than-2-year and private not-for-profit less-than-4-year are either aggregated as “other” or not shown in 

the tables, although they are included in the totals. Students attending more than one institution during the year 

(about 5 percent) are excluded from the type of institution category, but are included in the totals. 

Public 4-year 

Private not-for-profit 4-year 

Public 2-year 

Private for-profit 

Attendance pattern ATTNSTAT (NPSAS:96)

ATTNSTAT (NPSAS:2000) 

ATTNSTAT (NPSAS:04) 

Students were considered to have been enrolled for a full year if they were enrolled for 8 or more (in NPSAS:96) or 

9 or more (in NPSAS:2000 and NPSAS:04) months during the NPSAS survey year. Months did not have to be 

contiguous or at the same institution, and students did not have to be enrolled for a full month in order to be 

considered enrolled for that month. Those attending more than one institution were classified separately for full 

time/full year and part time/full year, but are included in other categories. 

Full-time, full-year Students were enrolled at least 8 or 9 months full time during survey year. 

Additional months enrolled could be part time. 

Full-time, part-year Students were enrolled less than 8 or 9 months during the survey year and 

attending full time in all of these months. 

Part-time, full-year Students were enrolled 8 or 9 months or more during the survey year but less 

than 8 or 9 months were full time. 

Part-time, part-year Students were enrolled less than 8 or 9 months during the survey year and some 

of these months were part time. 

Dependency status DEPEND (NPSAS:96)

DEPEND (NPSAS:2000) 

DEPEND (NPSAS:04) 

Dependent 

Independent 

Undergraduates are assumed to be dependent unless they meet one of the criteria for independent status. 

1. Student was age 24 or older on December 31 of the current academic year; 

2. Student was married; 

3. Student had legal dependents other than a spouse; 
 Appendix B—Glossary 

DAS Variable 

B-3 

Dependency status—continued DEPEND (NPSAS:96)

DEPEND (NPSAS:2000) 

DEPEND (NPSAS:04) 

4. Student was a veteran; or 

5. Student was an orphan or ward of the court. 

In addition, financial aid officers may designate students who do not meet these criteria be independent, if the 

students can document that they are in fact self-supporting. 

Dependent student income PCTDEP (NPSAS:96)

PCTDEP (NPSAS:2000) 

PCTDEP (NPSAS:04) 

Level of family income of dependent students’ parents, relative to all dependent students in the NPSAS survey year. 

Students were divided into four levels of family income, each level making up roughly one-quarter of the population 

of dependent students. The annual income is for the calendar year prior to the NPSAS survey year, as reported on 

the financial aid application or estimated by students and parents in the telephone interview. Approximately onefourth of the values are imputed. 

Lowest level Dependent student parents’ annual income is less than $24,000 in 1994, less 

than $31,119 in 1998, or less than $32,000 in 2002. 

Second level Dependent student parents’ annual income is $24,000 to $46,500 in 1994, 

$31,120 to $54,188 in 1998, or $32,000 to $59,999 in 2002. 

Third level Dependent student parents’ annual income is $46,500 to $70,000 in 1994, 

$54,189 to $83,245 in 1998, or $60,000 to $91,999 in 2002. 

Highest level Dependent student parents’ annual income is $70,000 or more in 1994, $83,246 

or more in 1998, or $92,000 or more in 2002. 

Independent student income PCTINDEP (NPSAS:96) 

PCTINDEP (NPSAS:2000) 

PCTINDEP (NPSAS:04) 

Level of independent student’s annual income, including the income of a spouse, relative to that of all independent 

students in the NPSAS survey year. Students were divided into four levels of annual income, each level making up 

roughly one-quarter of the population of independent students. The annual income is for the prior calendar year, as 

reported on the financial aid application or in the survey of students. Approximately one-fourth of the values are 

imputed. 

Lowest level Student annual income is less than $8,300 in 1994, less than $12,000 in 1998, or 

less than $12,000 in 2002. 

