How does student loan debt and default rates at Luther College compare to the national average, and how could this impact your future? Scroll down the page for answers.
Included in This Report:
- Average Loans for Freshman
- Average Undergraduate Loans
- Default Rate at Luther
- Frequently Asked Questions
- Additonal Information
Freshmen At Luther College Take Out an Average of $8,943 in Loans in Their First Year
At Luther College, 66.0% of incoming students take out a loan to help defray freshman year costs, averaging $8,943 a piece. This amount includes both private and federally-funded student loans.
The average federal loan is $5,352, which is 97.3% of the first-year borrowing cap of $5,500* for the typical first-year dependent student.
Unlike the data shown for freshmen, average undergraduate student loan amounts do not include private loans. In addition to unreported parent loans, this can increase the average amount borrowed significantly.