Higher education undergraduate student loan outlay by Household Residual Income

EKOS Research Associates and the Canada Millennium Scholarship Foundation conducted a monthly national study of the finances of post-secondary students from September 2001 until May 2002. The study was designed to capture the expenses and income of students on a monthly basis, in order to profile the financial circumstances of Canadian post-secondary students and the adequacy of available funding. The Web based Students Financial Survey provided accurate, quantifiable results for the first time on such issues as the incidence and level of assistance, the level of debt from outstanding bank loans, personal lines of credit, and credit cards. The study also yielded up-to-date information on student assets (such as automobiles, computers, and electronics), student earnings, time usage, and types of expenses incurred. The survey featured a panel of 1,524 post-secondary students from across the country, who participated in a very brief monthly survey, either via Internet or telephone. Students were required to complete a longer baseline wave of the survey in order to participate in the study. The baseline survey asked a number of questions concerning summer income and existing debt, including credit card debt. This dataset was received from the Canada Millennium Scholarship Foundation as is. Issues with value labels and missing values were discovered and corrected as best as possible with the documentation received. The variable gasst: Do you receive any government assistance? was not corrected due to lack of documentation about this variable. Some caution should be used with this dataset. This dataset was freely received from, the Canadian Millenium Scholarship Foundation. Some work was required for the variable and value labels, and missing values. They were correct as best as possible with the documentation received. Caution should be used with this dataset as some variables are lacking information.

Loan outlay, mean loan outlay per student, number of students and proportion of students by Household Residual Income band for 2019/20

The Canadian College Student Survey was conducted by the Canada Millennium Scholarship Foundation to provide data on student finances in Canada. The primary objective of the survey was to track the expenses and income of students on a monthly basis, in order to profile the financial circumstances of Canadian students and the adequacy of available funding. The survey will allow the Canada Millennium Scholarship Foundation to understand the financial circumstances of students who are in a post- secondary environment on an annual basis. This research is a joint effort of the Foundation, all participating colleges and the Association of Canadian Community Colleges (ACCC). The survey collects data on college students' income, expenditures and use of time. The survey is unique in that it provides national-level information on the challenges Canadian college students face in terms of financial and access issues. The objectives of the research are to: provide national-level data on student access; time use and financing for Canadian college students from participating colleges; identify issues particular to certain learner groups and/or regions; and provide each institution with top-line survey results (based on representative samples of their students); which may then be compared against the "national average".The Canada Millennium Scholarship Foundation commissioned R.A. Malatest and Associates Ltd. to conduct a comprehensive survey that provided national-level data concerning college students’ income, expenditures, levels of debt/perceptions of debt, and use of time. The 2002 Canadian College Student Survey Project was administered in March and April of 2002 in 16 colleges (representing 93,175 students). The maximum variation of the results of this survey is estimated to be ±1.2% (at a 95% confidence level). This dataset was freely received from the Canada Millennium Scholarship Foundation. Some work was required for the variable and value labels, and missing values. They were corrected as best as possible with the documentation received. Caution should be used with this dataset as some variables are lacking information.

Financial burdens of the parental home through education of children.

Topics: Start of studies; length of studies; amount of money available to the student monthly; current income and burden conditions of parents; opportunities to finance studies; stay of student in semester breaks; attitude of student to work in semester breaks; readiness of parents to finance studies; degree of familiarity of the Honnef Model; detailed information on income and contributions of the student as well as the remaining children; housing situation and rent costs of respondent.

Demography: income; household income; size of household; social origins; city size; state; refugee status; possession of durable economic goods; possession of assets.

Student Loan Market Outlook

According to our latest research, the global student loan market size reached USD 135.2 billion in 2024, reflecting the persistent demand for higher education financing worldwide. The market is expected to expand at a CAGR of 7.1% from 2025 to 2033, reaching an estimated USD 251.7 billion by 2033. This robust growth is driven by the increasing cost of tertiary education, rising enrollment rates, and evolving financial products tailored to diverse borrower needs. As per our latest analysis, the market is witnessing dynamic shifts in lender participation and repayment models, reflecting the changing landscape of global education finance.