Second level Student annual income is $8,300 to $18,800 in 1994, $12,000 to $25,986 in 

1998, or $12,000 to $26,999 in 2002. 

Third level Student annual income is $18,800 to $35,000 in 1994, $25,987 to $47,999 in 

1998, or $27,000 to $51,999 in 2002. 
Appendix B—Glossary 

DAS Variable

B-4 

Independent student income—continued PCTINDEP (NPSAS:96) 

PCTINDEP (NPSAS:2000) 

PCTINDEP (NPSAS:04) 

Highest level Student annual income is $35,000 or more in 1994, $48,000 or more in 1998, or 

$52,000 or more in 2002. 

Borrowed maximum total Stafford loan amount STAFCT2R (NPSAS:96) 

STAFCT2R (NPSAS:2000) 

STAFCT2 (NPSAS:04) 

Indicates whether maximum combined subsidized and unsubsidized Stafford loan amount was borrowed. Both 

dependent and independent undergraduates could combine subsidized and unsubsidized Stafford loans up to the 

following annual limits: 

Student class level: Dependent: Independent: 

First year $2,625 $6,625 

Second year $3,500 $7,500 

Third–fifth year $5,500 $10,500 

None 

Less than maximum 

Maximum 

Stafford total loans STAFFAMT (NPSAS:96) 

STAFFAMT (NPSAS:2000) 

STAFFAMT (NPSAS:04) 

The total Stafford loan amount received in 1995–96, 1999–2000, and 2003–04 (Direct and FFELP), including either 

a subsidized Stafford or an unsubsidized Stafford or a combination of both, for the academic year. Loan amount 

received included all institutions attended. 

Borrowed maximum subsidized loan amount STAFFCT1 (NPSAS:96) 

STAFFCT1 (NPSAS:2000) 

STAFCT1 (NPSAS:04) 

Indicates whether the student borrowed the maximum amount allowable in subsidized Stafford loans. The 

subsidized maximum for first-year students was $2,625; for second-year students, $3,500; for third-, fourth-, and 

fifth-year students, $5,500. The subsidized Stafford loan limits were the same for dependent and independent 

undergraduates. 

None 

Less than maximum 

Maximum 
 Appendix B—Glossary 

DAS Variable 

B-5 

Subsidized Stafford loans STAFSUB (NPSAS:96) 

STAFSUB (NPSAS:2000) 

STAFSUB (NPSAS:04) 

The subsidized Stafford loan amount received in 1995–96, 1999–2000, and 2003–04 (FFELP and Direct) for the 

academic year. A subsidized loan is awarded on the basis of financial need. If a student qualifies for a subsidized 

loan, the federal government pays the interest on the loan until the student begins repayment, and during authorized 

periods of deferment thereafter. Loan amount received included all institutions attended. 

Stafford loan type STAFTYPE (NPSAS:96) 

STAFTYP2 (NPSAS:2000) 

STAFTYPE (NPSAS:04)

Indicates the combination of subsidized and unsubsidized Stafford loans received in 1995–96, 1999–2000, and 

2003–04 (FFELP and Direct) for the academic year. Loan amount received included all institutions attended. 

 Subsidized Stafford loans only 

 Unsubsidized Stafford loans only 

 Both subsidized and unsubsidized Stafford loans 

 No Stafford loans received 

Unsubsidized Stafford loans STAFUNSB (NPSAS:96) 

STAFUNSB (NPSAS:2000) 

STAFUNSB (NPSAS:04) 

The unsubsidized Stafford loan amount received in 1995–96, 1999–2000, and 2003–04 (FFELP and Direct) for the 

academic year. An unsubsidized loan is not awarded on the basis of need. If a student qualifies for an unsubsidized 

loan, he or she is charged interest from the time the loan is disbursed until it is paid in full. Students can choose to 

pay the interest or allow it to accumulate. If the student allows the interest to accumulate, it will be capitalized 

(added to the principal amount of the loan). Loan amount received included all institutions attended. 

