STATS IN BRIEF

U.S. DEPARTMENT OF EDUCATION APRIL 2017 NCES 2017-436

The Debt Burden 

of Bachelor’s 

Degree Recipients

AUTHORS 

Erin Dunlop Velez

Jennie H. Woo

RTI International

PROJECT OFFICER

Sean A. Simone

National Center for Education Statistics

Statistics in Brief publications present descriptive data in 

tabular formats to provide useful information to a broad audience, 

including members of the general public. They address simple 

and topical issues and questions. They do not investigate more 

complex hypotheses, account for inter-relationships among 

variables, or support causal inferences. We encourage readers 

who are interested in more complex questions and in-depth 

analysis to explore other NCES resources, including publications, 

online data tools, and public- and restricted-use datasets. See 

nces.ed.gov and references noted in the body of this document 

for more information.

This Statistics in Brief was prepared for the National 

Center for Education Statistics under Contract No. EDIES-12-C-0095 with RTI International. Mention of trade 

names, commercial products, or organizations does 

not imply endorsement by the U.S. Government.

As of May 2013, total outstanding

student loan debt in the United States had 

reached $1.2 trillion, up from $1 trillion 

fewer than 18 months before (Chopra 

2013b). The growth in debt is due primarily

to increases in both the rate of borrowing 

and the average amount borrowed, 

especially among graduates of 4-year 

institutions. 1

1 The other factor dominating total outstanding student loan 

debt is the interest accrued, which is influenced by the rate of 

repayment, including delinquency, default, and income-driven 

repayment plans.

In 1989–90, about half 

(51 percent) of college seniors had taken 

out federal student loans; 60 percent of 

1999–2000 seniors had done so, as had 

68 percent of 2011–12 college seniors 

(Snyder, de Brey, and Dillow 2016).

Adjusting for inflation to 2013–14 dollars, 

the average cumulative amount taken 

out in federal loans by borrowers in 

their senior year of college also increased 

over this time period, from $15,200 in 

1989–90, to $22,100 in 1999–2000, and 

$26,300 in 2011–12.

Despite rising student debt levels, the 

average increase in lifetime earnings from 

a bachelor’s degree relative to a high 

school diploma still exceeds average 

student loan debt (Akers and Chingos 

2014). Recent research has found a 

lifetime earnings premium for those with 

bachelor’s degrees, relative to those with 
2 

only a high school diploma, of just 

under 70 percent (Abel and Deitz 

2014). Other work has also found a 

clear financial advantage to earning a 

bachelor’s degree (Carnevale, Rose, 

and Cheah 2011; Goldin and Katz 2008; 

Oreopoulos and Petronijevic 2013).2

2 A growing body of evidence suggests that although some 

students who earn 2-year degrees or certificates or who attend 

college without completing borrow considerable amounts, the 

returns to their education are not as robust as the returns to a 

bachelor’s degree (Bahr et al. 2015; Dadgar and Weiss 2012; 

Jepsen and Mueser 2015; Jepsen, Troske, and Coomes 2014; 

Liu, Belfield, and Trimble 2015; Paslov and Skomsvold 2014; 

Wei and Horn 2013). This report focuses on borrowing and debt 

among bachelor’s degree recipients, excluding other students 

whose borrowing and debt patterns may differ.

 

Nevertheless, there is concern about 

such negative effects of student loan 

debt for both individual borrowers and 

the economy as a reduction of home or 

auto purchases, net worth, and intergenerational financial security (Addo, 

Houle, and Simon 2016; Brown and 

Caldwell 2013; Chopra 2013a; Elliott, 

Lewis, and Johnson 2014). There is 

evidence that bachelor’s degree 

recipients with high student debt are 

less likely than their low-debt peers to 

work in such sectors as government, 

nonprofit organizations, or education 

(Field 2009; Rothstein and Rouse 2011). 

Additionally, compared to those without student debt, graduates with debt 

also have lower rates of attending 

graduate school (Millett 2003; Monks 

2001), owning a home, and having 

savings or investments (Luong 2010). 

 

Bachelor’s degree recipients who 

graduated in 2007–08 may experience 

particular difficulties in repaying 

student loan debt. These graduates 

entered the labor market just as the 

economy was contracting and therefore faced poor employment 

conditions after they had already 

decided to incur student debt in a 

prerecession economy. Building on a 

previous study of these graduates’ 

debt burden 1 year after they had 

received their degrees (Woo 2013), 

this Statistics in Brief examines their 

loan repayment over a longer repayment window, 4 years after graduation,

almost midway through the standard 

10-year loan repayment period. The 

report examines debt accumulated 

for all postsecondary education, 

including any debt incurred for 

education programs in which graduates enrolled after completing the 

2007–08 bachelor’s degree.

Additionally, this study utilizes a 

recent cohort of students, providing 

an update to older longitudinal studies

of debt burden (Choy and Li 2006). 

Since this report examines a cohort of 

students who received bachelor’s, 

and in some cases graduate, degrees, 

these estimates should not be compared with the debt and repayment 

experiences of students who earned 

certificates or associate’s degrees or 

did not complete a postsecondary 

credential (Gladieux and Perna 2005; 

Looney and Yannelis 2015; Nguyen 

2012; Wei and Horn 2013). 

DATA

The data used in this Statistics in Brief 

are drawn from the most recent administration of the Baccalaureate and 

Beyond Longitudinal Study (B&B:08/12),

a nationally representative, longitudinal

survey of students who completed the 

requirements for a bachelor’s degree 

during the 2007–08 academic year. The 

first follow-up study, conducted 1 year 

after graduation, explored the cohort’s 

undergraduate education experiences, 

early postbaccalaureate employment, 

additional enrollment in postsecondary 

education, and undergraduate education debt. The second follow-up, 

conducted in 2012, continued to 
3 

examine their labor market experiences, postbaccalaureate enrollment, 

and debt burden and repayment 

through the fourth year after graduation. All information pertaining to 

federal student loans, including 

federally guaranteed loans and loans

directly from the U.S. government, 

was obtained from the National 

Student Loan Database System, the 

administrative financial aid database 

of the U.S. Department of Education. 

Information on private student loans, 

i.e., those from commercial banks without federal guarantee, came from the 

 

student survey. More information 

about the data can be found at 

http://nces.ed.gov/surveys/b&b. 

This Statistics in Brief examines all 

the debt held by borrowers in the 

2007–08 cohort. It includes debt 

incurred through Stafford Subsidized, 

Stafford Unsubsidized, and Graduate 

PLUS loans, from both the Direct Loan 

and Federal Family Education Loan 

programs, and Perkins loans, but does 

not include PLUS Loans for Parents. 

It also includes private student loans 

that students obtain from commercial 

banks. Information on any kind of 

temporary deferment of payments 

or missed payments that would be 

equivalent to deferment, forbearance, 

or delinquency was not available for 

private loans.

All comparisons of estimates were 

tested for statistical significance using 

the Student’s statistic, and all differences

cited are statistically significant at the 

p < .05 level.3

3 No adjustments for multiple comparisons were made. 

The standard errors for the estimates can be found in 

appendix B.

Readers are cautioned 

not to draw conclusions regarding 

causality based on the descriptive 

findings presented in this report.
4 

STUDY QUESTIONS

1 Among 2007–08 bachelor’s 

degree recipients who had 

borrowed for their 

postsecondary education, 

what was their outstanding 

education debt 4 years after 

graduation, and how did 

this amount vary among 

groups of graduates?

2 Among bachelor’s degree 

recipients who had borrowed 

for their undergraduate 

education and had no 

additional enrollment, what 

was the repayment status of 

their education debt 4 years 

after graduation, and what 

percentage of these 

graduates experienced 

repayment difficulties 

during that time?

3 Among bachelor’s degree 

recipients who had 

borrowed for their 

postsecondary education, 

what was their average 

education debt burden 

(i.e., their monthly loan 

payment as a percentage 

of their monthly salary) 

4 years after graduation?

KEY FINDINGS

• Some 4 years after completing their 

degrees, 72 percent of 2007–08 

bachelor’s degree recipients had 

borrowed for postsecondary 

education (as undergraduates or 

graduate students) and 63 percent 

of bachelor’s degree recipients still 

had student loan debt (figure 1). 

Borrowers who had no postsecondary enrollment after completing 

the 2007–08 bachelor’s degree 

owed an average of $24,200 

(figure 2). Those who had borrowed 

for additional postsecondary 

education owed an average 

of $61,300.

• Among borrowers with no additional enrollment, 69 percent were 

repaying their loans, 17 percent 

had paid off their loans, 9 percent 

were not paying but still owed, and 

5 percent had defaulted (figure 7). 

Among federal borrowers with no 

further enrollment, about onequarter (24 percent) had at least 

one delinquent loan (figure 9).

• Among federal borrowers with 

bachelor’s degrees but no further 

enrollment, those who had 

borrowed the most had higher 

rates of deferment for reasons of 

economic difficulty, forbearance, 

delinquency, and default 

(figure 10).

• Among borrowers who were in 

repayment, employed, and did 

not enroll in further education, the 

average debt burden (i.e., their 

monthly loan payment as a percentage of their monthly salary) 

was 10 percent (table 2). About 

22 percent of employed graduates 

who had not enrolled in additional 

postsecondary education after 

receiving their bachelor’s degree 

and were repaying their student 

loans carried a debt burden 

over 12 percent, a level that is 

considered burdensome (Baum 

and O’Malley 2003; Baum and 

Schwartz 2006; Clark 2009; 

Greiner 1996; Hopkins 2012).
5 

GLOSSARY OF TERMS

Amount borrowed—The average cumulative amount borrowed in both federal and private loans.

Amount owed—The average cumulative outstanding balance in both federal and private loans, including principal 

and interest.

Debt burden—The ratio of monthly loan payments for all student loans to monthly salary.

Default—The status of a federal loan when a borrower fails to make a payment for 270 days. For private loans there 

is no standard definition.

