by our College Data Analytics TeamHere you will find what students actually borrow to attend Elim Bible Institute and College, including completion-adjusted borrowing and a standard repayment estimate. The data below is drawn directly from federal sources.
At Elim specifically, 29% of incoming students take out a loan to help cover first-year costs, at roughly $4,687 per student, private and federal loans combined.
The average federal loan is $4,687, representing 85.2% of the $5,500 federal limit that applies to a typical first-year dependent borrower. Be aware: the undergraduate-wide averages below exclude private loans, while this freshman number includes them.
Looking at all undergraduates at Elim, freshmen included, 33% finance part of their studies with federal loans, borrowing on average $5,136 per year. This is 9.6% more than the $4,687 typical freshmen borrow.
Repeating that yearly amount projects to about $10,272 across two years and $20,544 over four years. This assumes steady federal borrowing and leaves out private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 33% |
| Average federal loan per year | $5,136 |
| Undergraduates with a federal loan | 31 |
| Total federal loans (one year) | $159,222 |
The middle borrower at Elim owes $9,241 of cumulative federal debt.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $9,241 |
| Students who completed (graduates) | $10,247 |
The indicators below describe what the typical debt costs to pay back at Elim.
The breakdowns below show median federal debt by income, first-generation status, and dependency.
By Family Income
| Income tier | Median federal debt |
|---|---|
| Middle income | $5,531 |
Federal data publishes the following gap measures for Elim.
Subsidized and Unsubsidized Loans
With an unsubsidized loan, interest starts adding up the day the loan is disbursed, including during school. Subsidized loans, by contrast, do not accrue interest while you are enrolled at least half-time, which makes them the less expensive option when you qualify.
Important to Remember
Unlike most other debt, federal student loans generally survive bankruptcy — and unpaid balances can lead to wage garnishment — so borrow only what you truly need.
References
More about our data sources and methodologies.