by our College Data Analytics TeamHere you will find what students actually borrow to attend Bos-Man’s Barber College: median debt, the percentile spread, total borrowing including PLUS loans, and the cost to repay. These figures are reported by the Department of Education and IPEDS.
At Bos-Man’s Barber College, 100% of freshmen borrow to help pay for their first year, for an average of $4,700 per borrower, covering both private and federal loans.
The average federal loan is $4,700, amounting to 85.5% of the $5,500 first-year federal borrowing limit for a 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.
Looking at all undergraduates at Bos-Man’s Barber College, freshmen included, 97% finance part of their studies with federal loans, for a typical $7,423 per year. It comes to 57.9% more than the $4,700 freshmen take on.
Borrowing at that rate every year works out to about $14,846 over two years and about $29,692 after four. This projection keeps yearly federal borrowing flat and excludes private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 97% |
| Average federal loan per year | $7,423 |
| Undergraduates with a federal loan | 66 |
| Total federal loans (one year) | $489,918 |
The middle borrower at Bos-Man’s Barber College owes $14,000 in federal student loans.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $14,000 |
Half of all borrowers fall between the 25th and 75th percentiles shown below for Bos-Man’s Barber College.
| Percentile | Cumulative Federal Debt |
|---|---|
| 25th percentile | $11,236 |
| 75th percentile | $16,500 |
These figures turn the debt totals into a monthly repayment picture for Bos-Man’s Barber College.
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.
Worth Knowing
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.