Deferment—A temporary cessation of payments on a federal loan that is allowed under certain conditions. If the 

loan is not subsidized, interest payments still accrue and may be added to the payments or capitalized into principal. 

The most common reason for deferment is further enrollment in higher education, but deferments can also be given 

for such other reasons as economic hardship or unemployment. 

Delinquency—Missing at least one federal loan payment in a past due period, which can range from 31 to 269 days.

Forbearance—A temporary cessation of federal loan payments with the agreement of the loan servicer. This is 

usually granted for financial hardship and interest continues to accrue. 

Not paying but owe—The status of borrowers in the grace period between when they leave school and when the 

first payment is due and of borrowers who have received deferments, forbearances, or other temporary reprieves 

from repayment.

Paid off—A loan that was never in default and for which no principal or interest is owed.

Repaying—Making regular, on-time loan payments.
6 

1 

Among 2007–08 bachelor’s degree recipients who had borrowed 

for their postsecondary education, what was their outstanding 

education debt 4 years after graduation, and how did this amount 

vary among groups of graduates?

As of 2012, about three-quarters 

(72 percent) of 2007–08 bachelor’s 

degree recipients had taken out 

federal or private student loans to 

finance their undergraduate and 

subsequent education (figure 1). 

These students borrowed an average 

of $45,800 and owed $41,900 in 

principal and interest in 2012 (figure 2). 

Although some borrowers had paid off 

their loans, about 63 percent of 

2007–08 bachelor’s degree recipients 

had some postsecondary education 

debt in 2012. 

FIGURE 1. 

BORROWING AND OWING BY POSTBACCALAUREATE ENROLLMENT

Percentage of 2007–08 bachelor’s degree recipients who borrowed for their postsecondary education and 

percentage who owed, by highest level of program attended: 2012

 

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond Longitudinal Study (B&B:08/12).
7 

FIGURE 2.

AMOUNTS BORROWED AND OWED BY POSTBACCALAUREATE ENROLLMENT

Among 2007–08 bachelor’s degree recipients who borrowed for postsecondary education, average cumulative 

amount borrowed and average cumulative outstanding balance, by highest level of program attended: 2012 45,800 29,600 63,600 40,100 41,900 44,500 55,400 73,600 131,00024,200 61,300 36,000 40,200 52,300 75,200 134,100

0

50,000

100,000

150,000

Total No further

enrollment

Further

enrollment

Certificate Additional 

associate’s 

or bachelor’s

Master’s Academic

doctorate

Professional

doctorate

Amount

Amount borrowed Amount owed

Enrollment Program level of those with further enrollment

$

NOTE: Outstanding balance includes both principal and interest for federal loans and private loans combined. 

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).

 
8 

Debt levels varied by whether 

students enrolled in postsecondary 

education after completing the 

2007–08 bachelor’s degree. About 

56 percent of all bachelor’s degree 

recipients had no further enrollment 

after earning the 2007–08 degree 

(table 1). Of those graduates, 

66 percent had borrowed for their 

undergraduate education (figure 1), 

borrowing an average of $29,600 

(figure 2). Bachelor’s degree recipients 

who borrowed and had no further 

enrollment, including those who had 

paid off their debt, owed an average 

of $24,200 in principal and interest in 

2012. Fifty-six percent of all 2007–08 

bachelor’s degree recipients with no 

further enrollment had debt 4 years 

later (figure 1).

TABLE 1. 

ENROLLMENT AFTER BACHELOR’S DEGREE BY DEGREE LEVEL

Percentage distribution of 2007–08 bachelor’s degree recipients, by 

highest postbachelor’s enrollment as of 2012

Highest postbachelor’s enrollment Percent

No further enrollment 56.5

Further enrollment 43.5

Certificates 6.2

Additional associate’s or bachelor’s 2.6

Master’s 27.2

Professional doctorate 5.1

Academic doctorate 2.5

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond 

Longitudinal Study (B&B:08/12).

Of those who enrolled in further 

education—the other 44 percent of 

the cohort (table 1)—71 percent 

(figure 1) owed an average of $61,300 

(figure 2), although the amount owed 

varied with the highest level of postbaccalaureate education in which they 

had enrolled. Twenty-seven percent 

of the cohort went on to pursue a 

master’s degree, the most frequently 

pursued post-bachelor’s degree 

(table 1). Among the master’s degree 

students, 71 percent had loans to 

repay in 2012 (figure 1), averaging 

$52,300 in outstanding principal and 

interest (figure 2).

Doctoral students finance their degrees

differently depending on the type of 

doctoral degree they pursue: those 

enrolled for professional doctoral 

degrees (e.g., J.D., M.D.) tend to borrow 

higher amounts and at higher rates 

than do students seeking such academic doctorates as Ph.D.s (Woo 2014, 

2015). Among 2007–08 bachelor’s 

degree recipients enrolled in professional doctoral programs, 84 percent 

had outstanding student loan debt in 

2012 (figure 1). They owed an average 

of $134,100 in principal and interest, 

more than students who pursued any 

other credential after the 2007–08 

bachelor’s degree (figure 2). About 

three-fifths (58 percent) of 2007–08 

bachelor’s degree recipients who 

enrolled in professional doctoral 

programs had earned these degrees 

as of 2012.4

 

4 See table 11654, “Among 2007–08 bachelor’s degree 

recipients who enrolled in subsequent education, percentage

distribution of highest award attained since bachelor’s degree, 

by degree program of highest post-baccalaureate enrollment: 

2012,” available in the College and Career Tables Library at 

https://nces.ed.gov/datalab/tableslibrary/viewtable.aspx?

tableid=11654. 

 

Among 2007–08 bachelor’s degree 

recipients enrolled in academic or 

other nonprofessional doctoral 

programs, 60 percent had borrowed 

for postsecondary education as of 

2012, and 54 percent had outstanding 

education debt (figure 1). Among all 

these students who had borrowed, the 

average outstanding education debt 

totaled $75,200 (figure 2). Most of the 

students who enrolled in an academic 

or other nonprofessional doctoral 

program (93 percent) had not yet 

attained a doctoral degree.4

 
9 

Among bachelor’s degree recipients 

who had borrowed to finance either 

their undergraduate or graduate 

education, 88 percent owed money 

4 years later (figure 3). The amount of 

debt outstanding varied with their 

2012 employment status. Of those 

borrowers who were employed and 

not attending school, 86 percent 

owed on their student loans in 2012. 

The average outstanding debt 

among all borrowers who were 

employed but not enrolled was 

$33,700 (figure 4). In contrast, 

94 percent of borrowers who were 

unemployed had education debt 

in 2012 (figure 3), and the average 

debt among all unemployed 

borrowers was $52,200.5

 

 

5 Graduates who were not working but looking for work are 

defined as unemployed, and those who were not working and 

not looking for work are defined as out of the labor force.

FIGURE 3. 

OWING BY EMPLOYMENT AND ENROLLMENT STATUS

Among 2007–08 bachelor’s degree recipients who borrowed for their 

postsecondary education, percentage who had outstanding debt, by 

employment and enrollment status: 2012

 

NOTE: Graduates who were not working but looking for work are defined as unemployed, and those who were not 

working and not looking for work are defined as out of the labor force.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond 

Longitudinal Study (B&B:08/12).

FIGURE 4. 

OUTSTANDING BALANCE BY EMPLOYMENT AND ENROLLMENT STATUS

Among 2007–08 bachelor’s degree recipients who borrowed for their 

postsecondary education, average amount owed, by employment and 

enrollment status: 2012

 

NOTE: Graduates who were not working but looking for work are defined as unemployed, and those who were not 

working and not looking for work are defined as out of the labor force.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond 

Longitudinal Study (B&B:08/12).
10

Among undergraduate borrowers 

who did not pursue further education 

and who had ever worked since 

completing their 2007–08 bachelor’s 

degree, the average amount borrowed 

and owed varied with the occupation 

in which they were employed most 

recently as of 2012. Those whose 

most recent employment was in 

business or management; science, 

technology, engineering, and 

mathematics (STEM); sales; or trades 

and technical occupations had 

borrowed lower amounts, on average, 

than did those whose most recent 

employment was in a health care 

occupation (figure 5).6

 

6 Other apparent differences were not statistically significant.

Among all 

borrowers in a given occupation 

category, the average outstanding 

debt amounts 4 years after bachelor’s 

degree completion ranged from 

$20,100 (STEM occupations) to 

$27,200 (health care occupations).

FIGURE 5. 

OUTSTANDING BALANCE BY OCCUPATION

Among 2007–08 bachelor’s degree recipients who borrowed for their 

undergraduate education and had no additional enrollment, average 

amount borrowed and owed, by most recent occupation: 2012

 

1 Includes computer/information systems occupations, engineers, life scientists, math-related occupations, and physical 

scientists.

2 Includes nursing occupation. 3 Includes agricultural occupations; construction and mining occupations; engineering technicians; fitters, tradesmen, and 

mechanics; food service occupations; military occupations; personal care occupations; protective service occupations; 

supports occupations; and transport support occupations. 4 Includes the occupations of air transportation professionals; artists and designers; communication professionals; 

information professionals; legal professionals; other educators; postsecondary educators; and social scientists. 

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond 

Longitudinal Study (B&B:08/12).
11

Among those who were employed 

in 2012, those who earned the most 

had lower average outstanding 

debt amounts than those who 

earned the least, while there were 

no significant differences among 

the other salary levels (figure 6). 

Those whose earnings were in 

the top 25 percent of the salary 

distribution owed an average of 

$20,400, compared with those 

whose earnings were in the bottom 

25 percent, who owed $24,500. 

FIGURE 6.

