by our College Data Analytics TeamHere you will find what students actually borrow to attend Merrimack 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.
For incoming students at Merrimack, 66% of incoming students take out a loan to help cover first-year costs, borrowing on average $13,315 each — a figure that counts both private and federal student loans.
The typical federal loan comes to $5,279, equal to roughly 96.0% of the $5,500 cap on first-year federal borrowing for the typical dependent student. Bear in mind the undergraduate averages later on cover federal loans only, whereas this freshman total folds in private loans too.
Looking at all undergraduates at Merrimack, freshmen included, 62% use federal student loans to help pay for their education, at an average of $6,520 a year. That amounts to 23.5% more than the $5,279 typical freshmen borrow.
At a steady annual pace, that totals around $13,040 after two years and $26,080 over a four-year span. This assumes steady federal borrowing and leaves out private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 62% |
| Average federal loan per year | $6,520 |
| Undergraduates with a federal loan | 2,519 |
| Total federal loans (one year) | $16,423,179 |
Graduating and withdrawing students at Merrimack carry a median federal debt of $23,750 in federal student loans.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $23,750 |
| Students who completed (graduates) | $27,000 |
| Students who withdrew | $8,090 |
Debt carried by students who withdrew is a key risk signal — these borrowers owe money without having earned the credential.
Half of all borrowers fall between the 25th and 75th percentiles shown below for Merrimack.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $5,500 |
| 25th percentile | $8,802 |
| 75th percentile | $27,000 |
| 90th percentile (highest-debt students) | $29,000 |
The gap between the 10th and 90th percentile is the clearest single measure of how widely borrowing varies at Merrimack.
PLUS loans — taken out by parents or graduate students — add to the total cost of attendance financed by debt at Merrimack.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 586 | $40,500 |
| Completed (graduates) | 434 | $50,540 |
| Did not complete | 152 | $26,182 |
For students who completed, the median total debt including PLUS loans works out to a standard 10-year payment of about $600.97/mo.
Stafford loans are the federal direct-loan program most undergraduates use. The breakdown below separates borrowers who used Stafford loans from those who did not at Merrimack.
Stafford This Year vs Not
| Cohort | Borrowers | Median debt incl. PLUS |
|---|---|---|
| Stafford loan this year | 515 | $45,000 |
| No Stafford loan this year | 71 | $23,772 |
The indicators below describe what the typical debt costs to pay back at Merrimack.
The default rate measures how many borrowers fall behind and ultimately fail to repay their federal loans. The federal two-year cohort default rate for Merrimack is shown below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 3.5% |
| Borrowers in the cohort | 481 |
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.
Median Debt by Income Bracket
| Income tier | Median federal debt |
|---|---|
| Low income | $24,125 |
| Middle income | $24,660 |
| High income | $23,250 |
By First-Generation Status
| Cohort | Median federal debt |
|---|---|
| First-generation students | $24,250 |
| Continuing-generation students | $23,250 |
Dependency-Status Comparison
| Cohort | Median federal debt |
|---|---|
| Dependent students | $23,750 |
| Independent students | $23,000 |
These pre-calculated indicators summarize the borrowing gaps between cohorts at Merrimack.
Subsidized vs. 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.
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.