One of the primary growth factors propelling the student loan market is the escalating cost of higher education across both developed and emerging economies. Tuition fees, living expenses, and ancillary costs have risen steadily, outpacing inflation and family income levels in many countries. This widening affordability gap has compelled students and their families to increasingly rely on external funding sources, particularly student loans. Simultaneously, the proliferation of private and alternative lenders has diversified borrowing options, making loans more accessible to a broader demographic. The emergence of income-driven repayment and refinancing solutions has further enhanced the market’s attractiveness, offering borrowers flexibility and financial relief over traditional rigid repayment structures.

Another significant factor impacting market growth is the ongoing digital transformation within the financial sector. Fintech innovations are streamlining loan origination, disbursement, and management, reducing operational costs for lenders and expediting the approval process for borrowers. Online lending platforms, powered by advanced analytics and AI, are enabling more personalized risk assessments and competitive interest rates, attracting tech-savvy students and parents. These platforms are also contributing to greater financial inclusion, particularly in regions where traditional banking infrastructure is limited. The integration of digital tools is not only enhancing the borrower experience but also improving portfolio performance for lenders through better risk management and customer engagement.

Demographic trends and government policies are also shaping the student loan market’s trajectory. The global surge in tertiary enrollment, especially in Asia Pacific and Africa, is expanding the borrower base. Governments in several countries are implementing supportive policies, such as interest subsidies, loan forgiveness programs, and flexible repayment schemes, to mitigate the financial burden on graduates and stimulate higher education participation. However, regulatory scrutiny around lending practices and concerns over rising student debt levels are prompting both public and private lenders to adopt more responsible lending and transparency measures. These dynamics are fostering a more balanced and sustainable growth environment for the student loan market.

Regionally, North America continues to command the largest share of the student loan market, driven by the United States’ mature lending ecosystem and high tertiary education costs. However, Asia Pacific is emerging as the fastest-growing region, fueled by rapid urbanization, expanding middle-class populations, and increasing investments in higher education infrastructure. Europe, meanwhile, exhibits steady growth, supported by government-backed loan schemes and cross-border education mobility. Latin America and the Middle East & Africa are witnessing gradual expansion, with rising demand for higher education and evolving financial services infrastructure. Each region presents unique challenges and opportunities, influencing lender strategies and market dynamics.

Type Analysis

The student loan market is segmented by type into federal loans, private loans, and refinancing loans, each with distinct characteristics and growth trajectories. Federal loans, primarily offered by government agencies, remain the dominant segment in markets such as the United States and several European countries. These loans typically feature lower interest rates, flexible repayment options, and borrower protections, making them the preferred choice for undergraduate and graduate students. The stability and accessibility of federal loans are underpinned by government backing, which reduces default ri

The Canadian College Student Survey was conducted by the Canada Millennium Scholarship Foundation to provide data on student finances in Canada. The primary objective of the survey was to track the expenses and income of students on a monthly basis, in order to profile the financial circumstances of Canadian students and the adequacy of available funding. The survey will allow the Canada Millennium Scholarship Foundation to understand the financial circumstances of students who are in a post- secondary environment on an annual basis. This research is a joint effort of the Foundation, all participating colleges and the Association of Canadian Community Colleges (ACCC). The survey collects data on college students' income, expenditures and use of time. The survey is unique in that it provides national-level information on the challenges Canadian college students face in terms of financial and access issues. The objectives of the research are to: provide national-level data on s tudent access; time use and financing for Canadian college students from participating colleges; identify issues particular to certain learner groups and/or regions; and provide each institution with top-line survey results (based on representative samples of their students); which may then be compared against the "national average". In January 2003, the Foundation engaged Prairie Research Associates (PRA) Inc. to oversee this research. This dataset was freely received by the Canada Millennium Scholarship Foundation. Some work was required for the variable and value labels, and missing values. They were corrected as best as possible with the documentation received. Caution should be used with this dataset as some variables are lacking documentation.

