Student borrowing for college is at its lowest point in 5 years

Although the amount of student debt is at an all-time high, student borrowing has now hit a five-year low. Last fall, students took out the least amount of loans to pay for college since the 2009-2010 school year.

In 2014-2015, the Education Department paid out a total of $77.1 billion in federal student loans through the end of March, according to a Huffington Post analysis of federal data.

Figures for the remaining quarter of the 2015 academic year are expected to be released in the coming days.

Last year, students took out $82.5 billion in loans through the period ending in March, and a total of $101.7 billion over the course of the academic year.

The decline in borrowing this year was across the board for students attending public schools, non-profit and for-profit schools, and graduate schools.

However, the decrease in borrowing doesn’t mean college is getting less expensive. According to data from the College Board, the average cost of tuition and fees for public schools increased 17 percent over the past five years, and the average cost of private non-profit schools increased 10 percent since 2009.

The decrease in borrowing is most likely due to a decline in overall student enrollment. Enrollment in college peaked in 2011 and has steadily declined since then, coinciding with the improving job market.

Data also showed there was significantly less borrowing by for-profit students last year, after a federal regulatory crackdown forced many community colleges and for-profit schools to close their doors.

Borrowing by for-profit students is down from $10.1 billion last year, to $8.6 billion this year, according to the Huffington Post.

Read the full report here.

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