by our College Data Analytics TeamThis page focuses on the debt students take on to attend Grinnell College— 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.
For incoming students at Grinnell, 15% of incoming students take out a loan to help cover first-year costs, averaging $7,234 each, across private and federal loan sources.
The typical federal loan comes to $4,478, which is 81.4% of the $5,500 federal limit that applies to a typical first-year dependent borrower. Be aware: the undergraduate-wide averages below exclude private loans, while this freshman number includes them.
Across the full undergraduate body at Grinnell (freshmen included), 13% finance part of their studies with federal loans, with a mean of $5,438 in federal loans per year. That is 21.4% larger than the first-year federal average of $4,478.
Carrying that yearly figure forward comes to roughly $10,876 in two years and roughly $21,752 over four years. The estimate holds federal borrowing constant and does not count private or Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 13% |
| Average federal loan per year | $5,438 |
| Undergraduates with a federal loan | 226 |
| Total federal loans (one year) | $1,228,943 |
Graduating and withdrawing students at Grinnell carry a median federal debt of $14,151 of cumulative federal debt.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $14,151 |
| Students who completed (graduates) | $17,500 |
| Students who withdrew | $5,500 |
Debt carried by students who withdrew is a key risk signal — these borrowers owe money without having earned the credential.
The median hides the spread, so the percentiles below show cumulative federal debt at four points in the distribution for Grinnell.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $3,500 |
| 25th percentile | $7,753 |
| 75th percentile | $19,500 |
| 90th percentile (highest-debt students) | $25,500 |
The spread between the lowest- and highest-debt deciles summarizes how variable outcomes are at Grinnell.
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 Grinnell.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 46 | $36,324 |
Repayment burden translates the debt figures into what a borrower actually pays each month. Grinnell.
The default rate measures how many borrowers fall behind and ultimately fail to repay their federal loans. Two-year cohort default-rate data for Grinnell is shown below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 1.7% |
| Borrowers in the cohort | 232 |
This rate follows a borrower cohort from the start of repayment through the two-year window the Department of Education uses.
The breakdowns below show median federal debt by income, first-generation status, and dependency.
Median Debt by Income Bracket
| Income tier | Median federal debt |
|---|---|
| Low income | $12,052 |
| Middle income | $13,600 |
| High income | $15,250 |
By First-Generation Status
| Cohort | Median federal debt |
|---|---|
| First-generation students | $13,600 |
| Continuing-generation students | $14,813 |
The Department of Education computes gap indicators that show how borrowing differs between student groups at Grinnell.
Subsidized and Unsubsidized Loans
Unsubsidized federal student loans accrue interest every month — even while you are still enrolled. Unless you pay that interest as it builds, the balance you owe at graduation can be noticeably higher than the amount you originally borrowed.
Worth Knowing
Unlike most other debt, federal student loans generally survive bankruptcy — and unpaid balances can lead to wage garnishment — so borrow only what you truly need.
References
More about our data sources and methodologies.