RACEG – Data Memo.
Halie Brown and Kris Smith
For the stories on Historically Black Colleges and Universities we will continue to use the 2016 Arkansas Data that shows that three out of four Arkansas HBCUs have a higher median 3-year default rate than the average of 13 percent. Philander Smith College has a median 3-year default rate of 21 percent, Arkansas Baptist College had a median 3-year default rate of 23 percent and University of ARkansas at Pine Bluff has a median 3-year default rate of 26 percent.
Shorter College, the smallest of the four Arkansas HBCUs with 236 undergraduates in 2016, has not released its 2016 3-year default rate.
We will be using College Insight, Common Origination and Disbursement System and the Enterprise Data Warehouse’s data to give more context to the debt crisis as a whole, and to give a closer look to HBCUs in Arkansas.
College Insight gives us the average percent of graduates who are in debt for only one HBCU, Philander Smith College at 78 percent which has the highest of all listed. It is important to note that Philander Smith College is a private institution.
Common Origination and Disbursement (COD) System provides the amount of direct loans provided to students and the university, which will provide a more in-depth look to how many loans are given out and put default rates into perspective. The HBCU with the highest amount of direct loans disbursed is the University of Arkansas at Pine Bluff with around $2.8 million. The second highest HBCU is Philander Smith with $1.3 million.
The Enterprise Data Warehouse’s Portfolio by Borrower Location and Age while it does not directly relate to HBCU debt will provide a more in-depth look at the overall debt crisis in Arkansas. People in the age range of 25 – 34, or millenials, have the highest amount of borrowers at around 126,200 with around $3.9 billion in outstanding debt. Ages 24 and less have around 71,800 borrowers with around $1 billion in outstanding debt.
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