Student Loan Data At LCC
Some data on LCC student loans as referred to in the Briefing Paper, Student Loans, Access, and Success:
| Aid Year | Filed a FAFSA | # of Students that Borrowed Loans @ LCC | Total Loans Paid for Aid Year |
| 2010-11 | 32,768 | 11,647 | $ 67,747,965 |
| 2009-10 | 29,583 | 10,975 | $ 64,058,702 |
| 2008-09 | 21,022 | 8,029 | $ 45,124,171 |
| 2007-08 | - | 6,184 | $ 28,832,900 |
| 2006-07 | - | 5,658 | $ 22,744,075 |
| 2005-06 | - | 4,359 | $ 18,273,672 |
Five year annual growth rate in # of students borrowing each year: 22%
Five year annual growth rate in amount of total loans paid (issued) each year: 30%
As shown below, the default rate on loans taken by LCC students has increased in recent years. Both national and michigan 2 year public school default rates have increased too, but not as much as LCC. LCC’s current official Default Rate is currently 13.4%. Note: since default rates are based on loans in the repayment phase, the most recent year for data is 2009. If high unemployment rates continue, then it is possible that the rates will rise in coming years as the 2010 and 2011 cohorts move into repayment phase (leave school).
LCC Default Information
| FY2009 | FY2008 | FY2007 | FY2006 | FY2005 | FY2004 | FY2003 | |
| Default rate | 13.4% | 12.1% | 9.7% | 5.7% | 4.4% | 5.4% | 5.3% |
| No. in default | 382 | 352 | 219 | 105 | 65 | 62 | 53 |
| No. in repayment | 2842 | 2909 | 2243 | 1831 | 1457 | 1145 | 988 |
| National average | 8.8% | 7.0% | 6.7% | 5.2% | 4.6% | 5.1% | Not avail |
| National # of 2-3 year public schools | 855 | 848 | 846 | 878 | 869 | 889 | Not avail |
| 2-3 year public school default rate | 11.9% | 10.1% | 9.9% | 8.4% | 7.9% | 8.1% | Not avail |
| 2-3 year public school no. in default | 62,234 | 49,331 | 48,287 | 44,439 | 36,717 | 31,476 | Not avail |
| 2-3 year public school no. in repayment | 520,256 | 487,436 | 483,721 | 523,749 | 463,007 | 386,474 | Not avail |
| Michigan average | 8.2% | 6.3% | 5.7% | 4.3% | 4.2% | 4.2% | Not avail |
| MI # of public 2 year schools | 27 | 27 | 27 | Not avail | Not avail | Not avail | |
| MI 2 year public school default rate | 10.3% | 9.7% | 6.9% | 6.5% | 6.9% | Not avail | |
| MI 2 year public no. in default | 2,428 | 2,016 | 1,356 | Not avail | Not avail | Not avail | |
| MI 2 year public school no. in repayment | 23,660 | 20,887 | 19,553 | Not avail | Not avail | Not avail |
Category: Briefing Papers, Challenges, Uncategorized
[...] LCC student loan growth has matched or exceeded the national growth rate over the past five years. Data on LCC student loans for the five year period from 2005-6 to 2010-11 show that the number of students seeking loans has [...]