by our College Data Analytics TeamHere you will find what students actually borrow to attend Nichols 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.
At Nichols, 74% of new students use loans toward freshman-year expenses, for an average of $12,220 per borrower, covering both private and federal loans.
On the federal side, the average loan is $5,446, equal to roughly 99.0% of the $5,500 first-year federal borrowing limit for a typical dependent freshman. Note that average undergraduate loan amounts shown later do not include private loans — so the full freshman figure above is not directly comparable.
Among all degree-seeking undergrads at Nichols, 69% finance part of their studies with federal loans, averaging $6,752 each per year. This works out to 24.0% larger than the $5,446 freshmen take on.
Borrowing the same amount each year would add up to roughly $13,504 by year two and around $27,008 over four years. The estimate holds federal borrowing constant and does not count private or Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 69% |
| Average federal loan per year | $6,752 |
| Undergraduates with a federal loan | 791 |
| Total federal loans (one year) | $5,340,525 |
The middle borrower at Nichols owes $19,500 in federal borrowing.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $19,500 |
| Students who completed (graduates) | $27,000 |
| Students who withdrew | $9,500 |
The figure for students who withdrew is worth watching: debt without a completed credential is the hardest to repay.
The median hides the spread, so the percentiles below show cumulative federal debt at four points in the distribution for Nichols.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $3,500 |
| 25th percentile | $6,056 |
| 75th percentile | $27,000 |
| 90th percentile (highest-debt students) | $33,000 |
The spread between the lowest- and highest-debt deciles summarizes how variable outcomes are at Nichols.
Median federal debt understates the full cost when PLUS loans are included. The totals below add PLUS borrowing for Nichols.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 309 | $30,000 |
| Completed (graduates) | 170 | $34,934 |
| Did not complete | 139 | $26,271 |
Completers face an estimated standard 10-year monthly payment on their PLUS-inclusive debt of roughly $415.4/mo.
The split below distinguishes Stafford borrowers from non-Stafford borrowers at Nichols.
Current-Year Stafford Borrowers
| Cohort | Borrowers | Median debt incl. PLUS |
|---|---|---|
| Stafford loan this year | 288 | $30,736 |
| No Stafford loan this year | 21 | $22,860 |
Repayment burden translates the debt figures into what a borrower actually pays each month. Nichols.
Defaulting means failing to repay a federal student loan, which carries serious credit consequences. The official Department of Education two-year default rate for Nichols is shown below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 9.0% |
| Borrowers in the cohort | 451 |
The cohort default rate tracks borrowers who entered repayment in a given year and defaulted within the two-year measurement window.
Median debt differs by income tier, first-generation status, and whether the student is financially dependent.
Borrowing by Income Tier
| Income tier | Median federal debt |
|---|---|
| Low income | $15,750 |
| Middle income | $19,500 |
| High income | $19,500 |
By First-Generation Status
| Cohort | Median federal debt |
|---|---|
| First-generation students | $19,500 |
| Continuing-generation students | $18,500 |
Dependent vs Independent Borrowers
| Cohort | Median federal debt |
|---|---|
| Dependent students | $20,000 |
| Independent students | $10,730 |
Federal data publishes the following gap measures for Nichols.
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.
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.