The Survey of Consumer Finances (SCF) dataset, provided by the Federal Reserve, offers comprehensive insights into the financial condition of U.S. households. This dataset is invaluable for researchers, policymakers, and analysts interested in understanding consumer behavior, wealth distribution, and economic trends in the United States.

The SCF dataset includes detailed information on household income, assets, liabilities, and various demographic characteristics. It is collected every three years and serves as a crucial resource for analyzing the financial well-being of American families.

Key Features: Income Data: Information on various sources of income, including wages, investments, and government assistance. Asset Ownership: Detailed accounts of household assets, such as real estate, retirement accounts, stocks, and other investments. Liabilities:Comprehensive details on household debts, including mortgages, credit card debts, and student loans. Demographics: Data covering age, education, race, and family structure, allowing for nuanced analysis of financial trends across different segments of the population.

Use Cases: Economic research and analysis, Policy formulation and assessment, Understanding wealth inequality, Consumer behavior studies

Citing the Dataset:

When using this dataset in your research, please ensure to cite the Federal Reserve Board and the SCF as the original source.

Note: The dataset is intended for educational and research purposes. Users are encouraged to adhere to ethical guidelines when analyzing and interpreting the data.

Denmark, the Netherlands, and Norway were among the European countries with most indebted households in 2023 and 2024. The debt of Dutch households amounted to *** percent their disposable income in the 2nd quarter of 2024. Meanwhile, Norwegian households' debt represented *** percent of their income in the 3rd quarter of 2023. However, households in most countries were less indebted, with that ratio amounting to ** percent in the Euro area. Less indebtedness in Western and Northern Europe There were several European countries where household's debts outweighed their disposable income. Most of those countries were North or West European. However, the indebtedness ratio in Denmark has been decreasing during the past decade. As the debt of Danish households represented nearly *** percent in the last quarter of 2014, which has fallen very significantly by 2024. Other countries with indebted households have been following similar trends. The households' debt-to-income ratio in the Netherlands has also fallen from over *** percent in 2013 to *** percent in 2024. Debt per adult in Europe In Europe, the value of debt per adult varies considerably from an average of around 10,000 U.S. dollars in Europe to a much higher level in certain countries such as Switzerland. Debts can be formed in a number of ways. The most common forms of debt include credit cards, medical debt, student loans, overdrafts, mortgages, automobile financing and personal loans.

The Survey of Consumer Finances (SCF) is normally a triennial cross-sectional survey of U.S. families. The survey data include information on families' balance sheets, pensions, income, and demographic characteristics.

The global student loans market is projected to reach a valuation of approximately USD 2.5 trillion by 2033, growing at a compound annual growth rate (CAGR) of 5.2% from 2025 to 2033.

Since 2013, the Federal Reserve Board has conducted the Survey of Household Economics and Decisionmaking (SHED), which measures the economic well-being of U.S. households and identifies potential risks to their finances. The survey includes modules on a range of topics of current relevance to financial well-being including credit access and behaviors, savings, retirement, economic fragility, and education and student loans. The Board's seventh annual SHED examines the economic well-being and financial lives of U.S. adults and their families. The 2019 complete survey was conducted in October 2019, offering a picture of personal finances prior to the onset of the COVID-19 pandemic. To obtain updated information in the midst of closures and stay-at-home orders, a smaller supplemental survey was conducted in April 2020, focusing on labor market effects and households' overall financial circumstances at that time. Demographic variables include age, level of education, gender, race, household income, and marital status. Users can use the industry information included in the data to obtain a perspective on financial conditions resulting from COVID-19 for individuals who work in arts and culture related fields.

This report summarizes the findings of the Consortium's third annual survey, which involved 25 colleges and more than 9,400 students. Participating colleges were responsible for sampling (based on a standardized procedure) and administering the survey in class. Completed questionnaires were then shipped to PRA Inc. for coding, data entry and analysis. The objectives of the research are to: provide national data on student access, time use and financing for Canadian college students from participating colleges; identify issues particular to certain learner groups or regions; and provide each institution with topline survey results (based on representative samples of their students), which may then be compared against the "national average". This dataset was freely received from the Canada Millennium Scholarship Foundation. Some work was required for the variable and value labels, and missing values. They were corrected as best as possible with the documentation received. Caution should be used with this dataset as some variables are lacking information.

