by our College Data Analytics TeamBelow is federal data on the loans students use to pay for Eastern Illinois University— how much they borrow, how that debt is spread across the student body, and what it costs to pay back. All figures come from the U.S. Department of Education and IPEDS.
At EIU, 54% of incoming students take out a loan to help cover first-year costs, with a typical loan of $7,578 apiece. This figure includes both private and federally funded student loans.
On the federal side, the average loan is $6,537. That is at or past the $5,500 federal first-year limit for the typical dependent freshman. Note that average undergraduate loan amounts shown later do not include private loans — so the full freshman figure above is not directly comparable.
Looking at all undergraduates at EIU, freshmen included, 49% rely on federal student loans toward their education, at an average of $7,358 a year. That is 12.6% greater than the first-year federal average of $6,537.
Borrowing at that rate every year works out to about $14,716 in two years and roughly $29,432 over four years. This projection keeps yearly federal borrowing flat and excludes private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 49% |
| Average federal loan per year | $7,358 |
| Undergraduates with a federal loan | 2,149 |
| Total federal loans (one year) | $15,811,697 |
The median student at EIU borrows $15,722 in federal borrowing.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $15,722 |
| Students who completed (graduates) | $21,500 |
| Students who withdrew | $8,746 |
The figure for students who withdrew is worth watching: debt without a completed credential is the hardest to repay.
Half of all borrowers fall between the 25th and 75th percentiles shown below for EIU.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $4,612 |
| 25th percentile | $8,250 |
| 75th percentile | $27,000 |
| 90th percentile (highest-debt students) | $35,000 |
The gap between the 10th and 90th percentile is the clearest single measure of how widely borrowing varies at EIU.
Median federal debt understates the full cost when PLUS loans are included. The totals below add PLUS borrowing for EIU.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 891 | $15,000 |
| Completed (graduates) | 581 | $17,781 |
| Did not complete | 310 | $10,490 |
For students who completed, the median total debt including PLUS loans works out to a standard 10-year payment of about $211.44/mo.
The split below distinguishes Stafford borrowers from non-Stafford borrowers at EIU.
Current-Year Stafford Borrowers
| Cohort | Borrowers | Median debt incl. PLUS |
|---|---|---|
| Stafford loan this year | 795 | $14,918 |
| No Stafford loan this year | 96 | $16,091 |
Repayment burden translates the debt figures into what a borrower actually pays each month. EIU.
Defaulting means failing to repay a federal student loan, which carries serious credit consequences. The official Department of Education two-year default rate for EIU is shown below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 5.1% |
| Borrowers in the cohort | 2677 |
This rate follows a borrower cohort from the start of repayment through the two-year window the Department of Education uses.
Median debt differs by income tier, first-generation status, and whether the student is financially dependent.
By Family Income
| Income tier | Median federal debt |
|---|---|
| Low income | $15,075 |
| Middle income | $15,091 |
| High income | $16,750 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $15,750 |
| Continuing-generation students | $15,419 |
Dependency-Status Comparison
| Cohort | Median federal debt |
|---|---|
| Dependent students | $15,000 |
| Independent students | $16,718 |
The Department of Education computes gap indicators that show how borrowing differs between student groups at EIU.
The Difference Between Subsidized and Unsubsidized Loans
Subsidized loans pause interest while you are in school; unsubsidized loans do not. That difference compounds over four years, so the type of loan you take matters as much as the amount.
Worth Knowing
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.