by our College Data Analytics TeamHere you will find what students actually borrow to attend Florida Institute of Technology-Online— how much they borrow, how that debt is spread across the student body, and what it costs to pay back. These figures are reported by the Department of Education and IPEDS.
At Florida Institute of Technology - Online specifically, 59% of incoming undergraduates borrow in year one, for an average of $6,793 each, across private and federal loan sources.
The typical federal loan comes to $6,187. That sits at or beyond the $5,500 first-year federal limit for a typical dependent student. 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 Florida Institute of Technology - Online, freshmen included, 57% rely on federal student loans toward their education, with a mean of $8,722 a year. It comes to 41.0% above the first-year federal average of $6,187.
Borrowing the same amount each year would add up to roughly $17,444 over two years and about $34,888 across a four-year program. These figures assume identical federal borrowing each year and omit private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 57% |
| Average federal loan per year | $8,722 |
| Undergraduates with a federal loan | 360 |
| Total federal loans (one year) | $3,140,064 |
Graduating and withdrawing students at Florida Institute of Technology - Online carry a median federal debt of $14,049 in federal student loans.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $14,049 |
| Students who completed (graduates) | $27,000 |
| Students who withdrew | $8,148 |
Withdrawn-student debt matters because those borrowers carry the loans without the degree that helps repay them.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 Florida Institute of Technology - Online.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $2,250 |
| 25th percentile | $4,750 |
| 75th percentile | $27,250 |
| 90th percentile (highest-debt students) | $40,500 |
The spread between the lowest- and highest-debt deciles summarizes how variable outcomes are at Florida Institute of Technology - Online.
The figures above count only the students own federal loans. Adding PLUS loans (borrowed by parents or graduate students) gives a fuller picture of total borrowing at Florida Institute of Technology - Online.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 1174 | $21,580 |
| Completed (graduates) | 530 | $29,276 |
| Did not complete | 644 | $18,446 |
For students who completed, the median total debt including PLUS loans works out to a standard 10-year payment of about $348.12/mo.
Federal data lets us separate Stafford borrowers from the rest at Florida Institute of Technology - Online.
Any-Stafford Borrowers
| Cohort | Borrowers | Median debt incl. PLUS |
|---|---|---|
| Used a Stafford loan | 1145 | $21,700 |
| No Stafford loan | 29 | $18,325 |
Stafford This Year vs Not
| Cohort | Borrowers | Median debt incl. PLUS |
|---|---|---|
| Stafford loan this year | 797 | $27,255 |
| No Stafford loan this year | 377 | $13,800 |
Repayment burden translates the debt figures into what a borrower actually pays each month. Florida Institute of Technology - Online.
The default rate measures how many borrowers fall behind and ultimately fail to repay their federal loans. The official Department of Education two-year default rate for Florida Institute of Technology - Online follows.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 10.7% |
| Borrowers in the cohort | 3160 |
A lower default rate generally signals that graduates earn enough to manage their loan payments.
The breakdowns below show median federal debt by income, first-generation status, and dependency.
By Family Income
| Income tier | Median federal debt |
|---|---|
| Low income | $12,125 |
| Middle income | $17,002 |
| High income | $16,250 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $13,782 |
| Continuing-generation students | $14,834 |
By Dependency Status
| Cohort | Median federal debt |
|---|---|
| Dependent students | $14,491 |
| Independent students | $13,750 |
These pre-calculated indicators summarize the borrowing gaps between cohorts at Florida Institute of Technology - Online.
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
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.