Cumulative Stafford loan amount STCUM95A (NPSAS:96) 

STFCUM1 (NPSAS:2000) 

STFCUM1 (NPSAS:04) 

Cumulative amount of subsidized and unsubsidized Stafford loans (FFELP and Direct) borrowed in all prior years 

for undergraduate education through June (NPSAS:96) or July (NPSAS:2000, NPSAS:04). This is a composite 

variable based primarily on the Stafford loan amounts reported in National Student Loan Data System (NSLDS) for 

all prior academic periods. 

Tuition and fees TUITION2 (NPSAS:96)

TUITION2 (NPSAS:2000) 

TUITION2 (NPSAS:04) 

Indicates the amount of tuition charged the student for the terms attended at the NPSAS institution, as reported by 

the institution. If tuition amounts were not reported, they were estimated based on the average per credit or per term 

charges for other students at the institution according to their class level, degree program, and attendance status. 

Students attending more than one institution during the year are excluded, since their tuition at the second institution 

is unknown. 
Appendix B—Glossary 

DAS Variable

B-6 

Undergraduate class level UGLEVEL2 (NPSAS:96) 

UGLVL2 (NPSAS:2000) 

UGLVL2 (NPSAS:04) 

Highest class level of student during the NPSAS year, based on the NPSAS survey class level and the class levels 

reported in NSLDS for federal student loans received that year. 

1st year/freshman 

2nd year/sophomore 

3rd year/junior 

4th or 5th year/senior 
C-1 

Appendix C—Technical Notes and Methodology 

National Postsecondary Student Aid Study 

The National Postsecondary Student Aid Study (NPSAS) is the only periodic, nationally 

representative sample survey of financial aid received by all students enrolled in postsecondary 

education in the United States and Puerto Rico. The U.S. Department of Education’s National 

Center for Education Statistics (NCES) conducts the survey every 3 to 4 years to determine how 

students and their families pay for postsecondary education. The first NPSAS was conducted in 

1986–87 (NPSAS:87) and since then, five additional NPSAS studies have been completed 

(NPSAS:90, NPSAS:93, NPSAS:96, NPSAS:2000, and NPSAS:04).1 NPSAS also provides data 

for comprehensive descriptions of the undergraduate and graduate/first-professional student 

populations in terms of their demographic characteristics, academic programs, types of 

institutions attended, attendance patterns, employment, and participation in civic and volunteer 

activities. 

NPSAS studies are used to analyze the impact of financial aid policies and provide research 

and policy analysts with the most comprehensive national data on college affordability, financial 

aid policy, and other areas affecting postsecondary access, persistence, and attainment. Other 

than NPSAS, no other single national database contains student-level records for those receiving 

aid from the many programs funded by the federal and state governments, institutions, and 

private entities. 

Data Sources 

Information for each NPSAS survey is obtained from the following sources: 

• Central Processing System (CPS): The U.S. Department of Education database 

of federal financial aid applications. 

• National Student Loan Data System (NSLDS): The U.S. Department of 

Education database of federal Title IV loans and Federal Pell Grants. 

 

1 More information about NPSAS, and the methodology reports for each of the NPSAS surveys used in this study, are available 

at http://nces.ed.gov/surveys/npsas. 
Appendix C—Technical Notes and Methodology

C-2 

• Integrated Postsecondary Education Data System (IPEDS): The U.S. 

Department of Education, National Center for Education Statistics, database of 

descriptive information about individual postsecondary institutions. 

• Student Records: Institutional financial aid and registrar records from the 

participating institutions. (For NPSAS:04, these data were entered at the institution 

by institutional personnel or field data collectors using a computer-assisted data 

entry program or directly downloaded from a data file.) 

• Student Interview: Collected directly from students in the sample via web-based 

self-administered or interviewer-administered questionnaires. 

