From the FSA Data Center, here are the top 20 schools based on their federal loan disbursements for the 2008-09 academic year. Figures below are in millions of dollars. I thought it would also be interesting to chart the growth of each of these institutions over the past three years. Their growth over the 2006-07 to 2008-09 period are provided in the last column:
| Academic Year | ||||||
| School | Type | 2006-07 | 2007-08 | 2008-09 | Change |
|
| UNIVERSITY OF PHOENIX | Prop. | 2,228.0 | 3,006.5 | 3,593.3 | 61.3% | |
| DEVRY UNIVERSITY | Prop. | 390.4 | 417.1 | 741.7 | 90.0% | |
| ITT TECHNICAL INSTITUTE | Prop. | 430.7 | 565.5 | 736.8 | 71.1% | |
| KAPLAN UNIVERSITY | Prop. | 248.6 | 419.2 | 603.3 | 142.6% | |
| NOVA SOUTHEASTERN UNIVERSITY | Private | 414.3 | 477.0 | 493.5 | 19.1% | |
| PENNSYLVANIA STATE UNIVERSITY | Public | 368.7 | 396.3 | 483.5 | 31.2% | |
| NEW YORK UNIVERSITY | Private | 329.5 | 385.6 | 456.0 | 38.4% | |
| WALDEN UNIVERSITY | Prop. | 334.7 | 449.1 | 407.3 | 21.7% | |
| STRAYER UNIVERSITY | Prop. | 277.9 | 399.6 | 391.8 | 41.0% | |
| ASHFORD UNIVERSITY | Prop. | 67.9 | 191.5 | 389.5 | 473.9% | |
| CAPELLA UNIVERSITY | Prop. | 235.7 | 309.3 | 378.4 | 60.5% | |
| UNIVERSITY OF SOUTHERN CALIFORNIA | Private | 300.0 | 325.3 | 353.6 | 17.9% | |
| MICHIGAN STATE UNIVERSITY | Public | 221.3 | 243.8 | 295.9 | 33.7% | |
| ARIZONA STATE UNIVERSITY | Public | 197.3 | 215.0 | 295.5 | 49.8% | |
| OHIO STATE UNIVERSITY (THE) | Public | 296.6 | 334.2 | 293.5 | -1.1% | |
| EVEREST COLLEGE | Prop. | 152.3 | 202.7 | 285.1 | 87.1% | |
| AMERICAN INTERCONTINENTAL UNIVERSITY | Prop. | 276.0 | 254.7 | 284.7 | 3.1% | |
| UNIVERSITY OF MINNESOTA - TWIN CITIES | Public | 235.1 | 248.5 | 278.4 | 18.4% | |
| GRAND CANYON UNIVERSITY | Prop. | 127.1 | 283.3 | 272.2 | 114.2% | |
| TEMPLE UNIVERSITY | Public | 209.1 | 249.8 | 269.1 | 28.7% | |
Observations:
- Seven of the top 10 schools on the list are proprietary (or for-profit) schools. Note that the growth of the top four schools are all in excess of 60% since the 2006-07 school year.
- The school with the most dramatic growth of almost 6 times in two years, Ashford University, has both a campus and an online presence.
- Three proprietary schools saw their loan volume double over the past two years; Grand Canyon, Ashford and Kaplan University.
- Reasons for strong growth for all school types include:
- Increases in unsubsidized Stafford loan limits in July 2008
- Decrease in private student loan availability, which dropped 50% or $11 billion in 2008-09. Many proprietary schools found themselves cut off entirely by lenders providing private student loans. This has likely led to more students maximizing their federal loans.
- Growth in enrollment,which has been particularly strong at for-profit institutions, given the difficult economy
For those interested in the fastest growing schools, based on their federal loan disbursements for 2008-09 compared to 2006-07, the schools listed below all had over $20 million in loan disbursements in 2008-09 and grew by at least 200% (figures in millions of dollars):
| Academic Year | ||||||
| School | Type | 2006-07 | 2007-08 | 2008-09 | Change |
|
| DRAKE COLLEGE OF BUSINESS | Prop. | $0.43 | $3.67 | $24.08 | 5500.5% | |
| AMERICAN PUBLIC UNIVERSITY SYSTEM | Prop. | $5.55 | $14.21 | $34.78 | 526.2% | |
| ASHFORD UNIVERSITY | Prop. | $67.9 | $191.5 | $389.5 | 473.9% | |
| CHAMBERLAIN COLLEGE OF NURSING | Prop. | $8.44 | $14.85 | $46.34 | 449.1% | |
| REGENCY BEAUTY INSTITUTE | Prop. | $7.20 | $19.81 | $33.83 | 369.7% | |
| CHARTER COLLEGE | Prop. | $5.10 | $10.72 | $20.06 | 293.6% | |
| TEXAS CULINARY ACADEMY | Prop. | $10.35 | $12.69 | $37.76 | 264.9% | |
| WAYNE COUNTY COMMUNITY COLLEGE DISTRICT | Public | $9.64 | $25.18 | $34.75 | 260.4% | |
| ROSS MEDICAL EDUCATION CENTER | Prop. | $7.25 | $12.79 | $23.73 | 227.6% | |
| UNITED EDUCATION INSTITUTE | Prop. | $14.06 | $24.42 | $45.68 | 224.8% | |
| ATI CAREER TRAINING CENTER | Prop. | $13.80 | $23.82 | $42.17 | 205.5% | |
| VALENCIA COMMUNITY COLLEGE | Public | $11.65 | $17.34 | $35.24 | 202.4% | |
If you are interested in the raw database used to calculate these figures, please feel free to drop me a line at tranzetta@studentlendinganalytics.com
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