by our College Data Analytics TeamBelow is federal data on the loans students use to pay for Nova Academy of Cosmetology, including completion-adjusted borrowing and a standard repayment estimate. The data below is drawn directly from federal sources.
Looking at the entering class at Nova Academy of Cosmetology, 84% of freshmen borrow to help pay for their first year, for an average of $6,139 each — a figure that counts both private and federal student loans.
The average federally funded loan is $5,125, which is 93.2% 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.
Counting every undergraduate at Nova Academy of Cosmetology, 60% take out federal student loans, with a mean of $5,747 each per year. That amounts to 12.1% larger than the first-year federal average of $5,125.
Repeating that yearly amount projects to about $11,494 in two years and roughly $22,988 over a four-year span. These projections assume the same federal borrowing each year and exclude private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 60% |
| Average federal loan per year | $5,747 |
| Undergraduates with a federal loan | 210 |
| Total federal loans (one year) | $1,206,776 |
The middle borrower at Nova Academy of Cosmetology owes $7,863 of cumulative federal debt.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $7,863 |
| Students who completed (graduates) | $9,424 |
| Students who withdrew | $4,648 |
Withdrawn-student debt matters because those borrowers carry the loans without the degree that helps repay them.
The median hides the spread, so the percentiles below show cumulative federal debt at four points in the distribution for Nova Academy of Cosmetology.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $3,595 |
| 25th percentile | $5,500 |
| 75th percentile | $9,999 |
| 90th percentile (highest-debt students) | $15,318 |
The spread between the lowest- and highest-debt deciles summarizes how variable outcomes are at Nova Academy of Cosmetology.
Median federal debt understates the full cost when PLUS loans are included. The totals below add PLUS borrowing for Nova Academy of Cosmetology.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 20 | $9,349 |
These figures turn the debt totals into a monthly repayment picture for Nova Academy of Cosmetology.
The default rate measures how many borrowers fall behind and ultimately fail to repay their federal loans. The official Department of Education two-year default rate for Nova Academy of Cosmetology is shown below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 0% |
| Borrowers in the cohort | 10 |
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.
By Family Income
| Income tier | Median federal debt |
|---|---|
| Low income | $7,115 |
| Middle income | $7,863 |
| High income | $9,086 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $7,889 |
| Continuing-generation students | $6,752 |
By Dependency Status
| Cohort | Median federal debt |
|---|---|
| Dependent students | $6,856 |
| Independent students | $8,017 |
Federal data publishes the following gap measures for Nova Academy of Cosmetology.
The Difference Between 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
Federal student loans are not discharged in bankruptcy in all but the rarest cases, and the government can withhold part of your income or tax refund if you default.
References
More about our data sources and methodologies.