by our College Data Analytics TeamBelow is federal data on the loans students use to pay for Converse University, including completion-adjusted borrowing and a standard repayment estimate. The data below is drawn directly from federal sources.
At Converse specifically, 61% of incoming undergraduates borrow in year one, borrowing on average $7,994 each, across private and federal loan sources.
The average federally funded loan is $5,628. 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.
Looking at all undergraduates at Converse, freshmen included, 61% take out federal student loans, borrowing on average $6,654 each per year. It comes to 18.2% above the $5,628 typical freshmen borrow.
Repeating that yearly amount projects to about $13,308 after two years and $26,616 over a four-year span. This assumes steady federal borrowing and leaves out private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 61% |
| Average federal loan per year | $6,654 |
| Undergraduates with a federal loan | 489 |
| Total federal loans (one year) | $3,253,994 |
The middle borrower at Converse owes $22,500 of cumulative federal debt.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $22,500 |
| Students who completed (graduates) | $27,000 |
| Students who withdrew | $9,500 |
Withdrawn-student debt matters because those borrowers carry the loans without the degree that helps repay them.
The median hides the spread, so the percentiles below show cumulative federal debt at four points in the distribution for Converse.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $3,750 |
| 25th percentile | $5,500 |
| 75th percentile | $27,000 |
| 90th percentile (highest-debt students) | $36,340 |
The spread between the lowest- and highest-debt deciles summarizes how variable outcomes are at Converse.
Median federal debt understates the full cost when PLUS loans are included. The totals below add PLUS borrowing for Converse.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 321 | $16,500 |
| Completed (graduates) | 101 | $21,000 |
| Did not complete | 220 | $15,473 |
On a standard 10-year plan, the median completing borrower would pay about $249.71/mo.
Federal data lets us separate Stafford borrowers from the rest at Converse.
Borrowers With a Stafford Loan This Year
| Cohort | Borrowers | Median debt incl. PLUS |
|---|---|---|
| Stafford loan this year | 145 | $18,780 |
| No Stafford loan this year | 176 | $15,473 |
These figures turn the debt totals into a monthly repayment picture for Converse.
Defaulting means failing to repay a federal student loan, which carries serious credit consequences. The federal two-year cohort default rate for Converse appears below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 3.3% |
| Borrowers in the cohort | 360 |
A lower default rate generally signals that graduates earn enough to manage their loan payments.
Borrowing varies by family income, by first-generation status, and by dependency status.
By Family Income
| Income tier | Median federal debt |
|---|---|
| Low income | $22,250 |
| Middle income | $23,250 |
| High income | $22,500 |
By First-Generation Status
| Cohort | Median federal debt |
|---|---|
| First-generation students | $21,500 |
| Continuing-generation students | $23,250 |
Dependent vs Independent Borrowers
| Cohort | Median federal debt |
|---|---|
| Dependent students | $22,250 |
| Independent students | $26,125 |
Federal data publishes the following gap measures for Converse.
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.
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.