by our College Data Analytics TeamHere you will find what students actually borrow to attend Summit Salon Academy - Tacoma, including completion-adjusted borrowing and a standard repayment estimate. These figures are reported by the Department of Education and IPEDS.
Looking at the entering class at Summit Salon Academy Tacoma, 56% of incoming students take out a loan to help cover first-year costs, borrowing on average $7,698 per student, private and federal loans combined.
The typical federal loan comes to $7,698. This is at or above the $5,500 first-year federal borrowing cap that applies to 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.
For undergraduates overall at Summit Salon Academy Tacoma, 50% use federal student loans to help pay for their education, averaging $7,786 a year. This is 1.1% larger than the $7,698 freshmen take on.
At a steady annual pace, that totals around $15,572 in two years and roughly $31,144 across a four-year program. These projections assume the same federal borrowing each year and exclude private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 50% |
| Average federal loan per year | $7,786 |
| Undergraduates with a federal loan | 110 |
| Total federal loans (one year) | $856,431 |
Graduating and withdrawing students at Summit Salon Academy Tacoma carry a median federal debt of $8,000 in federal borrowing.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $8,000 |
| Students who completed (graduates) | $9,785 |
| Students who withdrew | $4,750 |
The figure for students who withdrew is worth watching: debt without a completed credential is the hardest to repay.
The median hides the spread, so the percentiles below show cumulative federal debt at four points in the distribution for Summit Salon Academy Tacoma.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $3,250 |
| 25th percentile | $5,197 |
| 75th percentile | $14,001 |
| 90th percentile (highest-debt students) | $19,673 |
How wide this percentile range is tells you how much borrowing varies across students at Summit Salon Academy Tacoma.
Median federal debt understates the full cost when PLUS loans are included. The totals below add PLUS borrowing for Summit Salon Academy Tacoma.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 21 | $9,516 |
These figures turn the debt totals into a monthly repayment picture for Summit Salon Academy Tacoma.
The default rate measures how many borrowers fall behind and ultimately fail to repay their federal loans. The federal two-year cohort default rate for Summit Salon Academy Tacoma follows.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 4.3% |
| Borrowers in the cohort | 22 |
The cohort default rate tracks borrowers who entered repayment in a given year and defaulted within the two-year measurement window.
Median debt differs by income tier, first-generation status, and whether the student is financially dependent.
Median Debt by Income Bracket
| Income tier | Median federal debt |
|---|---|
| Low income | $7,958 |
| Middle income | $7,916 |
| High income | $11,995 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $8,000 |
| Continuing-generation students | $8,121 |
Dependent vs Independent Borrowers
| Cohort | Median federal debt |
|---|---|
| Dependent students | $9,125 |
| Independent students | $7,916 |
These pre-calculated indicators summarize the borrowing gaps between cohorts at Summit Salon Academy Tacoma.
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.
Did You Know?
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.