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:
|UNIVERSITY OF PHOENIX||Prop.||2,228.0||3,006.5||3,593.3||61.3%|
|ITT TECHNICAL INSTITUTE||Prop.||430.7||565.5||736.8||71.1%|
|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%|
|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%|
|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%|
- 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):
|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%|
|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%|
|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 firstname.lastname@example.org