Issue link: http://www.e-digitaleditions.com/i/56523
Headlines of debt was $17,700, a 4 percent increase in inflation-adjusted dollars over five years. For students at private four-year institutions, the median debt level was $22,375, a 5 percent increase over the same period. In 2007–2008, 39 percent of Student Debt Slowly Rises Student debt is increasing across the board, though possibly not as much as some people think. According to a new study by the College Board, the amount of debt accumulated by graduates of public and private four- year colleges grew relatively slowly from 2003–2004 to 2007–2008. The study "How Much Are Students Borrowing?" is based on data from the U.S. Depart- ment of Education's National Postsecondary Student Aid Study (NPSAS). According to the study, among all students who earned an associ- ate, bachelor's, or certificate degree in the 2007–2008 academic year, 59 percent graduated with some debt, up from 54 percent four years earlier. The most rapid increases in debt were within the for-profit sector and for all students earning certifi- cates and two-year degrees. For students earning bachelor's degrees at public four-year colleges in 2007–2008, the median level 10 BizEd NOVEMBER/DECEMBER 2009 all students and 54 percent of all full-time students took out educa- tion loans. Numbers are highest among students pursuing bachelor's degrees. In 2007–08, 66 percent of bachelor's degree recipients gradu- ated with debt, including 62 per- cent who had federal loans and 33 percent who had borrowed from nonfederal sources. A much larger fraction of graduates of for-profit institutions relied on private loans. "How Much Are College Stu- dents Borrowing?" is available online at professionals.collegeboard.com/ policy-advocacy/affordability/ policy-briefs. University of the People Opens The United Nations Global Alliance for ICT and Development and University of the People have announced the opening of the world's first tuition-free online university. In September, 178 students from across the globe started the first term at the university. The online university has the goal of provid- ing unparalleled access to post-secondary education on a global scale. The first class is diverse: Students represent 49 countries—predominantly Indonesia, Colombia, Vietnam, and the U.S.—and they range in age from 16 to 61. In this first class, 105 are enrolled in the business adminis- tration program and 73 in the computer science program. Currently, students may attend University of the People for free. As it expands, the school expects to levy nominal fees for admissions and examination processing, though students never will be charged for applying to the school, taking classes, or accessing study materials. Fees will be adjusted on a sliding scale based on the economic situa- tion in the student's country of residence. More information can be found at www.UoPeople.org. More Students Pursue Accounting Degrees The number of students who graduated with accounting degrees in the 2007–2008 school year surpassed the previous year's record level, according to a new report by the American Institute of Certified Pub- lic Accountants. More than 66,000 students earned bachelor's and mas- ter's degrees in accounting, 3.5 per- cent higher than in 2006–2007. This represents the largest num- ber of graduates since 1972, the year the AICPA began tracking the data, according to 2009 Trends in the Supply of Accounting Graduates and the Demand for Public Account- ing Recruits. The gender ratio is 51 percent female, 49 percent male, a 1 percent uptick in the male cohort. In addition, 2007–2008 enroll- ments in undergraduate, graduate,