Finanzielle Belastungen des Elternhauses durch die Ausbildung derKinder. Themen: Studienbeginn; Studiendauer; Höhe des dem Studenten monatlichzur Verfügung stehenden Geldes; gegenwärtige Einkommens- undBelastungsverhältnisse der Eltern; Finanzierungsmöglichkeiten desStudiums; Aufenthalt des Studenten in den Semesterferien; Einstellungzur Arbeit des Studenten in den Semesterferien; Bereitschaft der Elternzur Studienfinanzierung; Bekanntheitsgrad des Honnefer Modells;detaillierte Angaben über die Einkünfte und Zuwendungen des Studentensowie der übrigen Kinder; Wohnsituation und Mietkosten des Befragten. Demographie: Einkommen; Haushaltseinkommen; Haushaltsgröße; sozialeHerkunft; Ortsgröße; Bundesland; Flüchtlingsstatus; Besitz langlebigerWirtschaftsgüter; Besitz von Vermögen. Financial burdens of the parental home through education of children. Topics: Start of studies; length of studies; amount of money availableto the student monthly; current income and burden conditions ofparents; opportunities to finance studies; stay of student in semesterbreaks; attitude of student to work in semester breaks; readiness ofparents to finance studies; degree of familiarity of the Honnef Model;detailed information on income and contributions of the student as wellas the remaining children; housing situation and rent costs ofrespondent. Demography: income; household income; size of household; socialorigins; city size; state; refugee status; possession of durableeconomic goods; possession of assets. Mündliche Befragung mit standardisiertem Fragebogen Oral survey with standardized questionnaire Eltern von Studenten, die im WS 1960/61 immatrikuliert waren

The student survey data include measures of students’ background, knowledge, aspirations, satisfaction, and perception of classroom environment and teaching quality. The student survey measures are drawn from previous national and international studies including TRIPOD, Evaluating the Design and Impact of School Sector Development Program (SSDP) Training in Nepal (3ie) and School Sector Reform Program (World Bank). Out of 4889 eligible students, data were collected from 4588 students resulting in a response rate of 94%.

The parent survey data include household-level measures of household size, composition, socio-economic background (ethnicity, social status), education and occupation, wealth, assets, and income. The data also include individual-level measures of parents’ perceptions of teaching quality, parental action related to gathering information about alternative schools, barriers/facilitators to exercising school choice, and awareness and participation in civil society organizations seeking to influence governance of education. Out of 4889 eligible students’ parents, data were collected from 4606 parents resulting in a response rate of 94%.

The teacher survey data include measures of teachers’ background, knowledge, training, instructional practice, classroom management, and parental outreach and reporting. Out of 951 eligible teachers, data were collected from 906 teachers resulting in a response rate of 95%.

The Head Teacher (Principal) survey data include measures of general background, performance, school management experience, professional engagement with school leadership, and satisfaction with working conditions. Out of 114 eligible schools, data were collected from Head Teachers (Principals) from 113 schools resulting in a response rate of 99%.

The school management committee (SMC) data include measures of accountability (delegation, finance, performance, information, and enforcement). Out of 114 eligible schools, data were collected from SMCs from 109 schools resulting in a response rate of 96%.

The Parent Teacher Association (PTA) data include measures of short-term accountability (local community level) and other measures of accountability (delegation, finance, performance, information, and enforcement). Out of 114 eligible schools, data were collected from PTA representatives from 108 schools resulting in a response rate of 95%.

