College of the Holy Cross Loan Debt & Loan Default Rates

How does student loan debt and default rates at College of the Holy Cross compare to the national average, and how could this impact your future? Scroll down the page for answers.

Included in This Report:

• Average Loans for Freshman
• Average Undergraduate Loans
• Default Rate at College of the Holy Cross
• Frequently Asked Questions
• Additonal Information

Freshmen At College of the Holy Cross Take Out an Average of $6,358 in Loans in Their First Year

At College of the Holy Cross, 53.0% of incoming students take out a loan to help defray freshman year costs, averaging $6,358 a piece. This amount includes both private and federally-funded student loans.

The average federal loan is $5,213, which is 94.8% of the first-year borrowing cap of $5,500* for the typical first-year dependent student.

The Average Loan Amount for All Undergrads at College of the Holy Cross is $6,368 Per Year.

55.0% of all undergraduate students (including freshmen) at College of the Holy Cross utilize federal student loans to help pay for their college education, averaging $6,368 per year. This amount is 22.2% higher than the $5,213 amount borrowed by freshmen. The fact that returning students borrow more than freshmen could indicate that the school front-loads financial aid packages, offering more aid to new students while expecting returning students to take on larger loans to continue their education.

Borrowing the average amount will result in loans of $12,736 after two years and $25,472 after four.

These numbers are based on borrowing the same amount each year and do not include any loans where the parent is the borrower, even though Parent PLUS loans are frequently included in financial aid packages.

Were you surprised by how much you are projected to owe by the time you graduate? Remember this is an average: some students will borrow more than this.

Is the debt worth it? Research return on investment.

The Default Rate on Student Loans is Decreasing

Loan default rates can indicate how well College of the Holy Cross is helping students afford to attend college without undue reliance on loans, particularly unsubsidized loans. It can also indicate future earnings and career potential. Pay close attention to this statistic. You don't want to take out loans you can't pay back.

A total of 497 College of the Holy Cross students entered loan repayment in 2016. After three years, 1.8% of these students (9 out of 497) defaulted on their loans. The lower the default rate, the better!

The chart below compares this college to the average 3-year default rate calculated across all of the 4-year schools we have data for.

What does the default rate mean?

A student is considered to be in default on a student loan if they have not made a payment in more than 270 days. The official student loan default rate for a school is calculated by measuring how many students are in default three years after graduation. Note that the default rate only takes into account federal loans, not private.

When compared to the average three-year default rate of 9.3%, the default rate at College of the Holy Cross is excellent. It is a good indication that the financial needs of a typical student are being met in such a way that reliance on loans, particularly unsubsidized student loans, is minimized.