by our College Data Analytics TeamBelow is federal data on the loans students use to pay for Premier Academy of Cosmetology: median debt, the percentile spread, total borrowing including PLUS loans, and the cost to repay. All figures come from the U.S. Department of Education and IPEDS.
At Premier Academy specifically, 61% of incoming students take out a loan to help cover first-year costs, borrowing on average $7,109 each, across private and federal loan sources.
The average federally funded loan is $7,109. This meets or exceeds the $5,500 cap on first-year federal borrowing for the typical dependent freshman. Remember the all-undergraduate figures below leave out private loans, so they will look lower than this private-plus-federal freshman amount.
Among all degree-seeking undergrads at Premier Academy, 63% use federal student loans to help pay for their education, at an average of $5,700 a year. It comes to 19.8% below the first-year federal average of $7,109.
At a steady annual pace, that totals around $11,400 in two years and roughly $22,800 after four. These figures assume identical federal borrowing each year and omit private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 63% |
| Average federal loan per year | $5,700 |
| Undergraduates with a federal loan | 36 |
| Total federal loans (one year) | $205,188 |
The median student at Premier Academy borrows $9,500 of cumulative federal debt.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $9,500 |
These figures turn the debt totals into a monthly repayment picture for Premier Academy.
The Difference Between Subsidized and Unsubsidized Loans
Unsubsidized federal student loans accrue interest every month — even while you are still enrolled. Unless you pay that interest as it builds, the balance you owe at graduation can be noticeably higher than the amount you originally borrowed.
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.