by our College Data Analytics TeamBelow is federal data on the loans students use to pay for Erie Institute of Technology Inc: 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 Erie Institute of Technology Inc specifically, 69% of incoming undergraduates borrow in year one, at roughly $8,047 each, across private and federal loan sources.
On the federal side, the average loan is $7,169. This is at or above the $5,500 first-year federal borrowing cap that applies to the typical dependent freshman. Bear in mind the undergraduate averages later on cover federal loans only, whereas this freshman total folds in private loans too.
Across the full undergraduate body at Erie Institute of Technology Inc (freshmen included), 50% borrow through federal student loan programs, borrowing on average $7,039 annually. It comes to 1.8% less than the first-year federal average of $7,169.
Borrowing the same amount each year would add up to roughly $14,078 across two years and $28,156 by the fourth year. This assumes steady federal borrowing and leaves out private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 50% |
| Average federal loan per year | $7,039 |
| Undergraduates with a federal loan | 92 |
| Total federal loans (one year) | $647,625 |
The middle borrower at Erie Institute of Technology Inc owes $8,835 of cumulative federal debt.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $8,835 |
| Students who completed (graduates) | $10,738 |
| Students who withdrew | $3,668 |
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 Erie Institute of Technology Inc.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $3,167 |
| 25th percentile | $6,333 |
| 75th percentile | $13,875 |
| 90th percentile (highest-debt students) | $18,250 |
How wide this percentile range is tells you how much borrowing varies across students at Erie Institute of Technology Inc.
Median federal debt understates the full cost when PLUS loans are included. The totals below add PLUS borrowing for Erie Institute of Technology Inc.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 52 | $5,410 |
These figures turn the debt totals into a monthly repayment picture for Erie Institute of Technology Inc.
The default rate measures how many borrowers fall behind and ultimately fail to repay their federal loans. Two-year cohort default-rate data for Erie Institute of Technology Inc appears below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 19.1% |
| Borrowers in the cohort | 172 |
This rate follows a borrower cohort from the start of repayment through the two-year window the Department of Education uses.
Borrowing varies by family income, by first-generation status, and by dependency status.
Borrowing by Income Tier
| Income tier | Median federal debt |
|---|---|
| Low income | $7,795 |
| Middle income | $9,500 |
| High income | $8,977 |
By First-Generation Status
| Cohort | Median federal debt |
|---|---|
| First-generation students | $8,233 |
| Continuing-generation students | $10,917 |
Dependent vs Independent Borrowers
| Cohort | Median federal debt |
|---|---|
| Dependent students | $8,204 |
| Independent students | $9,500 |
The Department of Education computes gap indicators that show how borrowing differs between student groups at Erie Institute of Technology Inc.
The Difference Between 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.