Sampling Design

The NPSAS target population consists of all eligible postsecondary students enrolled at any 

time between July 1 (prior to the fall term of the academic year) and June 30 (immediately 

following the spring term). The postsecondary institutions must be located in the United States or 

Puerto Rico and have signed Title IV participation agreements with the U.S. Department of 

Education (Title IV institutions). These agreements make them eligible for federal student aid 

programs. 

To be eligible for NPSAS, students had to be enrolled in either an academic program with 

at least one course for credit that could be applied toward fulfilling the requirements for an 

academic degree or enrolled in an occupational or vocational program that requires at least 3 

months or 300 clock hours of instruction to receive a degree, certificate, or other formal award. 

Eligible students could not be concurrently enrolled in high school or in a high school 

completion program. 

For each NPSAS, a two-stage sampling design is used. The first stage involves selecting 

eligible institutions, and the second stage involves selecting eligible student respondents within 

each eligible institution. The institution sampling frame is constructed from the Integrated 

Postsecondary Education Data System (IPEDS) Institutional Characteristics (IC) file. The 

sampling frame for selecting student respondents consists of enrollment lists or data files 

provided by the participating institutions for students enrolled during the NPSAS year. 

For example, in NPSAS:04, the institutions in the sampling frame were partitioned into 58 

institutional strata based on institutional control, highest level of offering, and Carnegie 

classification. Initially, a total of 1,670 institutions were selected. All but 40 of these institutions 

were found to be NPSAS-eligible institutions. Of these eligible institutions, 1,360 provided 

student enrollment lists for use in the second-stage (i.e., student) sampling frame. The sampling 

procedures resulted in the selection of 109,200 students (including undergraduates, graduates, 
Appendix C—Technical Notes and Methodology

C-3 

and first-professional students), of which a total of 101,000 students were found to be eligible. 

Upon the completion of data collection, 90 percent of the 101,000 eligible sample members were 

determined to have sufficient key data to be included in the NPSAS:04 survey. 

Response Rates 

The information about undergraduate students in NPSAS:04 was obtained from a sample of 

about 80,000 undergraduates who were enrolled at any time between July 1, 2003, and June 30, 

2004, in about 1,300 postsecondary institutions that offered undergraduate programs of study. 

The weighted institution response rate was 80 percent, and the weighted student response rate 

was 91 percent, resulting in an overall response rate of 72 percent. The sample of undergraduates 

represents about 19 million undergraduates who were enrolled in Title IV institutions in the 

United States or Puerto Rico. 

For NPSAS:2000, more than 900 postsecondary institutions and 50,000 undergraduates 

were surveyed. The response rate for obtaining institutional record data was 97 percent and the 

weighted overall student interview response rate was 65.6 percent. The undergraduate 

respondents in this survey represented a total population of about 16.5 million undergraduates 

attending postsecondary institutions sometime between July 1, 1999, and June 30, 2000. 

Over 800 institutions and more than 40,000 undergraduates were included in the 

NPSAS:96 survey of students enrolled in postsecondary institutions between July 1, 1995, and 

June 30, 1996. The institution response rate was 93 percent and the weighted effective response 

rate for the student telephone interviews was 76 percent. NPSAS:96 respondents who were 

undergraduates represented approximately 16.7 million undergraduates nationwide. 

Weighting 

All estimates in this report are weighted to represent the population described in the section 

on sampling design. Such weights compensate for the unequal probability of selection into the 

survey sample and adjust for nonresponse. Institution weights are used as a component of the 

student weight. For each of the three surveys used in this study, the weight variable used was 

applied to all undergraduates in each survey year. The weight variable used for analysis of the 

NPSAS:04 data is WTA00; for NPSAS:2000 it is STUDYWT; and for NPSAS:96 it is WTA00. 
Appendix C—Technical Notes and Methodology

C-4 

Accuracy of Estimates 

The statistics in this report are estimates derived from a sample of the population; in this 

case, the population of undergraduate students enrolled during the survey year. Two broad 

categories of error can occur in such estimates: sampling and nonsampling errors. Sampling 

errors occur because observations are based only on samples of students, not entire populations. 

