101 U.S Colleges and Universities Where Parents Borrow Less in Student Loans

CHARLOTTE, N.C., March 4, 2020 /PRNewswire/ -- With 3.6 million parent borrowers collectively owing the federal government $96.1 billion in Parent PLUS Loans, online student debt platform Student Loan Hero, released its latest report highlighting the top 101 U.S. colleges and universities where parents generally borrow less.

Parents who borrowed federal loans for their children to attend one of the 101 institutions featured in the analysis reported an average disbursement of $8,571 — for a single school year.

Unsurprisingly, 81 of the top 101 institutions ranked for the lowest parent borrowing rates were public colleges and universities, as private schools typically have higher price tags, leading to increased student borrowing overall.

Key Findings

• Six colleges of the 1,348 we analyzed — three public and three private — registered zero Parent PLUS Loan borrowing: Berea College in Kentucky, God's Bible School & College in Ohio, Highline and Yakima Valley Colleges in Washington, North American University in Texas and the U.S. Merchant Marine Academy in New York.
• The majority (81) of colleges on our top 101 list are public schools.
• Just 2% of students under 25 had parents borrow federal loans on their behalf to attend one of the top 101 schools.
• Despite lower rates of borrowing, parents who took on debt for one of the top 101 schools still received substantial loans: They averaged a 2017-2018 disbursement of $8,571.

The Top 20 U.S. Colleges With The Lowest Rates of Parent Borrowing

1. Berea College, Berea, KY                            
2. God's Bible School and College, Cincinnati, Ohio
3. Highline College, Des Moines, WA
4. North American University, Stafford, TX
5. United States Merchant Marine Academy, Kings Point, NY
6. Yakima Valley College, Yakima, WA
7. Bellevue College, Bellevue, WA
8. CUNY York College, Queens, NY   
9. Wenatchee Valley College, Wenatchee, WA          
10. Green River College, Auburn, WA
11. CUNY New York City College of Technology, Brooklyn, NY
12. Spokane Falls Community College, Spokane, WA
13. Clark College, Vancouver, WA
14. Columbia Basin College, Pasco, WA
15. Snow College, Ephraim, UT
16. The University of Texas Rio Grande Valley, Edinburg, TX
17. Bismarck State College, Bismarck, ND
18. Whatcom Community College, Bellingham, WA
19. Westcliff University, Irvine, CA
20. Valley City State University, Valley City, ND

To view the full report, visit: https://studentloanhero.com/featured/101-colleges-where-parents-borrow-less/

Survey Methodology

Using data from the National Center of Education Statistics and Federal Student Aid for the 2017-2018 academic year, analysts calculated the number of Parent PLUS loan borrowers per undergraduate under the age of 25, as well as the average amount borrowed per school. The analysis was drawn from 1,329 schools listed by Federal Student Aid, but limited to those schools that had at least 100 undergraduates under 22, with at least 50% of those undergrads being full-time students under 25. More information is available in our Parent PLUS report: https://studentloanhero.com/featured/top-banks-consolidate-refinance-parent-plus-loans/#101

About Student Loan Hero

Student Loan Hero, a subsidiary of LendingTree, combines easy-to-use tools with financial education to help the millions of Americans living with student loan debt manage and pay off their loans. The website provides information about repayment options, including refinancing, income-driven repayment, and deferment. Student Loan Hero has helped more than 250,000 borrowers manage and eliminate over $3.5 billion in student loan debt since 2012 and assists over 3.5 million people in becoming more financially healthy every year.

Founded in 2012 by CEO Andrew Josuweit, who himself had over $100,000 in student loans, Student Loan Hero operates on the belief that all loan help and recommendations should come with honesty and no hidden agenda.

For more information, visit https://studentloanhero.com.

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SOURCE Student Loan Hero