Chart (B) | How much debt do students need to take on to cover net price?

Rate		Annual Growth ³
Net Price¹		2.5%
Annual borrowing per FTE		1.0%


Rate	Annual Growth ³	Total Growth
Inflation (HEPI)⁴	2.9%	33%
Inflation (CPI)	2.7%	31%

Net price¹ vs. annual borrowing per full-time equivalents (FTE)² (2013-2023)

Measure	2013-14	2014-15	2015-16	2016-17	2017-18	2018-19	2019-20	2020-21	2021-22	2022-23	2023-24
Total Annual Borrowing	$106.3M	$114.2M	$119.6M	$122.0M	$129.9M	$134.5M	$133.6M	$123.6M	$118.8M	$121.8M	$127.6M
Annual FTE	19,993	20,372	20,820	20,837	21,266	21,232	21,165	21,427	21,130	21,297	21,764
Percentage of students borrowing⁵	40%	42%	41%	40%	40%	39%	38%	35%	33%	32%	31%

1.Starting with 2023-24, net price was derived by average budget minus average gift aid from the SCHEV financial aid file. Prior to 2023-24, net price came from IPEDS.
2. Determined as total annual borrowing (e.g., private Perkins , Stafford, Plus loans) divided by annualized FTE
3. "Annual growth" calculated as compound annual growth rate (CAGR)
4. Determined as annual growth in Higher Education Price Index over period
5. Determined as the number of students with loans divided by total reported enrollment; excludes non degree, unclassified, and certificate programs; only includes associate, bachelor's, master's, first professional, and doctor's degree programs
Source: Data from SCHEV Research Center Financial Aid Report FA19C: Trends in Annual Borrowing Per Annualized Student FTE; IPEDS