Nonsampling errors occur not only in sample surveys but also in complete censuses of entire 

populations. Nonsampling errors can be attributed to a number of sources: inability to obtain 

complete information about all students in all institutions in the sample (some students or 

institutions refused to participate, or students participated but answered only certain items); 

ambiguous definitions; differences in interpreting questions; inability or unwillingness to give 

correct information; mistakes in recording or coding data; and other errors of collecting, 

processing, sampling, and imputing missing data. 

Item Response Bias 

From the selected sample of this report, weighted item response rates were calculated for 

all variables used by dividing the weighted number of valid responses by the weighted 

population for which the item was applicable. All variables used in this report and defined in 

appendix B had a high response rate (i.e., above 85 percent). Thus, it is unlikely that estimates 

and reported differences are biased because of missing data. 

Data Analysis System 

The estimates presented in this report were produced using the NPSAS:96, NPSAS:2000, 

and NPSAS:04 Data Analysis Systems (DAS). The DAS software makes it possible for users to 

specify and generate their own tables. The DAS also contains a detailed description of how each 

variable was created and includes question wording for items coming directly from an interview. 

With the DAS, users can replicate or expand upon the tables presented in this report. In addition 

to the table estimates, the DAS calculates the proper standard errors2 and weighted sample sizes 

for these estimates. For example, table C-1 contains standard errors that correspond to estimates 

in table 1.1 in the report. If the number of valid cases is too small to produce a reliable estimate 

(fewer than 30 cases), the DAS prints the message “low-N” instead of the estimate. All standard 

errors for estimates presented in this report can be viewed at http://nces.ed.gov/das. 

 

2 NPSAS samples are not simple random samples, and therefore, simple random sample techniques for estimating sampling error 

cannot be applied to these data. The DAS takes into account the complexity of the sampling procedures and calculates standard 

errors appropriate for such samples. The method for computing sampling errors used by the DAS involves approximating the 

estimator by balanced repeated replication of the sampled population. The procedure is typically referred to as the “balanced 

repeated replication technique” (BRR). 
Appendix C—Technical Notes and Methodology

C-5 

Table C-1.—Standard errors for table 1.1: Percentage of all undergraduates who received any federal 

Table C-1.—subsidized or unsubsidized Stafford loans, and the average amount borrowed in 1995–96, 

Table C-1.—1999–2000, and 2003–04, by selected institutional and student characteristics

Average Average Average

Characteristic Percent amount Percent amount Percent amount

 Total 0.23 $50 0.24 $30 0.23 $30

Type of institution

Public 4-year 0.64 70 0.60 50 0.46 40

Private not-for-profit 4-year 1.68 100 0.92 40 0.77 70

Public 2-year 0.17 200 0.23 80 0.36 80

Private for-profit 1.98 190 2.39 100 0.75 60

Undergraduate class level

1st-year/freshmen 0.54 70 0.68 60 0.60 40

2nd-year/sophomore 0.57 70 0.60 30 0.58 50

3rd-year/junior 1.04 90 0.66 60 0.60 60

4th- or 5th-year/senior 0.91 50 0.49 40 0.77 70

Dependency status

Dependent 0.56 20 0.37 20 0.46 30

Independent 0.41 90 0.35 40 0.44 50

Dependent student income

Low income 1.36 50 0.89 50 0.68 50

Lower middle income 1.19 40 1.26 60 0.68 40

Upper middle income 0.98 40 0.86 40 0.80 50

High income 0.73 40 1.22 50 0.67 40

Independent student income

Low income 1.15 130 1.43 80 0.85 70

Lower middle income 1.00 100 0.76 90 0.87 70

Upper middle income 0.73 140 0.48 100 0.86 90

High income 0.76 180 0.38 200 0.61 110

Attendance pattern

Full-time/full-year 0.72 50 0.65 30 0.44 30

Full-time/part-year 1.09 100 0.99 130 0.78 60

Part-time/full-year 0.49 90 0.61 70 0.63 70

Part-time/part-year 0.32 90 0.33 100 0.45 110

Tuition and fees

Less than $1,000 0.37 200 0.27 140 0.51 130

$1,000–1,999 1.09 80 0.77 50 0.75 90

$2,000–3,999 1.30 90 1.05 50 0.66 60

$4,000–7,999 1.28 100 1.64 60 0.92 70

$8,000 or more 1.36 80 0.71 40 0.64 50

SOURCE: U.S. Department of Education, National Center for Education Statistics, 1995–96, 1999–2000, and 2003–04 National 

