Jan 13, 2016

Decreasing student debt at UNI

Affordable college. Bright future.

Breaking away from national trends in student borrowing, the University of Northern Iowa has seen its average student loan indebtedness decrease by 13 percent over the past six years. The average undergraduate student now graduates having borrowed $22,313, down from $25,735 in 2010.

The overall decline in borrowing can be attributed to three primary factors:

  1. Additional loan counseling for students who consider private lending options. In 2007-08, the Office of Financial Aid & Scholarships started one-on-one counseling for students seeking private loans. Private loan borrowing has decreased from a total of $15.3 million in 2007-08 to $3.6 million today – a 77 percent decrease. 

  2. The number of teaching majors taking advantage of the Federal TEACH Grant Program designed for students planning to teach in a high-need field. UNI has actively participated in the Federal TEACH Grant Program since its inception during the 2008-09 academic year. At the national level, UNI is currently the No. 4 public university in administering the TEACH Grant. During 2014-15, 488 students took advantage of the program, totaling $1.7 million. 

  3. Financial literacy initiatives, including Live Like a Student courses. Live Like a Student, along with other money management outreach, has sparked an interest among students related to their personal finances. The free, non-credit courses were first offered in 2010-11 and emphasize the importance of:

  • Budgeting and having financial goals    

  • Living within your means     

  • Understanding how actions today will affect one's future