Who tends to accrue the most college debt, and why?

Alright, so we've all heard about the student debt crisis in the U.S., but I'm curious about the demographics behind it. Which group of students typically ends up taking out the most loans for college? Is it more about income level, choice of college, major, or something else?

In general, the amount of student loan debt that an individual accrues can be influenced by various factors such as the cost of their chosen institution, their family's financial situation, and the availability of grants and scholarships.

Firstly, students attending private or out-of-state public institutions usually accumulate higher loan debt compared to those attending in-state public colleges. This is mainly because private and out-of-state public colleges tend to have higher tuition costs than in-state public colleges.

In terms of demographics, studies have shown that students from low and moderate-income families are more likely to have higher loan debt. This is primarily because these families typically cannot cover the high costs of college out of pocket and may not have enough savings to help offset the cost.

Moreover, undergraduate students who pursue professional or doctoral degrees in law, medicine, or business, for instance, can also accrue more debt due to the higher costs and longer duration of these programs compared to bachelor’s degrees.

Additionally, certain racial and ethnic groups are disproportionately affected by student debt. For example, Black and Hispanic college students are more likely to borrow student loans and, on average, borrow more than their White counterparts.

On the flip side, students who receive substantial financial aid or scholarships may take out fewer loans and therefore have less student debt.

Lastly, recent trends show an increase in non-traditional students (adult learners) returning to college later in life, which might result in higher student loan debts as these students often have additional financial obligations such as families to support or mortgages to pay.

Keep in mind that this isn't an exhaustive list, and the situation can vary greatly from individual to individual.