by Nellie Mae
Summary Statistics
December 2000
Graduate Student Credit Card Debt
- Students with no credit history: 1%
- Students with a credit history having no credit cards: 4%
- Student with a credit history and had credit cards: 95%
Of the 95% who have credit cards:
- Average number of credit cards: 4
- Average credit card debt: $4,776 (median=$3,068)
- 20% have credit card debt between $6,000–$15,000
- 6% have credit card debt greater than $15,000
| Factors | 1998 | 2000 |
|---|---|---|
| Percentage who have credit cards | 95% | 95% |
| Average number of credit cards | 6 | 4 |
| Average credit card debt | $4,925 | $4,776 |
| Median credit card debt | $2,834 | $3,068 |
| Percentage with balances between $6,000 and $15,000 | 22% | 20% |
| Percentage with balances exceeding $15,000 | 6% | 6% |
Undergraduate Student Credit Card Debt
- Students with no credit history: 12%
- Students with a credit history having no credit cards: 10%
- Student with a credit history and had credit cards: 78%
Of the 78% who have credit cards:
- 32% have four or more cards
- Average number of credit cards: 3
- Average credit card debt: $2,748 (median=$1,236)
- 13% have credit card debt between $3,000–$7,000
- 9% have credit card debt greater than $7,000
| Factors | 1998 | 2000 |
|---|---|---|
| Percentage who have credit cards | 67% | 78% |
| Average number of credit cards | 3.5 | 3 |
| Percentage who have 4 or more cards | 27% | 32% |
| Average credit card debt | $1,879 | $2,748 |
| Median credit card debt | $1,222 | $1,236 |
| Percentage with balances between $3,000 and $7,000 | 14% | 13% |
| Percentage with balances exceeding $7,000 | 10% | 9% |