by our College Data Analytics TeamBelow is federal data on the loans students use to pay for Franklin Academy, including completion-adjusted borrowing and a standard repayment estimate. The data below is drawn directly from federal sources.
At Franklin Academy, 94% of freshmen borrow to help pay for their first year, at roughly $6,223 apiece. This figure includes both private and federally funded student loans.
The typical federal loan comes to $6,223. That is at or past the $5,500 federal first-year limit for the typical dependent freshman. Bear in mind the undergraduate averages later on cover federal loans only, whereas this freshman total folds in private loans too.
Across the full undergraduate body at Franklin Academy (freshmen included), 72% rely on federal student loans toward their education, for a typical $8,397 each per year. It comes to 34.9% above the $6,223 typical freshmen borrow.
Carrying that yearly figure forward comes to roughly $16,794 over two years and about $33,588 over a four-year span. This assumes steady federal borrowing and leaves out private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 72% |
| Average federal loan per year | $8,397 |
| Undergraduates with a federal loan | 298 |
| Total federal loans (one year) | $2,502,308 |
Graduating and withdrawing students at Franklin Academy carry a median federal debt of $5,107 in federal borrowing.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $5,107 |
| Students who completed (graduates) | $7,479 |
| Students who withdrew | $4,700 |
The figure for students who withdrew is worth watching: debt without a completed credential is the hardest to repay.
Half of all borrowers fall between the 25th and 75th percentiles shown below for Franklin Academy.
| Percentile | Cumulative Federal Debt |
|---|---|
| 25th percentile | $2,578 |
| 75th percentile | $7,917 |
The indicators below describe what the typical debt costs to pay back at Franklin Academy.
Defaulting means failing to repay a federal student loan, which carries serious credit consequences. The federal two-year cohort default rate for Franklin Academy is shown below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 14.7% |
| Borrowers in the cohort | 68 |
A lower default rate generally signals that graduates earn enough to manage their loan payments.
Borrowing varies by family income, by first-generation status, and by dependency status.
Median Debt by Income Bracket
| Income tier | Median federal debt |
|---|---|
| Low income | $5,442 |
| Middle income | $5,500 |
| High income | $4,584 |
First-Gen vs Continuing-Gen Borrowing
| Cohort | Median federal debt |
|---|---|
| First-generation students | $5,112 |
| Continuing-generation students | $4,730 |
Dependent vs Independent Borrowers
| Cohort | Median federal debt |
|---|---|
| Dependent students | $4,584 |
| Independent students | $7,863 |
The Department of Education computes gap indicators that show how borrowing differs between student groups at Franklin Academy.
The Difference Between Subsidized and Unsubsidized Loans
Subsidized loans pause interest while you are in school; unsubsidized loans do not. That difference compounds over four years, so the type of loan you take matters as much as the amount.
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.