by our College Data Analytics TeamBelow is federal data on the loans students use to pay for Hanover College, including completion-adjusted borrowing and a standard repayment estimate. These figures are reported by the Department of Education and IPEDS.
At Hanover, 68% of incoming undergraduates borrow in year one, averaging $6,330 per borrower, covering both private and federal loans.
Federal loans alone average $4,903, representing 89.1% of the $5,500 federal limit that applies to a typical first-year dependent borrower. Note that average undergraduate loan amounts shown later do not include private loans — so the full freshman figure above is not directly comparable.
Counting every undergraduate at Hanover, 52% finance part of their studies with federal loans, for a typical $6,433 each per year. It comes to 31.2% above the $4,903 typical freshmen borrow.
At a steady annual pace, that totals around $12,866 in two years and roughly $25,732 after four. The estimate holds federal borrowing constant and does not count private or Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 52% |
| Average federal loan per year | $6,433 |
| Undergraduates with a federal loan | 498 |
| Total federal loans (one year) | $3,203,766 |
The middle borrower at Hanover owes $19,500 in federal borrowing.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $19,500 |
| Students who completed (graduates) | $25,250 |
| Students who withdrew | $6,705 |
Withdrawn-student debt matters because those borrowers carry the loans without the degree that helps repay them.
Half of all borrowers fall between the 25th and 75th percentiles shown below for Hanover.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $5,500 |
| 25th percentile | $9,200 |
| 75th percentile | $27,000 |
| 90th percentile (highest-debt students) | $32,500 |
The gap between the 10th and 90th percentile is the clearest single measure of how widely borrowing varies at Hanover.
Median federal debt understates the full cost when PLUS loans are included. The totals below add PLUS borrowing for Hanover.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 210 | $28,198 |
| Completed (graduates) | 147 | $41,531 |
| Did not complete | 63 | $14,782 |
Completers face an estimated standard 10-year monthly payment on their PLUS-inclusive debt of roughly $493.85/mo.
Federal data lets us separate Stafford borrowers from the rest at Hanover.
Any-Stafford Borrowers
| Cohort | Borrowers | Median debt incl. PLUS |
|---|---|---|
| Used a Stafford loan | 197 | — |
| No Stafford loan | 13 | — |
Current-Year Stafford Borrowers
| Cohort | Borrowers | Median debt incl. PLUS |
|---|---|---|
| Stafford loan this year | 196 | — |
| No Stafford loan this year | 14 | — |
These figures turn the debt totals into a monthly repayment picture for Hanover.
Defaulting means failing to repay a federal student loan, which carries serious credit consequences. Two-year cohort default-rate data for Hanover appears below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 1.6% |
| Borrowers in the cohort | 177 |
A lower default rate generally signals that graduates earn enough to manage their loan payments.
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 | $16,767 |
| Middle income | $19,072 |
| High income | $20,500 |
First-Gen vs Continuing-Gen Borrowing
| Cohort | Median federal debt |
|---|---|
| First-generation students | $16,875 |
| Continuing-generation students | $21,500 |
The Department of Education computes gap indicators that show how borrowing differs between student groups at Hanover.
Subsidized vs. 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.
Did You Know?
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.