OUTSTANDING DEBT BY SALARY

Among 2007–08 bachelor’s degree recipients who borrowed for their 

undergraduate education and had no additional enrollment, average 

amount owed, by annualized salary: 2012

28,900

23,300 24,500 23,200

25,300

20,400

0

10,000

20,000

30,000

40,000

No salary Total Lowest 

25 percent

Lower middle 

25 percent

Higher middle 

25 percent

Highest 

25 percent

Amount owed

Annualized salary

$

Employed

NOTE: Those who earned $1–$31,199 were the 25 percent of bachelor’s degree recipients with the lowest annualized salary; 

those who earned $31,200–$42,999 were the 25 percent of bachelor’s degree recipients with lower middle annualized salary; 

those who earned $43,000–$59,999 were the 25 percent of bachelor’s degree recipients with higher middle annualized 

salary; and those who earned $60,000 or more were the 25 percent of bachelor’s degree recipients with the highest 

annualized salary. 

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond 

Longitudinal Study (B&B:08/12).
12

2 

Among bachelor’s degree recipients who had borrowed for their 

undergraduate education and had no additional enrollment, what 

was the repayment status of their education debt 4 years after 

graduation, and what percentage of these graduates experienced 

repayment difficulties during that time?

Among all borrowers who had not 

enrolled in additional postsecondary 

education after completing their 

2007–08 bachelor’s degree, 69 percent 

were repaying their federal or private 

loans 4 years after completing their 

degree. Another 17 percent had paid 

off their loans; 9 percent were not 

making payments but still owed on 

their loans; and 5 percent were in 

default (figure 7).7

 

7 Borrowers with student loan debt who were not making 

payments but owed on their loans may have been in the grace 

period between leaving school and when repayment is required 

orpostponing payments through deferments or forbearances 

for federal loans or in agreements with private lenders for 

private loans.

FIGURE 7. 

REPAYMENT STATUS BY MAJOR

Among 2007–08 bachelor’s degree recipients who borrowed for their undergraduate education and had no 

additional enrollment, percentage distribution of repayment status of loans, by undergraduate field of study: 2012

 

! Interpret data with caution.

1 STEM majors: Includes computer and information sciences; engineering and engineering technology; and biological and physical science, science technology, mathematics, and agriculture.

2 General studies and other: Includes basic skills and citizenship activities; leisure and recreational activities; personal awareness and self-improvement; high school and secondary diplomas 

and certificate programs; and interpersonal and social skills.

3 Other applied: Includes personal and consumer services; manufacturing,construction, repair, and transportation; military technology and protective services; architecture; communications; 

public administration and human services; design and applied arts; law and legal studies; library sciences; and theology and religious vocations. 

NOTE: Detail may not sum to totals because of rounding. “Paid off” includes loans that are discharged or forgiven. Less than 1 percent of bachelor’s recipients who took federal loans had their 

loans discharged or forgiven. A loan amount may be discharged or forgiven due to bankruptcy, disability, death, closed school, fraud, or false certification or due to a loan forgiveness program.

Borrowers who are “not paying but owe” include those in their grace period and those who have received deferments or forbearances. The grace period is the time between when a student 

leaves school and when their first payment is due. For federal loans, a deferment is a temporary cessation of loan principal that is allowed under certain conditions. During a deferment, 

interest still accrues for unsubsidized loans. A forbearance is a temporary cessation of loan principal payments under agreement with the loan servicer, usually for financial hardship, and 

interest continues to accrue. For private loans the terms are determined under negotiation with the lender.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).
13

Borrowers’ repayment status varied with 

undergraduate field of study. Among 

borrowers who had not enrolled in 

additional postsecondary education 

and who had majored in the social 

sciences/humanities, 12 percent still 

owed but were not paying on their 

loans, compared with 7 percent among

those who had majored in STEM or other 

applied fields. In addition, 25 percent of 

STEM majors had paid off their loans, 

proportionally more than the 13–18 

percent of graduates in all other fields, 

except general studies, who had paid 

off their loans.8

 

8 The difference between general studies and STEM was not 

statistically significant.

 

Among borrowers who had no additional enrollment after receiving their 

2007–08 bachelor’s degree and had borrowed through a federal loan program, 

their 2012 loan repayment status varied 

with their current or most recent occupation. Borrowers who worked in STEM 

occupations had significantly lower rates 

of ever receiving deferments or forbearances on federal loans than did those in 

all other fields except for those in social 

service professions, sales, or other occupations, where the difference was not 

statistically significant (figure 8).

9

9 Unlike figure7, figures 8–10 examine if a borrower ever had one of the 

following specific loan statuses on any federal loan: a forbearance, 

deferment, delinquency, or default. Because information on these 

specific loan statuses is only available for federal loans, federal loans are 

the only loans included in figures 8–10. The deferment variable 

measures if the borrower’s most common type of deferment was for 

economic hardship or unemployment. The two measures are not 

mutually exclusive in that borrowers can have multiple loans with 

different statuses, or a single loan could go through more than one of 

these statuses in the 4 years since repayment began. 

 

FIGURE 8. 

DEFERMENTS OR FORBEARANCES

Among 2007–08 bachelor’s degree recipients who took out federal loans for their undergraduate education and 

had no additional enrollment, percentage who ever had a loan deferment or forbearance on a federal loan, by 

most recent occupation: 2012

 

1 Includes computer/information systems occupations, engineers, life scientists, math-related occupations, and physical scientists. 2 Includes nursing occupations. 3 Includes agricultural occupations; construction and mining occupations; engineering technicians; fitters, tradesmen, and mechanics; food service occupations; military occupations; personal 

care occupations; protective service occupations; supports occupations; and transport support occupations. 4 Includes the occupations of air transportation professionals; artists and designers; communication professionals; information professionals; legal professionals; other educators; 

postsecondary educators; and social scientists. 

NOTE: This figure is limited to borrowers of federal student loans because information on deferments and forbearances is only available for federal loan borrowers. A deferment is a temporary 

cessation of loan principal that is allowed under certain conditions. During a deferment, interest still accrues for unsubsidized loans. A forbearance is a temporary cessation of loan principal 

payments under agreement with the loan servicer, usually for financial hardship, and interest continues to accrue. Many borrowers have used both kinds of payment postponements at 

different times. About 61 percent of borrowers who had ever received a deferment also had received a forbearance.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and BeyondLongitudinal Study (B&B:08/12).
14

A direct measure of repayment 

difficulty is delinquency (i.e., missing 

at least one loan payment). As of 

2012, about one-quarter (24 percent) 

of federal borrowers who had not 

enrolled in further education after 

receiving a bachelor’s degree had been 

delinquent on at least one federal loan 

since graduation (figure 9). Those who 

worked in STEM had significantly lower 

rates of loan delinquency on federal 

loans than did those in business or 

management, social services, sales, or 

business support/administrative 

assistance occupations. 

FIGURE 9.

DELINQUENCIES

Among 2007–08 bachelor’s degree recipients who took out federal loans for their undergraduate education and 

had no additional enrollment, percentage who had a delinquent federal loan since graduation, by most recent 

occupation: 2012

24 27

16

23 22 27 27 30

21 23

0

20

40

60

80

100

Total Business

or

management

STEM1 Health

care2

PK–12 

educator

Social

services

Sales Business

support/

administrative

assistance

Trades and

technical3

Other4

Percent

Occupation

1 Includes computer/information systems occupations, engineers, life scientists, math-related occupations, and physical scientists. 2 Includes nursingoccupations. 3 Includes agricultural occupations; construction and mining occupations; engineering technicians; fitters, tradesmen, and mechanics; food service occupations; military occupations; personal 

care occupations; protective service occupations; supports occupations and transport support occupations.

4 Includes the occupations of air transportation professionals; artists and designers; communication professionals; information professionals; legal professionals; other educators; 

postsecondary educators; and social scientists. 

NOTE: This figure is limited to borrowers of federal student loans because information on delinquencies is only available for federal loan borrowers. For federal loans, a delinquency is one or 

more missed payments. The past due period can range from 31 to 269 days. If a loan is 270 days or more past due, it is considered in default. This figure does not include defaulted loans.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond Longitudinal Study (B&B:08/12).
15

The amount graduates had borrowed 

was also related to their 2012 loan 

status. Among federal borrowers without additional enrollment, those who 

had borrowed the most (i.e., those 

whose amount borrowed fell in the 

highest 25 percent among borrowers) 

had higher rates of deferment for 

reasons of economic difficulty, and 

higher rates of forbearance, delinquency, and default than did other 

federal borrowers (figure 10).10

 

10 The difference in the percentage of graduates who defaulted 

between the highest 25 percent and lowest 25 percent was not 

statistically significant.

This is 

similar to the pattern found among a 

previous cohort 10 years after earning 

bachelor’s degrees (Choy and Li 2006). 

That study found that among bachelor’s degree recipients with Stafford 

undergraduate loans and no further 

enrollment, higher amounts borrowed 

were associated with higher default 

rates. In contrast, among all kinds of 

undergraduates, including those who 

obtained associate’s degrees or certificates or who dropped out before 

completing, students who borrowed 

less had the highest default rates 

(Akers and Chingos 2016; Baum 2016; 

Hillman 2014). In addition, deferment 

rates on federal loans for reasons of 

economic difficulty increased at each 

higher level of federal borrowing. For 

example, among those who had 

borrowed the least, 6 percent had 

deferments on federal loans for 

reasons of economic difficulty, and 

among those who borrowed the most, 

26 percent received such deferments. 

FIGURE 10. 

REPAYMENT ADVERSITY

Among 2007–08 bachelor’s degree recipients who took outfederal loans 

for their undergraduate education and had no additional enrollment, 

percentage with economic difficulty deferment, forbearance, and 

delinquency on any federal loan or default on their most recent federal 

loan, by amount of federal loans borrowed: 2012

! Interpret data with caution.