We propose to develop and validate measures of accountability to be shared with the Nepal Ministry of Education (MOE), local stakeholders and scientific communities, and to use those measures in an analysis of the determinants of accountability and its association with students' gains in achievement. The proposed study will build on the resources of the Chitwan Valley Family Study (CVFS), a 20-year ongoing panel study of 116 schools with 3,000 households with 3,500 school aged children in 151 communities located throughout the Western Chitwan Valley of Nepal. With funding from DFID-ESRC, we are proposing to achieve two aims: Aim One: To Develop and Pretest a Suite of Nepali Accountability Assessment Tools (NAATs) for Use by the MOE and to Pilot these Tools within the Chitwan Valley of Nepal. Importantly, the tools will be designed so that Nepal's MOE can both assess and potentially improve its current accountability processes at multiple levels of the increasingly decentralized Nepalese education system [4]. To achieve this aim we will: (1) develop a variety of accountability assessment tools for use in Nepal's education system; (2) modify a set of instructional processes and instructional quality measures developed for use in OECD countries for use in the Nepali educational system; and (3) gather data on students' academic achievement using standardized test items developed by Nepal's MOE. Aim Two: To Investigate How Accountability Processes; Environments for Student Learning in Schools, Families, and Communities; and Student Learning are Related. This involves investigating three main research questions: Are accountability processes systematically related to socioeconomic disparities among communities, schools within communities, and families within schools? In school and community settings where accountability processes are more intensive, is the quality of instructional service delivery higher? And, controlling for socioeconomic disparities related to student achievement is student learning higher in schools and communities where accountability processes are more intensive? To meet this aim, we will: (1) administer a newly designed PET-QSDS survey to 380 key stakeholders; (2) administer the NASA test at the beginning and end of the school year and a student survey to 1,740 8th graders; and (3) administer a teacher survey to 1,392 teachers and a parent survey to 1,740 parents. The results of this research will be relevant to education policy makers in Nepal and will also contribute directly to comparative education research on school effectiveness. This study will generate rigorous scientific outcomes: (1) development of a low income context adaptive accountability assessment tool; (2) cross-cultural assessment of the reliability and predictive validity of accountability measures; (3) identification of contextual factors with strong correlation with accountability; (4) potential for identification of new dimensions of accountability in low income settings; and (5) scientific advancement in our understanding of the relationship between accountability, instructional quality and students' gains in achievement. These outcomes will be made widely available to scientists and policy makers. First, we will conduct dissemination workshops at local and national levels to share findings of the study and provide training on the use of the newly designed accountability assessment tool and analysis of the data generated through the various surveys mentioned above. Second, the data will be made available through ICPSR and the UK Data Service. Third, the findings will be disseminated through presentations at national and international conferences and published in scientific articles, and research and policy briefs. Finally, the participation of Nepali faculty, scientists, government representatives and school authorities throughout the project will advance the scientific and analytical capacity of their respective host institutions (DOE,TU, PABSON, PDs).

The Canadian College Student Survey Consortium (the Consortium, CCSSC) includes the Association of Canadian Community Colleges (ACCC), individual participating colleges and the Canada Millennium Scholarship Foundation (CMSF). Established in late 2001, the Consortium conducted its first survey of college students in the spring of 2002. In 2003, it conducted a second survey, involving 27 colleges and approximately 9,900 students. This report summarizes the findings of the second annual survey. The survey collects data on college students' income, expenditures and use of time. The survey is unique in that it provides national-level information on the challenges Canadian college students face in terms of financial and access issues. Approximately 9,900 students completed the survey. Of which most students who responded to the survey are enrolled full-time in programs that take two years or longer to complete. Students' financial situations and time use vary greatly by program type as well as region. Many of the differences arise because of students' personal characteristics are correlated with the program they are enrolled in. The fact that some programs are more predominant in certain regions adds another dimension to this variation. This dataset was freely received from the Canada Millennium Scholarship Foundation. Some work was required for the variable and value labels, and missing values. They were corrected as best as possible with the documentation received. Caution should be used with this dataset as some variables are lacking information.

