by our College Data Analytics TeamBelow is federal data on the loans students use to pay for Faust Institute of Cosmetology-Spirit Lake, including completion-adjusted borrowing and a standard repayment estimate. These figures are reported by the Department of Education and IPEDS.
At Faust Institute of Cosmetology-Spirit Lake specifically, 80% of first-year students take on loan debt, for an average of $4,742 per student, private and federal loans combined.
On the federal side, the average loan is $4,742, which is 86.2% of the $5,500 first-year federal borrowing limit for a typical dependent freshman. Keep in mind the all-undergraduate averages further down count federal loans only, unlike this private-plus-federal freshman figure.
For undergraduates overall at Faust Institute of Cosmetology-Spirit Lake, 38% borrow through federal student loan programs, averaging $5,793 in federal loans per year. That amounts to 22.2% more than the $4,742 borrowed by freshmen.
Borrowing at that rate every year works out to about $11,586 across two years and $23,172 after four. This assumes steady federal borrowing and leaves out private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 38% |
| Average federal loan per year | $5,793 |
| Undergraduates with a federal loan | 10 |
| Total federal loans (one year) | $57,929 |
The median student at Faust Institute of Cosmetology-Spirit Lake borrows $6,375 in federal borrowing.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $6,375 |
Half of all borrowers fall between the 25th and 75th percentiles shown below for Faust Institute of Cosmetology-Spirit Lake.
| Percentile | Cumulative Federal Debt |
|---|---|
| 25th percentile | $7,026 |
| 75th percentile | $18,000 |
Repayment burden translates the debt figures into what a borrower actually pays each month. Faust Institute of Cosmetology-Spirit Lake.
A loan default — failing to keep up with federal student-loan payments — is one of the worst financial outcomes a borrower can face. The federal two-year cohort default rate for Faust Institute of Cosmetology-Spirit Lake appears below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 5.5% |
| Borrowers in the cohort | 36 |
This rate follows a borrower cohort from the start of repayment through the two-year window the Department of Education uses.
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
Declaring bankruptcy does not erase federal student loan debt. If you stop paying, the federal government can garnish a portion of your wages until the loans are repaid.
References
More about our data sources and methodologies.