by our College Data Analytics TeamThe majority of students will not be asked to pay the advertised price of a school. Instead, they will be provided a financial aid package that will include a combination of scholarships, grants, loans, and work-study. The total price of attendance at Summit Salon Academy - Lexington can feel overwhelming, but bear in mind that many students receive some sort of financial aid.
What financial assistance options will Summit Salon Academy Lexington offer you, and what will you qualify for? Read on for more information. Keep going to discover just how much financial aid could be open to you.
How much aid you qualify for depends largely on your family’s financial circumstances. Continue reading to find information to help you understand just how much assistance you can expect to receive from Summit Salon Academy - Lexington.
Through a mix of loans, grants, work-study and scholarships, schools bring down the effective cost so more students can attend. Keep in mind that certain forms of assistance are more beneficial than others, and aid amounts differ from student to student.
Looking at the entering class at Summit Salon Academy - Lexington, 84% of the incoming full-time class was awarded financial aid approximately 53 students).
| Type of Aid | % of Freshmen Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 73% | $4,766 |
| Institutional grants & scholarships | 0% | — |
| Federal Pell grants | 73% | $4,766 |
| State/local grants | 0% | — |
| Federal student loans | 70% | $5,251 |
Unlike loans, grants and scholarships are gift aid that does not need to be paid back, making them the most desirable form of assistance. Here, approximately 59% of undergraduates were awarded grant or scholarship aid averaging $4,948 (for some 154 students).
| Award | % of Undergrads Receiving | Average Amount |
|---|---|---|
| Grant or scholarship aid (all sources) | 59% | $4,948 |
| Federal Pell grants | 59% | $4,948 |
| Federal student loans | 63% | $6,053 |
On-campus students receiving title-IV aid were awarded grants averaging $3,923.
Since aid is largely need-based, the real cost of attendance falls steeply for lower-income families.
| Family Income | Average Net Price |
|---|---|
| $0 – $48,000 | $10,947 |
| $30,001 – $75,000 | $14,038 |
| Over $75,000 | $16,917 |
Each amount is the average cost remaining once grant aid is subtracted, by income band.
The net price strips out grant and scholarship aid from the sticker price to show roughly what families really pay.
| Cohort | Average Net Price |
|---|---|
| On-campus title-IV students | $14,778 |
| Off-campus title-IV students | $13,809 |
To project your own net price, use Summit Salon Academy Lexington’s online cost calculator: www.summitsalonacademy.org/net-price-calculator.
Graduating students at Summit Salon Academy Lexington carry a median federal student debt of $6,333 of cumulative federal debt.
| Metric | Amount |
|---|---|
| Median federal debt (all student-aid borrowers) | $6,333 |
| Median federal debt (graduates only) | $7,917 |
| Typical 10-year monthly payment (graduates) | $83.93/mo |
That monthly figure reflects the median graduate debt repaid on a standard 10-year federal schedule.
The median alone does not show how widely outcomes vary across the student body. The figures below chart the debt distribution at Summit Salon Academy Lexington.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $3,167 |
| 25th percentile | $4,750 |
| 75th percentile | $11,230 |
| 90th percentile (highest-debt students) | $16,480 |
How much a student borrows depends heavily on family income, first-gen status, and dependency.
By Family Income
| Income tier | Median federal debt |
|---|---|
| Low income | $6,333 |
| Middle income | $4,750 |
| High income | $4,584 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $6,333 |
| Continuing-generation students | $4,750 |
Dependent vs Independent Students
| Cohort | Median federal debt |
|---|---|
| Dependent students | $4,584 |
| Independent students | $7,900 |
The Department of Education computes summary indicators that describe debt outcomes at a glance. Summit Salon Academy Lexington.
Most undergraduate borrowing runs through the federal Stafford loan program. The annual Stafford volume below reflects program activity at Summit Salon Academy Lexington:
| Metric | Value |
|---|---|
| Stafford loan recipients | 1401 |
| Total Stafford loan amount | $14,687,015 |
The GI Bill and DoD Tuition Assistance are the main federal aid routes for veterans and service members.
Post-9/11 GI Bill activity
| Metric | Value |
|---|---|
| GI Bill recipients | 0 |
| Total GI Bill amount | $0 |
References
More about our data sources and methodologies.