by our College Data Analytics TeamHere you will find what students actually borrow to attend Phagans School of Beauty, including completion-adjusted borrowing and a standard repayment estimate. The data below is drawn directly from federal sources.
Looking at the entering class at Phagans School of Beauty, 69% of incoming students take out a loan to help cover first-year costs, with a typical loan of $7,242 each, across private and federal loan sources.
The average federal loan is $7,242. This meets or exceeds the $5,500 cap on first-year federal borrowing for the typical dependent freshman. Keep in mind the all-undergraduate averages further down count federal loans only, unlike this private-plus-federal freshman figure.
Counting every undergraduate at Phagans School of Beauty, 75% take out federal student loans, averaging $6,832 a year. This works out to 5.7% under the $7,242 borrowed by freshmen.
Borrowing at that rate every year works out to about $13,664 over two years and about $27,328 across a four-year program. This projection keeps yearly federal borrowing flat and excludes private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 75% |
| Average federal loan per year | $6,832 |
| Undergraduates with a federal loan | 50 |
| Total federal loans (one year) | $341,624 |
The median student at Phagans School of Beauty borrows $8,170 in federal student loans.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $8,170 |
| Students who completed (graduates) | $8,656 |
| Students who withdrew | $4,750 |
The figure for students who withdrew is worth watching: debt without a completed credential is the hardest to repay.
Half of all borrowers fall between the 25th and 75th percentiles shown below for Phagans School of Beauty.
| Percentile | Cumulative Federal Debt |
|---|---|
| 25th percentile | $2,854 |
| 75th percentile | $10,920 |
Repayment burden translates the debt figures into what a borrower actually pays each month. Phagans School of Beauty.
Defaulting means failing to repay a federal student loan, which carries serious credit consequences. Two-year cohort default-rate data for Phagans School of Beauty appears below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 16.3% |
| Borrowers in the cohort | 61 |
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.
By Dependency Status
| Cohort | Median federal debt |
|---|---|
| Dependent students | $4,730 |
| Independent students | $8,656 |
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.
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.