Pay‑for‑Performance Education Financing Market Outlook

According to our latest research, the global pay-for-performance education financing market size reached USD 5.2 billion in 2024, reflecting a robust demand for innovative funding mechanisms in the education sector. With a CAGR of 18.7% projected from 2025 to 2033, the market is expected to achieve a size of USD 28.3 billion by 2033. The primary growth driver is the increasing need for sustainable, outcome-driven education financing models that align stakeholders’ interests and promote accountability in educational outcomes.

One of the most significant growth factors propelling the pay-for-performance education financing market is the global shift towards skill-based and employability-focused education. Traditional tuition-based financing models are increasingly being scrutinized for their lack of alignment with actual student outcomes and job market demands. In contrast, pay-for-performance models such as income share agreements and outcome-based loans directly connect the cost of education to the success of graduates, incentivizing both institutions and students to prioritize career readiness. This alignment enhances the appeal of these models to students, parents, and employers alike, driving adoption across higher education, vocational training, and even K-12 segments. The growing prevalence of digital learning platforms and data analytics further enables precise tracking of outcomes, making these models more feasible and attractive to investors and policymakers.

Another key driver is the increasing involvement of private investors and social impact funds in education financing. As governments worldwide face budgetary constraints, there is a pressing need for alternative funding streams that can support educational access and quality without overburdening public finances. Pay-for-performance education financing, particularly through mechanisms like performance-based grants and outcome-based loans, offers a viable solution by tying funding to measurable results. This not only attracts private capital but also encourages educational institutions to innovate and improve their offerings. The rise of public-private partnerships and blended finance models is further accelerating the market’s growth, as stakeholders seek scalable and sustainable ways to address skills gaps and promote workforce development.

Technological advancements are also playing a pivotal role in the expansion of the pay-for-performance education financing market. The integration of advanced analytics, blockchain, and AI-powered platforms is enhancing transparency, streamlining contract management, and ensuring reliable outcome verification. These technologies reduce administrative overhead, minimize fraud, and increase stakeholder trust in the efficacy of pay-for-performance models. Furthermore, the proliferation of online learning and micro-credentialing is broadening the scope of education financing, enabling more personalized and flexible funding arrangements. As a result, the market is witnessing increased participation from non-traditional education providers, such as edtech startups and corporate training organizations, further diversifying the ecosystem and driving innovation.

From a regional perspective, North America continues to dominate the pay-for-performance education financing market, accounting for approximately 38% of global revenues in 2024. The region’s leadership is attributed to a well-established ecosystem of higher education institutions, robust regulatory frameworks, and significant venture capital investment in edtech and alternative financing. However, the Asia Pacific region is emerging as the fastest-growing market, with a projected CAGR of 22.4% through 2033, fueled by rising demand for vocational training, large youth populations, and government initiatives to improve educational outcomes. Europe, Latin America, and the Middle East & Africa are also witnessing increased adoption, driven by policy reforms and growing awareness of the benefits of outcome-based financing models.

Targeting households that were issued a "national education loan," this survey has been conducted since 1993. The main purpose of this survey was to clarify the actual state of education-related financial burdens affecting households with students, in addition to household income, housing loan status, and methods for raising funds to cover educational expenses. This survey also investigated the overall circumstances households face and the relationship between households and educational expenses.

The characteristics of this survey were that it (1) targeted households nationwide, (2) targeted only households with students, (3) clarified the types of educational expenses incurred throughout the year, (4) investigates the cost of education for all children enrolled in elementary school and above, and (5) investigated educational expenses according to the number of children enrolled in school, the type of school in which they are enrolled, and whether or not they live away from home to attend school. This design allowed the survey to grasp the situation of the burden of educational expenses on households.

The value of the debt per adult in Europe in 2022 varied a lot from country to country. While Swiss adults had on average over ******* U.S. dollars of debt in 2022, adults from Azerbaijan had a debt of *** dollars. Meanwhile, the average volume of debt in Europe that year was almost ****** U.S. dollars per adult. The household debt to disposable income ratio in Europe follows a similarly varied distribution. As varied as the volume of debts in Europe are, the most common forms of debt are still very similar and they tend to include: credit cards, medical debt, student loans, overdrafts, mortgages, automobile financing and personal loans.