Student Loan Debt at Akron Institute of Herzing University

Learn how student loan debt and default rates at Akron Institute of Herzing University compare to the national average, and how this could impact your future. Understand the differences in student loans, how to estimate payments and how to protect yourself from incurring a debt that can never be removed from your credit, even if you declare bankruptcy.

Answers to Questions About Student Loans

The majority of students take on debt in order to pay for their degree. The question you need to ask yourself is how much debt will I have to take on to pay for Akron Institute of Herzing University, and how easily will I pay it off? Keep scrolling down the page for answers.

Freshmen At Akron Institute of Herzing University Take Out an Average of $7,564 in Loans in Their First Year

At Akron Institute of Herzing University 87.0% of incoming students take out a loan to help defray freshman year costs, averaging $7,564. This amount includes both private and federally-funded student loans. The average federal loan is $7,089, 128.9% of the first-year borrowing cap of $5,500* for the typical first-year dependent student.

*Independent students and those with parents who do not qualify for PLUS loans have higher borrowing caps.

The Average Loan Amount for All Undergrads at Akron Institute of Herzing University is $6,495 Per Year.

88.0% of all undergraduate students at Akron Institute of Herzing University utilize federal student loans to help pay for their college education, averaging $6,495 per year. This amount is 8.4% lower than the $7,089 amount borrowed by freshmen, indicating a decreasing reliance on student loans.

Borrowing the average amount will result in loans of $12,990 after two years and $25,980 after four.

Were you surprised by how much you might have borrowed by the time you graduate? These numbers are based on borrowing the same amount each year, but what if you borrow more? These numbers also do not include any loans where the parent is the borrower, even though Parent PLUS loans are frequently included in financial aid packages.

The Default Rate on Student Loans is Unavailable

We were planning to provide you with the loan default rate at Akron Institute of Herzing University, and compare it to the national average of 7.4%, but unfortunately, that information is not available to us.

Other Factors to Consider

  • In most cases, a student is considered to have defaulted on their loan if they have not made a payment in 270 days. This does not include students who have requested to go into forbearance due to financial hardship, so the actual amount of students who aren't paying back their loans could be higher. Do you understand the consequences of defaulting on a loan?
  • Some college experts advise that a student's total debt by the time they graduate should not exceed the amount they will make in one year's salary. Have you done research into your desired career fields to see what type of salary you can expect?
  • The default rate a school reports has an effect on the amount of government aid they are able to receive. A high default rate might mean the school is on shaky ground financially. What would the consequences be if the college you were attending were in financial distress? (Could the school cut back on faculty and staff? Eliminate entire programs?)

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