NOTE: This figure is limited to borrowers of federal student loans because information on deferment, forbearance, 

delinquency, and default is only available for federal loan borrowers. Those who borrowed $1–$10,999 were the 25 

percent of federal loan borrowing bachelor’s degree recipients with the lowest cumulative amount borrowed; those who 

borrowed $11,000–$17,124 were the 25 percent of federal loan borrowing bachelor’s degree recipients with lower middle 

cumulative amount borrowed; those who borrowed $17,125–$25,499 were the 25 percent of federal loan borrowing 

bachelor’s degree recipients with higher middle cumulative amount borrowed; and those who borrowed $25,500 or more 

were the 25 percent of federal loan borrowing bachelor’s degree recipients with the highest cumulative amount 

borrowed. These categories are not mutually exclusive. Economic difficulty means the borrower received a deferment or 

temporary cessation of payments due to economic hardship or unemployment. A forbearance is a temporary cessation of 

loan principal payments under agreement with the loan servicer, usually for financial hardship, and interest continues to 

accrue. Delinquency is one or more missed payments. The past due period can range from 31 to 269 days. If a loan is 270 

days or more past due, it is considered in default.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond 

Longitudinal Study (B&B:08/12).

 
16

3 

Among bachelor’s degree recipients who had borrowed for their 

postsecondary education, what was their average education debt 

burden (i.e., their monthly loan payment as a percentage of their 

monthly salary) 4 years after graduation?

Overall, the average education 

debt burden—a graduate’s monthly 

student loan payment on federal or 

private loans as a percentage of 

his/her monthly salary—among 

currently employed bachelor’s degree 

recipients who borrowed for their 

education was 9 percent (table 2). The 

average debt burden among currently 

employed borrowers in repayment 

was 12 percent. Among currently 

employed borrowers in repayment 

who had additional postsecondary 

enrollment, the average debt burden 

was 14 percent, whereas among their 

counterparts who had no further 

enrollment, it was 10 percent. Finally, 

some 22 percent of currently 

employed borrowers in repayment 

without further enrollment faced a 

debt burden of more than 12 percent. 

Analysts who have examined this issue 

using consumption data and surveys 

measuring borrowers’ perceptions of 

burden agree that 8 to 10 percent is a 

manageable percentage of income 

that a borrower can be expected to 

devote to loan repayment (Baum and 

O’Malley 2003; Baum and Schwartz 

2006; Clark 2009; Greiner 1996; 

Hopkins 2012). This cutoff for a 

manageable debt burden is also used 

in the rules for federal income-driven 

repayment plans. 11

 

11 Seea description of income-driven repayment plans: 

https://studentaid.ed.gov/sa/repayloans/understand/plans/income-driven. 

A ratio higher than 

12 percent of total income, therefore, 

is considered burdensome.12

12 For example, the gainful employment regulations of the 

U.S. Department of Education specify that programs 

whose graduates have annual loan payments greater than 

12percent of total earnings would fail an accountability 

metric for receiving federal aid. See 

http://www2.ed.gov/policy/highered/reg/hearulemaking

/2012/gainful-employment-fact-sheet-10302014.pdf. 

 

TABLE 2. 

DEBT BURDEN

Among currently employed 2007–08 bachelor’s degree recipients who 

borrowed for their undergraduate education, average debt burden 

(monthly loan payment as a percentage of monthly salary) and 

percentage with debt burdens greater than 12 percent, by repayment 

and further enrollment status: 2012

Student grouping

Average

ratio

Percent with

ratio greater

than 12 percent

All borrowers 9.0 21.2

Borrowers in repayment 11.9 28.0

Borrowers in repayment with further enrollment 14.1 36.5

Borrowers in repayment without further enrollment 10.4 22.1

NOTE: Estimates exclude borrowers without any salary. Monthly salary is calculated by dividing annualized salary across 

all jobs by 12.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond 

Longitudinal Study (B&B:08/12).
17

Focusing on currently employed 

graduates who did not enroll in 

further education and were repaying 

their debt, figure 11 presents the 

average debt burden by the control 

of bachelor’s degree institution. 

Among the three categories, one 

difference was statistically significant: 

those who had graduated from 

public institutions had a lower 

average debt burden (10 percent) 

than did those who had graduated 

from private nonprofit institutions 

(11 percent). 

FIGURE 11.

DEBT BURDEN BY BACCALAUREATE SECTOR

Average debt burden among currently employed 2007–08 bachelor’s 

degree recipients who borrowed for their undergraduate education, 

did not enroll further, and were repaying their undergraduate debt, 

by control of bachelor’s degree institution: 2012

10 10 11 12

0

20

40

60

80

100

Total Public Private

nonprofit

 For-profit

Control of institution

Percent

NOTE: Estimates exclude borrowers without any salary. Debt burden is the monthly student loan payment as a percentage 

of monthly salary. Monthly salary is calculated by dividing annualized salary across all jobs by 12.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond 

Longitudinal Study (B&B:08/12).
18

Figure 12 presents average debt 

burden by current occupation. 

Among borrowers who had not 

enrolled further after receiving 

the 2007–08 degree, were working, 

and were repaying their debt, those 

who worked in STEM occupations 

had a lower debt burden than those 

working in health care, PK–12 

education, business support, 

trades and technical, and other 

occupations.13

 

13 Other apparent differences were not statistically significant.

 

FIGURE 12. 

DEBT BURDEN BY OCCUPATION

Average debt burden among currently employed 2007–08 bachelor’s degree recipients who borrowed for their 

undergraduate education, did not enroll further, and were repaying their undergraduate debt, by occupation: 2012

 

1 Includes computer/information systems occupations,engineers, life scientists, math-related occupations, and physical scientists. 2 Includes nursing occupation. 3 Includes agricultural occupations; construction and mining occupations; engineering technicians; fitters, tradesmen, and mechanics; food service occupations; military occupations; personal 

care occupations; protective service occupations; supports occupations; and transport support occupations. 4 Includes the occupations of air transportation professionals; artists and designers; communication professionals; information professionals; legal professionals; other educators; 

postsecondary educators; and social scientists. 

NOTE: Estimates exclude borrowers without any salary. Debt burden is the monthly student loan payment as a percentage of monthly salary. Monthly salary is calculated by dividing 

annualized salary across all jobs by 12.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).
19

FIND OUT MORE

For questions about content or to order additional copies of this Statistics in Brief 

or view this report online, go to:

http://nces.ed.gov/pubsearch/pubsinfo.asp?pubid=2017436

More detailed information on 2007–08 bachelor’s 

degree recipients in 2012 can be found in Web Tables 

produced by the National Center for Education 

Statistics (NCES) using the B&B:08/12 data. Included 

are estimates of college graduates’ demographic, 

enrollment, and employment characteristics. 

A First Look that examines employment experiences 

among these college graduates is also available. 

An earlier set of Web Tables looks at this cohort 1 year 

after graduating and compares their characteristics 

with those of two earlier cohorts also 1 year out.

Baccalaureate and Beyond: A First Look at the 

Employment Experiences and Lives of College 

Graduates, 4 Years On (B&B:08/12) (NCES 2014-141). 

http://nces.ed.gov/pubsearch/pubsinfo.asp?

pubid=2014141 

Degrees of Debt: Student Borrowing and Loan 

Repayment of Bachelor’s Degree Recipients 1 Year 

After Graduating: 1994, 2001, and 2009

(NCES 2014-011). 

http://nces.ed.gov/pubsearch/pubsinfo.asp?

pubid=2014011 
20

TECHNICAL NOTES

Survey Methodology

The estimates provided in this Statistics 

in Brief are based on data collected 

through the second follow-up of 

the 2008 Baccalaureate and Beyond 

Longitudinal Study (B&B:08/12), which 

describes the enrollment and employment experiences of a national sample 

of 2007–08 bachelor’s degree recipients

4 years after graduation. The second 

follow-up study explores graduates’ 

postbaccalaureate employment and 

enrollment as well as their student loan 

debt and repayment. B&B:08 is the 

third in a series of studies of bachelor’s 

degree recipients that have previously 

covered 1992–93 graduates through 

2003 (B&B:93/03) and 1999–2000 

graduates through 2001 (B&B:2000/01). 

The B&B studies allow researchers to 

address questions regarding the 

experiences of bachelor’s degree 

recipients, including their participation 

in various undergraduate financial aid 

programs, undergraduate debt, and 

repayment of that debt; entrance 

into and progress through degree 

programs after the bachelor’s degree; 

and postbaccalaureate employment, 

particularly for graduates who became 

elementary/secondary teachers. 

In the 2008 base-year study as well as 

the follow-up studies in 2009 and 2012, 

students provided data through instruments administered over the Internet 

or by telephone. In addition to student 

responses, data were collected from

the institutions that sampled students 

attended and other relevant databases, 

including U.S. Department of Education

records on student loan and grant 

programs and student financial aid 

applications. Students’ transcripts 

through the 2008–09 academic year 

were collected in 2009 as part of the 

Postsecondary Education Transcript 

Study, creating a record of academic 

enrollment including coursetaking, 

credit accumulation, academic 

performance, and degree receipt 

prior to and including the 2007–08 

bachelor’s degree. 

Among the approximately 137,800 

undergraduate students who were 

sampled for the 2007–08 National 

Postsecondary Student Aid Study 

(NPSAS:08), approximately 17,110 

students were determined to be eligible

for B&B:08/09 (exhibit 1). Eligible 

students were those who had enrolled 

at an institution that was eligible to 

participate in Title IV federal student aid

programs and was located in one of 

the 50 states, the District of Columbia, 

or Puerto Rico; had completed requirements for a bachelor’s degree between 

July 1, 2007, and June 30, 2008; and 

were awarded a baccalaureate degree 

by the institution from which they were 

sampled no later than June 30, 2009.

