by our College Data Analytics TeamBelow is federal data on the loans students use to pay for Mississippi 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.
Among first-year students at MC, 43% of freshmen borrow to help pay for their first year, borrowing on average $3,856 each, across private and federal loan sources.
The average federal loan is $3,393, which is 61.7% of the typical first-year dependent student borrowing cap of $5,500. Be aware: the undergraduate-wide averages below exclude private loans, while this freshman number includes them.
Across the full undergraduate body at MC (freshmen included), 39% borrow through federal student loan programs, borrowing on average $4,168 each per year. This is 22.8% greater than the $3,393 typical freshmen borrow.
Borrowing the same amount each year would add up to roughly $8,336 in two years and roughly $16,672 by the fourth year. The estimate holds federal borrowing constant and does not count private or Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 39% |
| Average federal loan per year | $4,168 |
| Undergraduates with a federal loan | 959 |
| Total federal loans (one year) | $3,997,193 |
Graduating and withdrawing students at MC carry a median federal debt of $17,759 in federal student loans.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $17,759 |
| Students who completed (graduates) | $22,500 |
| Students who withdrew | $7,500 |
The figure for students who withdrew is worth watching: debt without a completed credential is the hardest to repay.
Looking only at the median is misleading — these four percentiles describe the full debt distribution for borrowers at MC.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $3,500 |
| 25th percentile | $6,250 |
| 75th percentile | $27,000 |
| 90th percentile (highest-debt students) | $35,582 |
The spread between the lowest- and highest-debt deciles summarizes how variable outcomes are at MC.
PLUS loans — taken out by parents or graduate students — add to the total cost of attendance financed by debt at MC.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 613 | $14,535 |
| Completed (graduates) | 405 | $16,510 |
| Did not complete | 208 | $13,257 |
Completers face an estimated standard 10-year monthly payment on their PLUS-inclusive debt of roughly $196.32/mo.
Federal data lets us separate Stafford borrowers from the rest at MC.
Borrowers With Any Stafford Loan
| Cohort | Borrowers | Median debt incl. PLUS |
|---|---|---|
| Used a Stafford loan | 602 | — |
| No Stafford loan | 11 | — |
Borrowers With a Stafford Loan This Year
| Cohort | Borrowers | Median debt incl. PLUS |
|---|---|---|
| Stafford loan this year | 550 | $14,522 |
| No Stafford loan this year | 63 | $15,632 |
These figures turn the debt totals into a monthly repayment picture for MC.
The default rate measures how many borrowers fall behind and ultimately fail to repay their federal loans. Two-year cohort default-rate data for MC is shown below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 4.5% |
| Borrowers in the cohort | 1354 |
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 | $15,750 |
| Middle income | $17,000 |
| High income | $19,500 |
First-Gen vs Continuing-Gen Borrowing
| Cohort | Median federal debt |
|---|---|
| First-generation students | $16,875 |
| Continuing-generation students | $18,750 |
Dependency-Status Comparison
| Cohort | Median federal debt |
|---|---|
| Dependent students | $18,250 |
| Independent students | $16,225 |
Federal data publishes the following gap measures for MC.
The Difference Between Subsidized and 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.
Important to Remember
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.