According to a study released in November by the Pew Research Center, more undergraduate college students are taking out larger loans than ever before. College graduates in 2008 borrowed 50% more than those from 1996. More precisely, in 2008, 60% of all graduates took out loans; in 1996 only 52% did so. The average loan amount for bachelor’s degree recipients has risen by nearly $6,000 ($23,000 in 2008, compared to $17,000 in 1996).

One of the factors producing the increase in students with loans has been the expansion of private for-profit schools (University of Phoenix, Kaplan, Devry, etc.) which, from 2003 to 2009, have awarded 172% more bachelor’s degrees. According to the data provided by Pew, students at private for-profit schools are taking out larger loans and are most likely to take out loans in the first place.