by our College Data Analytics TeamHere you will find what students actually borrow to attend Meridian College— 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.
Among first-year students at Meridian College, 66% of incoming undergraduates borrow in year one, for an average of $3,270 each, across private and federal loan sources.
The average federal loan is $3,270, equal to roughly 59.5% of the $5,500 first-year federal borrowing limit for a typical dependent freshman. Bear in mind the undergraduate averages later on cover federal loans only, whereas this freshman total folds in private loans too.
Among all degree-seeking undergrads at Meridian College, 52% use federal student loans to help pay for their education, for a typical $3,183 in federal loans per year. This is 2.7% smaller than the $3,270 freshmen take on.
Borrowing the same amount each year would add up to roughly $6,366 across two years and $12,732 after four. This assumes steady federal borrowing and leaves out private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 52% |
| Average federal loan per year | $3,183 |
| Undergraduates with a federal loan | 95 |
| Total federal loans (one year) | $302,393 |
Graduating and withdrawing students at Meridian College carry a median federal debt of $13,000 of cumulative federal debt.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $13,000 |
| Students who completed (graduates) | $13,000 |
| Students who withdrew | $4,750 |
Withdrawn-student debt matters because those borrowers carry the loans without the degree that helps repay them.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 Meridian College.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $2,886 |
| 25th percentile | $5,500 |
| 75th percentile | $13,000 |
| 90th percentile (highest-debt students) | $23,500 |
The spread between the lowest- and highest-debt deciles summarizes how variable outcomes are at Meridian College.
The indicators below describe what the typical debt costs to pay back at Meridian College.
The default rate measures how many borrowers fall behind and ultimately fail to repay their federal loans. Two-year cohort default-rate data for Meridian College is shown below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 20.3% |
| Borrowers in the cohort | 324 |
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 | $13,000 |
First-Generation Comparison
| Cohort | Median federal debt |
|---|---|
| First-generation students | $12,940 |
| Continuing-generation students | $13,000 |
By Dependency Status
| Cohort | Median federal debt |
|---|---|
| Dependent students | $7,667 |
| Independent students | $13,000 |
These pre-calculated indicators summarize the borrowing gaps between cohorts at Meridian College.
The Difference Between Subsidized and Unsubsidized Loans
Subsidized loans pause interest while you are in school; unsubsidized loans do not. That difference compounds over four years, so the type of loan you take matters as much as the amount.
Worth Knowing
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.