by our College Data Analytics TeamThis page focuses on the debt students take on to attend Michigan College Of Beauty, including completion-adjusted borrowing and a standard repayment estimate. These figures are reported by the Department of Education and IPEDS.
Looking at the entering class at Michigan College Of Beauty, 18% of incoming students take out a loan to help cover first-year costs, for an average of $9,500 each — a figure that counts both private and federal student loans.
The average federally funded loan is $9,500. This reaches or tops the $5,500 first-year federal borrowing cap for a typical dependent student. Be aware: the undergraduate-wide averages below exclude private loans, while this freshman number includes them.
Looking at all undergraduates at Michigan College Of Beauty, freshmen included, 26% use federal student loans to help pay for their education, for a typical $4,897 each per year. That amounts to 48.5% lower than the first-year federal average of $9,500.
Borrowing at that rate every year works out to about $9,794 over two years and about $19,588 after four. This projection keeps yearly federal borrowing flat and excludes private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 26% |
| Average federal loan per year | $4,897 |
| Undergraduates with a federal loan | 18 |
| Total federal loans (one year) | $88,139 |
The middle borrower at Michigan College Of Beauty owes $4,750 in federal student loans.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $4,750 |
The median hides the spread, so the percentiles below show cumulative federal debt at four points in the distribution for Michigan College Of Beauty.
| Percentile | Cumulative Federal Debt |
|---|---|
| 25th percentile | $2,750 |
| 75th percentile | $9,833 |
These figures turn the debt totals into a monthly repayment picture for Michigan College Of Beauty.
Defaulting means failing to repay a federal student loan, which carries serious credit consequences. Two-year cohort default-rate data for Michigan College Of Beauty is shown below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 7.8% |
| Borrowers in the cohort | 51 |
The cohort default rate tracks borrowers who entered repayment in a given year and defaulted within the two-year measurement window.
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.
Important to Remember
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.