by our College Data Analytics TeamThis page focuses on the debt students take on to attend Omega Institute of Cosmetology, including completion-adjusted borrowing and a standard repayment estimate. All figures come from the U.S. Department of Education and IPEDS.
Looking at the entering class at Omega Institute of Cosmetology, 92% of incoming undergraduates borrow in year one, with a typical loan of $7,041 apiece. This figure includes both private and federally funded student loans.
On the federal side, the average loan is $7,041. That sits at or beyond the $5,500 first-year federal limit for a typical dependent student. Remember the all-undergraduate figures below leave out private loans, so they will look lower than this private-plus-federal freshman amount.
For undergraduates overall at Omega Institute of Cosmetology, 71% take out federal student loans, borrowing on average $6,360 in federal loans per year. It comes to 9.7% below the freshman federal average of $7,041.
Carrying that yearly figure forward comes to roughly $12,720 in two years and roughly $25,440 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 | 71% |
| Average federal loan per year | $6,360 |
| Undergraduates with a federal loan | 47 |
| Total federal loans (one year) | $298,927 |
The middle borrower at Omega Institute of Cosmetology owes $4,584 in federal student loans.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $4,584 |
Half of all borrowers fall between the 25th and 75th percentiles shown below for Omega Institute of Cosmetology.
| Percentile | Cumulative Federal Debt |
|---|---|
| 25th percentile | $4,000 |
| 75th percentile | $5,500 |
The indicators below describe what the typical debt costs to pay back at Omega Institute of Cosmetology.
The default rate measures how many borrowers fall behind and ultimately fail to repay their federal loans. Two-year cohort default-rate data for Omega Institute of Cosmetology appears below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 4.1% |
| Borrowers in the cohort | 25 |
This rate follows a borrower cohort from the start of repayment through the two-year window the Department of Education uses.
The Department of Education computes gap indicators that show how borrowing differs between student groups at Omega Institute of Cosmetology.
The Difference Between Subsidized and Unsubsidized Loans
Unsubsidized federal student loans accrue interest every month — even while you are still enrolled. Unless you pay that interest as it builds, the balance you owe at graduation can be noticeably higher than the amount you originally borrowed.
Worth Knowing
Declaring bankruptcy does not erase federal student loan debt. If you stop paying, the federal government can garnish a portion of your wages until the loans are repaid.
References
More about our data sources and methodologies.