Exhibit 1. Selected statistics on the 2008/12 Baccalaureate and Beyond 

Longitudinal Study (B&B:08/12) data collections

Statistic B&B:08/12

Target population Bachelor’s degree

recipients in 2007–08

Target population size 1.6 million

Sampling frame (institutions) 2004–05 and 2005–06 

IPEDS IC,1 Fall Enrollment, 

and Completion files

Number of sampled institutions (NPSAS:08)2 1,960

Number of eligible institutions (NPSAS:08) 1,940

Number of participating institutions (NPSAS:08) 1,730

Percentage of eligible institutions that provided student 

enrollment lists (unweighted) 89.0

Percentage of eligible institutions that provided student 

enrollment lists (weighted) 90.1

Number of sampled students (B&B:08/12) 17,160

Number of eligible students (B&B:08/12) 17,110

B&B:08/12 interview response rate (unweighted) 85.1

B&B:08/12 interview response rate (bookend weighted) 77.1

B&B:08/12 interview response rate (panel weighted) 68.2

1 The 2004–05 and 2005–06 Integrated Postsecondary Education Data System (IPEDS) Institutional Characteristics, Fall 

Enrollment, and Completion files were used to construct the institution sampling frame. 

2 The 2007–08 National Postsecondary Student Aid Study (NPSAS:08) was the base-year study for B&B:08/12.

NOTE: The bookend weight includes NPSAS:08 study respondents who completed a B&B:08/12 interview. The panel 

weight includes NPSAS:08 study respondents who completed both a B&B:08/09 and a B&B:08/12 interview.

SOURCE: Cominole, M., Shepherd, B., and Siegel, P. (2015). 2008/12 Baccalaureate and Beyond Longitudinal Study 

(B&B:08/12) Data File Documentation(NCES 2015-141). National Center for Education Statistics, Institute of Education 

Sciences, U.S. Department of Education. Washington, DC.
21

Of those students, about 17,110 were 

deemed eligible for B&B:08/12. These 

students represent approximately 

1.6 million students who completed 

the requirements for a baccalaureate 

degree between July 1, 2007, and 

June 30, 2008. Exhibit 1 provides 

detailed information about the 

B&B:08/12 data collection. 

The institution sampling frame for 

NPSAS:08 was constructed from the 

2004–05 and 2005–06 Institutional 

Characteristics, Fall Enrollment, and 

Completions files of the Integrated 

Postsecondary Education Data System, 

which includes all U.S. postsecondary 

institutions that are eligible to 

participate in federal financial aid 

programs under Title IV of the Higher 

Education Act. The sampling design 

consisted of first selecting institutions 

and then selecting students from 

those eligible institutions that provided

enrollment lists (participating institutions). Institutions were selected with 

probabilities proportional to a composite measure of size based on expected 

2007–08 enrollment. With approximately 1,700 institutions participating 

in the study, the weighted institution 

response rate was 90 percent. Eligible 

sampled students were defined as 

study respondents if at least 11 key 

data elements were available from any 

data source. Approximately 114,000 

undergraduates and 14,000 graduate 

students were study respondents, and 

the weighted student response rates 

for both levels were 96 percent.14

 

14 Data on graduate students from NPSAS:08 are not included 

in this study. 

 

Estimates were weighted to adjust for 

the unequal probability of selection 

into the sample and for nonresponse. 

Two broad categories of error occur 

in estimates generated from surveys: 

sampling and nonsampling errors. 

VARIABLES USED

The variables used in this Statistics in Brief are listed below. Visit the NCES 

DataLab website http://nces.ed.gov/datalab to view detailed information on 

question wording for variables coming directly from an interview, how 

variables were constructed, and their sources. The program files that 

generated the statistics presented in this Statistics in Brief can be found at 

http://nces.ed.gov/pubsearch/pubsinfo.asp?pubid=2017436. 

Label Name

Average number of delinquencies per federal loan as of 2012 B2DLQ_AVG

Cumulative amount borrowed for education through 2012 B2BORAT

Cumulative amount borrowed in federal loans for undergraduate 

education through 2012 B2FEDCUM1

Cumulative amount owed for education loans as of 2012 B2TOTDUE3

Cumulative loan amount borrowed for undergraduate education 

through 2007–08 B1BORAT

Defaults as of 2012 B2LNSTAT

Employment and enrollment status in 2012 B2LFP12

Enrolled in additional degree program since bachelor’s degree as of 2012 B2CPSTGRD

Ever had any loans in forbearance as of 2012 B2FORBAR

Ever had loans in deferment or forbearance as of 2012 B2EVERDAFB

Highest degree program enrollment after bachelor’s degree, as of 2012 B2HIENR

Institution control in 2007–08 CONTROL

Monthly loan repayment as percent of monthly salary in 2012 B2EDPCT

Monthly payment on student loans in 2012 B2LNPMT

Most common deferment reason for borrower as of 2012 B2DFR_REAS

Primary occupation in 2012 B2CJOCC33

Repayment status for any loans in 2012 B2PAYSTAT 

Total annual salary for all jobs in 2012 B2INC12

Undergraduate major MAJORS4Y 
22

Sampling errors occur when observations are based on samples rather than 

on entire populations. The standard 

error of a sample statistic is a measure 

of the variation due to sampling and 

indicates the precision of the statistic. 

The complex sampling design used in 

NPSAS:08 must be taken into account 

when calculating such variance 

estimates as standard errors. NCES’s 

online PowerStats, which generated 

the estimates in this Statistics in Brief, 

uses the balanced repeated replication 

method to estimate variance while 

taking the complex sample design 

into account (Kaufman 2004; 

Wolter 1985). 

Nonsampling errors can be attributed 

to several sources: incomplete information about all respondents (e.g., 

some students or institutions refused 

to participate, or students participated 

but answered only certain items); 

differences among respondents in 

question interpretation; inability or unwillingness to give correct information; 

mistakes in recording or coding data; 

and other errors of collecting, processing, and imputing missing data. 

For more information on B&B:08/12 

and NPSAS:08 methodology, see the 

following publications: 

• 2008/12 Baccalaureate and Beyond 

Longitudinal Study (B&B:08/12): Data 

File Documentation (NCES 2015-141). 

http://nces.ed.gov/pubsearch/

pubsinfo.asp?pubid=2015141 

• 2007–08 National Postsecondary 

Student Aid Study (NPSAS:08) 

Full-scale Methodology Report

(NCES 2011-188). 

http://nces.ed.gov/pubsearch/

pubsinfo.asp?pubid=2011188

Response Rates

NCES Statistical Standard 4-4-1 states 

that “[a]ny survey stage of data collection with a unit or item response rate 

less than 85 percent must be evaluated 

for the potential magnitude of nonresponse bias before the data or any 

analysis using the data may be released” (U.S. Department of Education 

2012). In the case of B&B:08/12, this 

means that nonresponse bias analysis 

could be required at any of three levels: 

institutions, study respondents, or 

items. The institution response rate for 

NPSAS:08 was 90 percent, and therefore nonresponse bias analysis was not 

required at that level.

As shown in exhibit 1, of 17,110 eligible 

sample members, the weighted interview response rates for B&B:08/12 were 

below 85 percent. Therefore, nonresponse bias analyses were conducted 

at the interview level to estimate the 

level of bias due to nonresponse between that observed with the base 

weight and that observed after nonresponse adjustments were made in 

each of the three weights developed 

for the study. Details concerning these 

analyses are available in Cataldi et al. 

(2014) and Cominole, Shepherd, and 

Siegel (2015). The following summarizes findings from nonresponse bias 

analyses of estimates with and without 

application of the bookend weight, 

WTD000, which was used to generate 

the estimates in this Statistics in Brief. 

The bookend weight, WTD000, was 

chosen because the variables used in 

this report are from both the base-year 

data collection in 2007–08 and from 

the second follow-up in 2012.
23

Exhibit 2 presents estimates of relative 

bias and the percentage of variable 

categories with statistically significant 

bias before and after the panel weight 

was adjusted for nonresponse. These 

results indicate that adjusting the 

panel weight for nonresponse 

reduced some of the bias due to 

nonresponse but did not eliminate it. 

Exhibit 2 also presents pre- and poststratification differences between 

estimates that were already adjusted 

for nonresponse.

In this report, four variables required 

nonresponse bias analysis: monthly 

payment on student loans in 2012

(63 percent), monthly loan repayment 

as a percentage of monthly salary in 

2012 (69 percent), cumulative amount 

owed for education loans as of 2012

(80 percent), and repayment status for 

any loans in 2012 (67 percent). For 

each of these variables, nonresponse 

bias analyses were conducted to 

determine whether respondents 

and nonrespondents differed on the 

following characteristics: institution 

control, region, and total enrollment; 

whether the student was a federal aid 

recipient, was a state aid recipient, was 

a recipient of any aid, was a Pell Grant 

recipient, or had taken out a Direct 

Loan; and the amount, if any, of a 

student’s Pell Grant, Direct Loan, or 

PLUS loan. Differences between 

respondents and nonrespondents on 

this variable were tested for statistical 

significance at the 5 percent level.

Exhibit 2. Summary of nonresponse bias analysis results and differences between pre- and post-stratification 

estimates using bookend weight, by type of institution: 2012

Nonresponse bias statistics Overall Public

Private 

nonprofit For-profit

Before nonresponse weight adjustments 

Average estimated relative bias 4.31 3.64 5.80 9.64

Median estimated relative bias 3.35 3.05 4.63 6.46

Percent of variable categories significantly biased 41.38 41.67 42.22 6.90

After nonresponse weight adjustments 

Average estimated relative bias 1.20 2.20 3.30 11.58

Median estimated relative bias # 1.31 2.44 6.73

Percent of variable categories significantly biased 5.17 4.17 # 13.79

Differences between estimates before and after 

poststratification adjustment1 

Average absolute difference across characteristics 1.32 1.38 1.91 4.80

Median absolute difference across characteristics 0.77 0.99 1.12 4.49

Differences between estimates of full sample and 

respondents after poststratification adjustment2 

Average absolute difference across characteristics 1.32 1.43 1.81 3.80

Median absolute difference across characteristics 0.77 0.80 1.45 3.92

# Rounds to zero.

1 Respondents before poststratification adjustment are weighted using the base weight, adjusted for nonresponse. Respondents after poststratification adjustment are weighted using the 

base weight, adjusted for nonresponse and poststratification.

2 Full sample is weighted using the base weight. Respondents after poststratification adjustment are weighted using the base weight, adjusted for nonresponse and poststratification.

