Debt: Research Doctoral Degree Recipients
In 2019–20, just under one-third of students who earned research doctoral degrees (30.1 percent) borrowed an average of $63,557 to fund their graduate education, compared with 53.4 percent of master’s degree recipients who borrowed an average of $47,906 and 77.6 percent of professional doctorate recipients who borrowed an average of $150,290. About six in 10 Black or African American research doctoral students (60.5 percent) borrowed an average of $103,085—the highest share and amount of any group. Nearly half of Hispanic or Latino research doctoral students (47.1 percent) borrowed an average of $81,998, much lower than Black or African American students’ borrowing levels but much higher than the overall averages of all racial and ethnic groups. White students borrowed at a higher rate (39.5 percent) but borrowed a smaller average amount ($59,912) than the overall average of all racial and ethnic groups.
Many of research doctoral degree students had debt that remained from their undergraduate education. The shares of research doctoral degree recipients with combined debt for undergraduate and graduate education ranged from 7.7 percent of international students and 27.5 percent of Asian students to 72.3 percent of Hispanic or Latino students. Black or African American research doctoral degree recipients left graduate school with an average of $117,151 per borrower for combined undergraduate and graduate education debt—much higher than the average total debt per borrower of Hispanic or Latino ($72,572) and White ($55,215) students.
Report Links
Race and Ethnicity in Higher Education: 2024 Status Report
Chapter Seven: How Students Finance Graduate Education
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Chapter Seven Data Tables Download (XLSX) 144 KB
Source
U.S. Department of Education, National Postsecondary Student Aid Study, 2020
Notes:
The percentage of students with graduate debt reflects the total share of students who borrowed to finance graduate education. The average graduate debt per borrower reflects the average amount borrowed among only those who borrowed to pay for graduate education.
The percentage of students with any debt reflects the total share of students who borrowed to finance undergraduate and graduate education. The average total debt per borrower reflects the average amount borrowed among only those who borrowed to pay for undergraduate and graduate education.
Data for for the following should be interpreted with caution. Estimate is unstable because the standard error represents more than 30 percent of the estimate.
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International students, percent who borrowed, 2019-2020
Data for for the following should be interpreted with caution. Estimate is unstable because the standard error represents more than 50 percent of the estimate.
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Asian, percent who borrowed, 2019-2020
Reporting standards not met for the following data:
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American Indian or Alaska Native, percent who borrowed and average amount borrowed per borrower, 2019-2020
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American Indian or Alaska Native, Average Total Debt per Borrower (Combined Undergraduate and Graduate), 2019-2020
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Asian, average amount borrowed per borrower, 2019-2020
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Native Hawaiian or other Pacific Islander, percent who borrowed and average amount borrowed per borrower, 2019-2020
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Native Hawaiian or other Pacific Islander, Average Total Debt per Borrower (Combined Undergraduate and Graduate), 2019-2020
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More than one race, percent who borrowed and average amount borrowed per borrower, 2019-2020
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International students, average amount borrowed per borrower, 2019-2020
