by our College Data Analytics TeamHere you will find what students actually borrow to attend Phagans Beauty College, including completion-adjusted borrowing and a standard repayment estimate. All figures come from the U.S. Department of Education and IPEDS.
At Phagans Beauty College specifically, 55% of incoming undergraduates borrow in year one, borrowing on average $7,016 each — a figure that counts both private and federal student loans.
The average federally funded loan is $7,016. This is at or above the $5,500 first-year federal borrowing cap that applies to the 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 Phagans Beauty College, 55% borrow through federal student loan programs, borrowing on average $6,849 per year. This is 2.4% below the $7,016 freshmen take on.
Borrowing at that rate every year works out to about $13,698 after two years and $27,396 across a four-year program. This assumes steady federal borrowing and leaves out private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 55% |
| Average federal loan per year | $6,849 |
| Undergraduates with a federal loan | 57 |
| Total federal loans (one year) | $390,371 |
Graduating and withdrawing students at Phagans Beauty College carry a median federal debt of $8,170 in federal student loans.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $8,170 |
| Students who completed (graduates) | $8,974 |
The median hides the spread, so the percentiles below show cumulative federal debt at four points in the distribution for Phagans Beauty College.
| Percentile | Cumulative Federal Debt |
|---|---|
| 25th percentile | $4,750 |
| 75th percentile | $12,000 |
These figures turn the debt totals into a monthly repayment picture for Phagans Beauty College.
Defaulting means failing to repay a federal student loan, which carries serious credit consequences. Two-year cohort default-rate data for Phagans Beauty College appears below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 5.2% |
| Borrowers in the cohort | 57 |
A lower default rate generally signals that graduates earn enough to manage their loan payments.
Borrowing varies by family income, by first-generation status, and by dependency status.
By Family Income
| Income tier | Median federal debt |
|---|---|
| Low income | $8,974 |
By Dependency Status
| Cohort | Median federal debt |
|---|---|
| Dependent students | $6,597 |
| Independent students | $8,974 |
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
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.