NOTE: Relative bias and significance calculated on respondents versus full sample. Relative bias is defined as the ratio of estimated bias to the weighted averageof the full sample. Variable 

categories with fewer than 30 nonrespondents were suppressed for calculations in this table.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond Longitudinal Study (B&B:08/12). 
24

Nonresponse bias analyses of the 

variables in this report with response 

rates less than 85 percent indicated 

that respondents differed from nonrespondents on 29 to 42 percent of 

the characteristics analyzed, indicating 

that there may be bias in these 

estimates (exhibit 3). Any bias due to 

nonresponse, however, is based upon 

responses prior to stochastic imputation in which missing data were 

replaced with valid data from the 

records of donor cases that matched 

the recipients on selected variables 

related to demographic, enrollment, 

institution, and financial aid characteristics (Krotki, Black, and Creel 2005). 

The potential for bias in the estimate 

may be reduced by imputation. 

Because imputation procedures 

are designed specifically to identify 

donors with similar characteristics to 

those with missing data, the imputation is assumed to reduce bias. While 

the level of item-level bias before 

imputation is measurable, the same 

measurement cannot be made after 

imputation. Although the magnitude 

of any change in item-level bias cannot be determined, the item estimates 

before and after imputation were 

compared to determine whether 

the imputation changed the biased 

estimate as an indication of a possible 

reduction in bias.

For continuous variables, the difference

between the average before imputation and the average after imputation 

was estimated. For categorical variables, the estimated difference was 

computed for each of the categories 

as the percentage of students in that 

category before imputation minus 

the percentage of students in that 

category after imputation. These 

estimated differences were tested for 

statistical significance at the 5 percent 

level. A significant difference in the

item means after imputation implies 

a reduction in bias due to imputation. 

A nonsignificant difference suggests 

that imputation may not have reduced 

bias, that the sample size was too 

small to detect a significant difference, 

or that there was little bias to be 

reduced. Statistical tests of the differences between the averages before 

and after imputation for these four 

variables were significant, indicating 

that the nonresponse bias was 

reduced through imputation.

For more detailed information on 

nonresponse bias analysis and an 

overview of the survey methodology for 

B&B:08/12, see 2008/12 Baccalaureate

and Beyond Longitudinal Study 

(B&B:08/12) Data File Documentation

(NCES 2015-141) 

http://nces.ed.gov/pubsearch/

pubsinfo.asp?pubid=2015141. 

Exhibit 3. Bias analysis results

Pre-imputation

Variable

Weighted 

response 

rate

Median percent 

relative bias across 

characteristics

Percentage of 

characteristics with 

significant bias

Characteristics with greatest 

significant absolute bias

Percent difference in 

means or average 

percent difference 

across all categories preand post-imputation

B2LNPMT 62.97 8.70 42.11 Whether had any financial aid 0.13*

B2EDPCT 69.13 5.77 36.84 Received PLUS loan of $5,000 or less 0.35*

B2TOTDUE3 80.34 3.86 28.95 Received PLUS loan of $5,000 or less 0.02*

B2PAYSTAT 80.96 4.13 28.95 Received PLUS loan of $5,000 or less 0.12*

* Indicates statistically significant difference at p < .05.

NOTE: Relative bias is computed by dividing a variable’s estimated bias for a given characteristic by the variable’s mean. Relativebias is defined as significant if its difference from zero is 

statistically significant at p< .05. B2LNPMT is monthly loan payment on all student loans in 2012 (federal and private). B2EDPCT is monthly loan payment asa percentageof monthly income in 2012. 

B2TOTDUE3 is cumulative amount owed for education loans as of 2012 (federal and private, principal and interest). B2PAYSTAT is repayment status for any loans (federal or private) in 2012. 

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond Longitudinal Study (B&B:08/12).
25

Statistical Procedures

Statistics in Brief publications present 

descriptive data in tabular formats to 

provide useful information to a broad 

audience, including members of the 

general public. They address simple 

and topical issues and questions. 

They do not investigate more 

complex hypotheses, account for 

inter-relationships among variables, 

or support causal inferences.

Comparisons of averages and proportions were tested using Student’s 

t statistic. Differences between 

estimates were tested against the 

probability of a Type I error15

 

15 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 is present.

or significance level. The statistical significance 

of each comparison was determined 

by calculating the Student’s t value 

for the difference between each pair 

of averages or proportions and 

comparing the t value with published 

tables of significance levels for twotailed hypothesis testing. Student’s 

t values were computed to test 

differences between independent 

estimates using the following 

formula:

− =

+

1 2

2 2

1 2

E E

t

se se

where E1 and E2 are the estimates to 

be compared and se1 and se2 are their 

corresponding standard errors.

There are hazards in reporting statistical tests for each comparison. First, 

comparisons based on large t statistics 

may appear to merit special attention. 

This can be misleading because the 

magnitude of the t statistic is related 

not only to the observed differences 

in averages 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 (and thus possibly statistically significant) t statistic.

A second hazard in reporting statistical tests is the possibility that one can 

report a “false positive” or Type I error. 

Statistical tests are designed to limit 

the risk of this type of error using a 

value denoted by alpha. The alpha 

level of .05 was selected for findings in 

this Statistics in Brief and ensures that 

a difference of a certain magnitude or 

larger would be produced when there 

was no actual difference between the 

quantities in the underlying population no more than one time out of 

20.16

16 No adjustments were made for multiple comparisons. 

When analysts test hypotheses 

that show alpha values at the .05 level 

or smaller, they reject the null hypothesis that there is no difference 

between the two quantities. Failing to 

reject a null hypothesis (i.e., detect a 

difference), however, does not imply 

the values are the same or equivalent. 

REFERENCES

Abel, J., and Deitz, R. (2014). Do the 

Benefits of College Still Outweigh 

the Costs? Current Issues in Economics 

and Finance, 20(3): 1–12. 

Retrieved September 11, 2015, from 

http://www.newyorkfed.org/research/

current_issues/ci20-3.pdf. 

Addo, F., Houle, J., and Simon, D. (2016). 

Young, Black and (Still) in the Red: 

Parental Wealth, Race, and Student 

Loan Debt. Race and Social Problems, 

8: 64–76. 

Akers, B., and Chingos, M. (2014). Is a 

Student Loan Crisis on the Horizon? 

Washington, DC: Brown Center on 

Education Policy at Brookings. 

Retrieved June 25, 2014, from 

http://www.brookings.edu/research/

reports/2014/06/24-student-loancrisis-akers-chingos. 

Akers, B., and Chingos, M. (2016). Game 

of Loans: The Rhetoric and Reality of 

Student Debt. Princeton, NJ: Princeton 

University Press. 

Bahr, P.R., Dynarski, S., Jacob, B., Kreisman, 

D., Sosa, A., and Wiederspan, M. (2015). 

Labor Market Returns to Community 

College Awards: Evidence from Michigan

(A CAPSEE Working Paper). New York: 

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28

APPENDIX A. DATA TABLES

 

 

Table A-1. Estimates for figure 1: BORROWING AND OWING BY POSTBACCALAUREATE ENROLLMENT

Percentage of 2007–08 bachelor’s degree recipients who borrowed for their postsecondary education and 

percentage who owed, by highest level of program attended: 2012

Enrollment and program level Borrowed Owed

Total 71.6 62.8

No further enrollment 66.4 56.5

Further enrollment 78.2 71.1

Program level of those with further enrollment 

Certificate 73.1 66.5

Additional associate’s or bachelor’s 76.4 69.8

Master’s 79.1 71.4

Academic doctorate 59.9 54.2

Professional doctorate 89.7 83.9

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond Longitudinal Study (B&B:08/12).

Table A-2. Estimates for figure 2: AMOUNTS BORROWED AND OWED BY POSTBACCALAUREATE ENROLLMENT

Among 2007–08 bachelor’s degree recipients who borrowed for postsecondary education, average cumulative 

amount borrowed and average cumulative outstanding balance, by highest level of program attended: 2012

Enrollment and program level Amount borrowed Amount owed

Total $45,800 $41,900

No further enrollment 29,600 24,200

Further enrollment 63,600 61,300

Program level of those with further enrollment 

Certificate 40,100 36,000

Additional associate’s or bachelor’s 44,500 40,200

Master’s 55,400 52,300

Academic doctorate 73,600 75,200

Professional doctorate 131,000 134,100

NOTE: Outstanding balance includes both principal and interest for federal loans and private loans combined. 

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond Longitudinal Study (B&B:08/12).
29

Table A-3. Estimates for figure 3: OWING BY EMPLOYMENT AND ENROLLMENT STATUS

Among 2007–08 bachelor’s degree recipients who borrowed for their postsecondary education, percentage who 

had outstanding debt, by employment and enrollment status: 2012

Employment and enrollment status Percentage with outstanding debt

Total 87.8

Enrolled only 96.4

Employed and enrolled 93.1

Employed only 85.8

Unemployed, not enrolled 94.4

Out of labor force, not enrolled 84.3

NOTE: Graduates who were not working but looking for work are defined as unemployed, and those who were not working and not looking for work are defined as out of the labor force.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).

Table A-4. Estimates for figure 4: OUTSTANDING BALANCE BY EMPLOYMENT AND ENROLLMENT STATUS

Among 2007–08 bachelor’s degree recipients who borrowed for their postsecondary education, average amount 

owed, by employment and enrollment status: 2012

Employment and enrollment status Average amount owed

Total $41,900

Enrolled only 96,600

Employed and enrolled 54,800

Employed only 33,700

Unemployed, not enrolled 52,200

Out of labor force, not enrolled 39,700

NOTE: Graduates who were not working but lookingfor work are defined as unemployed, and those who were not working and not looking for work are defined as out of the labor force.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond Longitudinal Study (B&B:08/12).
30

Table A-5. Estimates for figure 5: OUTSTANDING BALANCE BY OCCUPATION

Among 2007–08 bachelor’s degree recipients who borrowed for their undergraduate education and had no 

additional enrollment, average amount borrowed and owed, by most recent occupation: 2012

Occupation Amount borrowed Amount owed

Business or management $27,900 $22,300

STEM1 26,400 20,100

Health care2 33,900 27,200

PK–12 educator 28,100 24,000

Social services 29,100 25,800

Sales 27,800 21,800

Business support/administrative assistance 31,100 26,000

Trades and technical3 28,500 24,100

Other4 32,500 24,600

1 1 Includes computer/information systems occupations, engineers, life scientists, math-related occupations, and physical scientists. 2 Includes nursing occupation.

