October 13, 2017

Purdue student loan debt continues dramatic drop

WEST LAFAYETTE, Ind. — Purdue undergraduate borrowing is down 37 percent since 2012, and more Purdue University students are graduating debt free than at any time in the past 10 years, according to data released Friday (Oct. 13) to the Purdue University Board of Trustees.

Despite growing enrollment, the number of students who borrow has dropped in each of the past four years, and the total amount they are borrowing is down from $183 million in 2012 to $116 million in 2017, a 37 percent drop.

In addition, just over 56 percent of 2017 graduates left Purdue debt free, up from 54.4 percent in 2016 and up more than 10 points since 2011 (45.6 percent). This compares to a national average of 39 percent.

For Purdue undergraduates, debt per student is down 11 percent from last year to $3,707 per student, and, since 2012, per undergraduate debt is down from $5,700, a 35 percent decrease.

“Our overriding goal is to provide students with the highest value education and to ensure that qualified students of any means are able to attend Purdue and succeed,” President Mitch Daniels said.

Trustees Chair Mike Berghoff said efforts across the university to increase financial literacy, reduce student fees and room and board, and the extension of a multi-year tuition freeze are driving results.

“Attention to affordability for students and their families is just one of the many ways Purdue differentiates itself from other institutions,” Berghoff said. “That our students can leave here with an incredible education, having been exposed to some of the world’s top researchers, and knowing what it means to make a difference in the world, while also having a step up financially, is a testament to all of those faculty and staff who make us proud to be Boilermakers.”

Sources: Mike Berghoff, trustees@purdue.edu

Mitch Daniels, president@purdue.edu

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