Postsecondary Student Aid Studies (NPSAS:96, NPSAS:2000, and NPSAS:04).

1995–96 1999–2000 2003–04
Appendix C—Technical Notes and Methodology

C-6 

In addition to tables, DAS users may conduct covariance analyses, either with Weighted 

Least Squares or Logistic regressions. Many options are available for output with the regression 

results. For example, a Winsor filter can be used to eliminate cases with extreme values by 

deleting a certain percentage of cases from the top and bottom of the range. For a description of 

all the options available, users should access the DAS website http://nces.ed.gov/dasolv2. If 

users are new to the DAS, the DAS Help Center provides on-line tutorials offering step-by-step 

instructions in how to use all the functions of the DAS: http://nces.ed.gov/dasol/help. 

For more information about the Data Analysis System, contact: 

Aurora D’Amico 

Postsecondary Studies Division 

National Center for Education Statistics 

1990 K Street NW 

Washington, DC 20006–5652 

(202) 502-7334 

aurora.d’amico@ed.gov

Statistical Procedures 

The descriptive comparisons in this report were tested using Student’s t statistic. 

Differences between estimates are tested against the probability of a Type I error3 or significance 

level. The significance of each group difference was determined by calculating the Student’s t

value for the difference between each pair of means or proportions and comparing these with 

published tables of significance levels for two-tailed hypothesis testing (p < .05). 

Student’s t values may be computed to test the difference between estimates with the 

following formula: 

2

2

2

1

21

sese

EE

t

+

− = (1) 

where E1 and E2 are the estimates to be compared and se1 and se2 are their corresponding 

standard errors. This formula is valid only for independent estimates. When estimates are not 

independent, a covariance term must be added to the formula: 

 t =

21

2

2

2

1

21

 se2(r)se-se+se

E-E (2) 

 

3 A Type I error occurs when one concludes that a difference observed in a sample reflects a true difference in the population 

from which the sample was drawn, when no such difference exists. 
Appendix C—Technical Notes and Methodology

C-7 

where r is the correlation between the two estimates.4 This formula is used when comparing two 

percentages from a distribution that adds to 100. If the comparison is between the mean of a 

subgroup and the mean of the total group, the following formula is used: 

 t =

2

sub

2

tot

2

sub

sub tot

se p2sese

EE

−+

− (3) 

where p is the proportion of the total group contained in the subgroup.5 The estimates, standard 

errors, and correlations can all be obtained from the DAS. 

There are some hazards in using statistical tests for each comparison. First, comparisons 

based on large t statistics may appear to merit special attention. This can be misleading since the 

magnitude of the t statistic is related not only to the observed differences in means or 

percentages, but also to the number of respondents in the specific categories used for 

comparison. Hence, a small difference compared across a large number of respondents would 

produce a large t statistic. 

A second hazard in using statistical tests is the possibility of a “false positive” or Type I 

error. In the case of a t statistic, this false positive would result when a difference between 

groups measured with a particular sample showed a statistically significant difference when there 

is actually no difference between these groups in the full population. The significance level, or 

alpha, of .05 selected for findings discussed as significant in this report indicates that a difference 

of the magnitude reported would be produced by chance no more than one time out of 20 with 

samples of the size used in this study if there were no actual difference between the population 

means. 

 

4 U.S. Department of Education, National Center for Education Statistics, A Note from the Chief Statistician, no. 2, 1993. 

5 Ibid.