3 Includes agricultural occupations; construction and mining occupations; engineering technicians; fitters, tradesmen, and mechanics; food service occupations; military occupations; personal 

care occupations; protective service occupations; supports occupations; and transport support occupations.

4 Includes the occupations of air transportation professionals; artists and designers; communication professionals; information professionals; legal professionals; other educators; 

postsecondary educators; and social scientists.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).

Table A-6. Estimates for figure 6: OUTSTANDING DEBT BY SALARY

Among 2007–08 bachelor’s degree recipients who borrowed for their undergraduate education and had no

additional enrollment, average amount owed, by annualized salary: 2012

Annualized salary Amount owed

No salary $28,900

Total 23,300

Lowest 25 percent 24,500

Lower middle 25 percent 23,200

Higher middle 25 percent 25,300

Highest 25 percent 20,400

NOTE: Those who earned $1–$31,199 were the 25 percent of bachelor’s degree recipients with the lowest annualized salary; those who earned $31,200–$42,999 were the 25 percent of 

bachelor’s degree recipients with lower middle annualized salary; those who earned $43,000–$59,999 were the 25 percent of bachelor’s degree recipients with higher middle annualized 

salary; and those who earned $60,000 or more were the 25 percent of bachelor’s degree recipients with the highest annualized salary.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).
31

Table A-7. Estimates for figure 7: REPAYMENT STATUS BY MAJOR

Among 2007–08 bachelor’s degree recipients who borrowed for their undergraduate education and had no 

additional enrollment, percentage distribution of repayment status of loans, by undergraduate field of study: 2012

Field of study Not paying but owe Repaying Paid off Defaulted

Total 9.3 69.2 17.0 4.6

STEM majors1 7.0 66.8 25.0 1.3 ! 

Social sciences/humanities 12.4 66.5 15.8 5.2

General studies and other2 11.3 67.2 16.3 5.2 !

Health 10.3 69.5 15.8 4.5

Business 8.5 69.7 17.5 4.2

Education 8.5 70.9 12.9 7.8

Other applied3 8.1 72.3 14.1 5.5

! Interpret data with caution.

1 STEM majors: Includes computer and information sciences; engineering and engineering technology; and biological and physical science, science technology, mathematics, and agriculture.

2 General studies and other: Includes basic skills and citizenship activities; leisure and recreational activities; personal awareness and self-improvement; high school and secondary diplomas 

and certificate programs; and interpersonal and social skills.

3 Other applied: Includes personal and consumer services; manufacturing,construction, repair, and transportation; military technology and protective services; architecture; communications; 

public administration and human services; design and applied arts; law and legal studies; library sciences; and theology and religious vocations. 

NOTE: Detail may not sum to totals because of rounding. “Paid off” includes loans that are discharged or forgiven. Less than 1 percent of bachelor’s recipients who took federal loans had their 

loans discharged or forgiven. A loan amount may be discharged or forgiven due to bankruptcy, disability, death, closed school, fraud, or false certification or due to a loan forgiveness program. 

Borrowers who are “not paying but owe” include those in their grace period and those who have received deferments or forbearances. The grace period is the time between when a student 

leaves school and when their first payment is due. For federal loans, a deferment is a temporary cessation of loan principal that is allowed under certain conditions. During a deferment, 

interest still accrues for unsubsidized loans. A forbearance is a temporary cessation of loan principal payments under agreement with the loan servicer, usually for financial hardship, and 

interest continues to accrue. For private loans the terms are determined under negotiation with the lender.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).

Table A-8. Estimates for figure 8: DEFERMENTS OR FORBEARANCES

Among 2007–08 bachelor’s degree recipients who took out federal loans for their undergraduate education and 

had no additional enrollment, percentage who ever had a loan deferment or forbearance on a federal loan, by 

most recent occupation: 2012

Occupation

Percentage who ever had a loan 

deferment or forbearance

Total 53.3

Business or management 52.7

STEM1 44.9

Health care2 60.3

PK–12 educator 58.3

Social services 53.6

Sales 49.9

Business support/administrative assistance 54.8

Trades and technical3 55.5

Other4 46.1

1 Includes computer/information systems occupations, engineers, life scientists, math-related occupations, and physical scientists. 2 Includes nursing occupations.

3 Includes agricultural occupations; construction and mining occupations;engineering technicians; fitters, tradesmen, and mechanics; food service occupations; military occupations; personal 

care occupations; protective service occupations; supports occupations; and transport support occupations.

4 Includes the occupations of air transportation professionals; artists and designers; communication professionals; information professionals; legal professionals; other educators; 

postsecondary educators; and social scientists.

NOTE: This figure is limited to borrowers of federal student loans because information on deferments and forbearances is only available for federal loan borrowers. A deferment is a temporary 

cessation of loan principal that is allowed under certain conditions. During a deferment, interest still accrues for unsubsidized loans. A forbearance is a temporary cessation of loan principal 

payments under agreement with the loan servicer, usually for financial hardship, and interest continues to accrue. Many borrowers have used both kinds of payment postponements at 

different times. About 61 percent of borrowers who had ever received a deferment also had received a forbearance.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).
32

Table A-9. Estimates for figure 9: DELINQUENCIES

Among 2007–08 bachelor’s degree recipients who took out federal loans for their undergraduate education and 

had no additional enrollment, percentage who had a delinquent federal loan since graduation, by most recent

occupation: 2012

Occupation

Percentage who had 

a delinquent loan

Total 24.1

Business or management 27.4

STEM1 15.5

Health care2 22.7

PK–12 educator 22.4

Social services 26.7

Sales 27.4

Business support/administrative assistance 29.6

Trades and technical3 21.0

Other4 22.7

1 Includes computer/information systems occupations, engineers, life scientists, math-related occupations, and physical scientists. 2 Includes nursing occupations.

3 Includes agricultural occupations; construction and mining occupations; engineering technicians; fitters, tradesmen, and mechanics; food service occupations; military occupations; personal 

care occupations; protective service occupations; supports occupations and transport support occupations.

4 Includes the occupations of air transportation professionals; artists and designers; communication professionals; information professionals; legal professionals; other educators; 

postsecondary educators; and social scientists.

NOTE: This figure is limited to borrowers of federal student loans because information on delinquencies is only available for federal loan borrowers. For federal loans, a delinquency is one or 

more missed payments. The past due period can range from 31 to 269 days. If a loan is 270 days or more past due, it is considered in default. This figure does not include defaulted loans.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).

Table A-10. Estimates for figure 10: REPAYMENT ADVERSITY 

Among 2007–08 bachelor’s degree recipients who took outfederal loans for their undergraduate education and 

had no additional enrollment, percentage with economic difficulty deferment, forbearance, and delinquency on 

any federal loan or default on their most recent federal loan, by amount of federal loans borrowed: 2012

Category of amount borrowed Economic difficulty Forbearances Delinquencies Defaults

Total 9.6 37.2 24.1 2.2

Lowest 25 percent 5.6 18.9 14.6 1.6 !

Lower middle 25 percent 11.1 27.6 19.7 2.4 

Higher middle 25 percent 18.9 37.7 23.7 3.0

Highest 25 percent 25.7 63.6 37.8 7.2

! Interpret data with caution.

NOTE: This figure is limited to borrowers of federal student loans because information on deferment, forbearance, delinquency, and default is only available for federal loan borrowers. Those 

who borrowed $1–$10,999 were the 25 percent of federal loan borrowing bachelor’s degree recipients with the lowest cumulative amount borrowed; those who borrowed $11,000–$17,124 

were the 25 percent of federal loan borrowing bachelor’s degree recipients with lower middle cumulative amount borrowed; those who borrowed $17,125–$25,499 were the 25 percent of 

federal loan borrowing bachelor’s degree recipients with higher middle cumulative amount borrowed; and those who borrowed $25,500 or more were the 25 percent of federal loan 

borrowing bachelor’s degree recipients with the highest cumulative amount borrowed. These categories are not mutually exclusive. Economic difficulty means the borrower received a 

deferment or temporary cessation of payments due to economic hardship or unemployment. A forbearance is a temporary cessation of loan principal payments under agreement with the loan 

servicer, usually for financial hardship, and interest continues to accrue. Delinquency is one or more missed payments. The past due period can range from 31 to 269 days. If a loan is 270 days 

or more past due, it is considered in default.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond Longitudinal Study (B&B:08/12).
33

Table A-11. Estimates for figure 11: DEBT BURDEN BY BACCALAUREATE SECTOR

Average debt burden among currently employed 2007–08 bachelor’s degree recipients who borrowed for their 

undergraduate education, did not enroll further, and were repaying their undergraduate debt, by control of 

bachelor’s degree institution: 2012

Control of institution Average ratio

Total 10.4

Public 9.7

Private nonprofit 11.3

For-profit 11.9

NOTE: Estimates exclude borrowers without any salary. Debt burden is the monthly student loan payment as a percentage of monthly salary. Monthly salary is calculated by dividing 

annualized salary across all jobs by 12.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).

Table A-12. Estimates for figure 12: DEBT BURDEN BY OCCUPATION

Average debt burden among currently employed 2007–08 bachelor’s degree recipients who borrowed for their 

undergraduate education, did not enroll further, and were repaying their undergraduate debt, by occupation: 2012

Occupation Average ratio

Business or management 8.6

STEM1 7.5

Health care2 9.6

PK–12 educator 11.6

Social services 8.3

Sales 15.5

Business support/administrative assistance 12.6

Trades and technical3 11.8

Other4 12.1

1 Includes computer/information systems occupations, engineers, life scientists, math-related occupations, andphysical scientists. 2 Includes nursing occupation.

3 Includes agricultural occupations; construction and mining occupations; engineering technicians; fitters, tradesmen, and mechanics; food service occupations; military occupations; personal 

care occupations; protective service occupations; supports occupations; and transport support occupations. 4 Includes the occupations of air transportation professionals; artists and designers; communication professionals; information professionals; legal professionals; other educators; 

postsecondary educators; and social scientists.

NOTE: Estimates exclude borrowers without any salary. Debt burden is the monthly student loan payment as a percentage of monthly salary. Monthly salary is calculated by dividing 

annualizedsalary across all jobs by 12.

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).
34

APPENDIX B. STANDARD ERROR TABLES

Table B-1. Standard errors for table A-1 and figure 1: BORROWING AND OWING BY POSTBACCALAUREATE 

ENROLLMENT

Percentage of 2007–08 bachelor’s degree recipients who borrowed for their postsecondary education and 

percentage who owed, by highest level of program attended: 2012

Enrollment and program level Borrowed Owed

Total 0.53 0.58

No further enrollment 0.78 0.78

Further enrollment 0.93 1.04

Program level of those with further enrollment 

Certificate 2.23 2.36

Additional associate’s or bachelor’s 3.74 3.73

Master’s 0.94 1.13

Academic doctorate 3.92 3.87

Professional doctorate 1.67 2.16

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).

Table B-2. Standard errors for table A-2 and figure 2: AMOUNTS BORROWED AND OWED BY 

POSTBACCALAUREATE ENROLLMENT

Among 2007–08 bachelor’s degree recipients who borrowed for postsecondary education, average cumulative 

amount borrowed and average cumulative outstanding balance, by highest level of program attended: 2012

Enrollment and program level Amount borrowed Amount owed

Total $710 $820

No further enrollment 530 620

Further enrollment 1,280 1,460

Program level of those with further enrollment 

Certificate 1,820 1,960

Additional associate’s or bachelor’s 2,540 2,700

Master’s 1,080 1,260

Academic doctorate 7,430 8,030 

Professional doctorate 4,810 5,680

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).
35

 

Table B-3. Standard errors for table 1: ENROLLMENT AFTER BACHELOR’S DEGREE BY DEGREE LEVEL

Percentage distribution of 2007–08 bachelor’s degree recipients, by highest postbachelor’s enrollment as of 2012

Highest postbachelor’s enrollment Percent

No further enrollment 0.60

Further enrollment 0.60

Certificates 0.30

Additional associate’s or bachelor’s 0.19

Master’s 0.53

Professional doctorate 0.25

Academic doctorate 0.19

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond Longitudinal Study (B&B:08/12).

Table B-4. Standard errors for table A-3 and figure 3: OWING BY EMPLOYMENT AND ENROLLMENT STATUS

Among 2007–08 bachelor’s degree recipients who borrowed for their postsecondary education, percentage who 

had outstanding debt, by employment and enrollment status: 2012

Employment and enrollment status Percentage with outstanding debt

Total 0.55

Enrolled only 0.92

Employed and enrolled 1.11

Employed only 0.75

Unemployed, not enrolled 1.26

Out of labor force, not enrolled 2.01

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).

Table B-5. Standard errors for table A-4 and figure 4: OUTSTANDING BALANCE BY EMPLOYMENT AND 

ENROLLMENT STATUS

Among 2007–08 bachelor’s degree recipients who borrowed for their postsecondary education, average amount 

owed, by employment and enrollment status: 2012

Employment and enrollment status Average amount owed

Total $820

Enrolled only 4,600

Employed and enrolled 2,540

Employed only 830

Unemployed, not enrolled 2,980

Out of labor force, not enrolled 2,140

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond Longitudinal Study (B&B:08/12).
36

 

Table B-6. Standard errors for table A-5 and figure 5: OUTSTANDING BALANCE BY OCCUPATION

Among 2007–08 bachelor’s degree recipients who borrowed for their undergraduate education and had no 

additional enrollment, average amount borrowed and owed, by most recent occupation: 2012

Occupation Amount borrowed Amount owed

Business or management $1,010 $1,010 

STEM 1,430 1,540 

Health care 1,780 2,020

PK–12 educator 1,840 2,050 

Social services 2,550 2,860 

Sales 2,010 1,890

Business support/administrative assistance 1,290 1,440

Trades and technical 1,450 1,590

Other 1,890 1,920

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond Longitudinal Study (B&B:08/12).

Table B-7. Standard errors for table A-6 and figure 6: OUTSTANDING DEBT BY SALARY

Among 2007–08 bachelor’s degree recipients who borrowed for their undergraduate education and had no

additional enrollment, average amount owed, by annualized salary: 2012

Annualized salary Amount owed

No salary $1,880

Total 590

Lowest 25 percent 1,090

Lower middle 25 percent 1,110

Higher middle 25 percent 1,180

Highest 25 percent 1,140

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).

Table B-8. Standard errors for table A-7 and figure 7: REPAYMENT STATUS BY MAJOR

Among 2007–08 bachelor’s degree recipients who borrowed for their undergraduate education and had no 

additional enrollment, percentage distribution of repayment status of loans, by undergraduate field of study: 2012

Field of study Not paying but owe Repaying Paid off Defaulted

Total 0.70 1.01 0.81 0.38

STEM majors 1.16 2.46 2.34 0.48

Social sciences/humanities 1.46 2.19 1.68 0.89

General studies and other 3.08 4.97 3.88 1.99

Health 1.90 3.09 2.54 1.21

Business 1.31 2.10 1.73 0.75

Education 1.98 3.02 2.13 1.94

Other applied 1.25 1.76 1.56 0.97

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).
37

Table B-9. Standard errors for table A-8 and figure 8: DEFERMENTS OR FORBEARANCES

Among 2007–08 bachelor’s degree recipients who took out federal loans for their undergraduate education and 

had no additional enrollment, percentage who ever had a loan deferment or forbearance on a federal loan, by

most recent occupation: 2012 

Occupation

Percentage who ever had a loan 

deferment or forbearance

Total 0.99

Business or management 2.26

STEM 3.09

Health care 3.21

PK–12 educator 3.42

Social services 4.62

Sales 4.68

Business support/administrative assistance 2.95

Trades and technical 3.12

Other 3.32

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).

Table B-10. Standard errors for table A-9 and figure 9: DELINQUENCIES

Among 2007–08 bachelor’s degree recipients who took out federal loans for their undergraduate education and 

had no additional enrollment, percentage who had a delinquent federal loan since graduation, by most recent 

occupation: 2012

Occupation

Percentage who had 

a delinquent loan

Total 1.03

Business or management 2.14

STEM 2.21

Health care 2.91

PK–12 educator 3.21

Social services 3.99

Sales 4.27

Business support/administrative assistance 2.80

Trades and technical 2.57

Other 2.55

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).
38

 

 

 

Table B-11. Standard errors for table A-10 and figure 10: REPAYMENT ADVERSITY 

Among 2007–08 bachelor’s degree recipients who took outfederal loans for their undergraduate education and 

had no additional enrollment, percentage with economic difficulty deferment, forbearance, and delinquency on 

any federal loan or default on their most recent federal loan, by amount of federal loans borrowed: 2012

Category of amount borrowed Economic difficulty Forbearances Delinquencies Defaults

Total 0.48 0.96 1.03 0.20

Lowest 25 percent 1.15 1.88 1.63 0.66 

Lower middle 25 percent 1.53 1.92 1.97 0.70

Higher middle 25 percent 1.43 1.77 1.64 0.61

Highest 25 percent 1.88 1.94 1.97 0.93

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).

Table B-12. Standard errors for table 2: DEBT BURDEN

Among currently employed 2007–08 bachelor’s degree recipients who borrowed for their undergraduate 

education, average debt burden (monthly loan payment as a percentage of monthly salary) and percentage with 

debt burdens greater than 12 percent, by repayment and further enrollment status: 2012

Student grouping

Average

ratio

Percent with

ratio greater

than 12 percent

All borrowers 0.26 0.61

Borrowers in repayment 0.32 0.78

Borrowers in repayment with further enrollment 0.52 1.47

Borrowers in repayment without further enrollment 0.41 0.97

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12). 

Table B-13. Standard errors for table A-11 and figure 11: DEBT BURDEN BY BACCALAUREATE SECTOR

Average debt burden among currently employed 2007–08 bachelor’s degree recipients who borrowed for their 

undergraduate education, did not enroll further, and were repaying their undergraduate debt, by control of 

bachelor’s degree institution: 2012

Control of institution Average ratio

Total 0.41

Public 0.54 

Private nonprofit 0.55 

For-profit 2.21 

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond Longitudinal Study (B&B:08/12).
39

Table B-14. Standard errors for table A-12 and figure 12: DEBT BURDEN BY OCCUPATION

Average debt burden among currently employed 2007–08 bachelor’s degree recipients who borrowed for their 

undergraduate education, did not enroll further, and were repaying their undergraduate debt, by occupation: 2012

Occupation Average ratio

Business or management 0.76

STEM 0.62

Health care 0.58

PK–12 educator 1.08

Social services 0.95

Sales 4.34

Business support/administrative assistance 1.25

Trades and technical 1.27

Other 1.17

SOURCE: U.S. Department of Education, National Center for Education Statistics, 2008/12 Baccalaureate and Beyond LongitudinalStudy (B&B:08/12).
40

RUN YOUR OWN ANALYSIS WITH DATALAB

You can replicate or expand upon the figures and tables in this report, 

or even create your own. DataLab has several different tools that allow 

you to customize and generate output from a variety of survey datasets. 

Visit DataLab at: 

https://nces.ed.gov/datalab/

Cover artwork © iStockphoto.com/centauria.