by our College Data Analytics TeamThis page focuses on the debt students take on to attend Spalding University— how much they borrow, how that debt is spread across the student body, and what it costs to pay back. These figures are reported by the Department of Education and IPEDS.
At Spalding, 82% of freshmen borrow to help pay for their first year, for an average of $6,942 per borrower, covering both private and federal loans.
The average federally funded loan is $5,436, amounting to 98.8% 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.
Counting every undergraduate at Spalding, 73% use federal student loans to help pay for their education, with a mean of $7,182 a year. This works out to 32.1% larger than the freshman federal average of $5,436.
At a steady annual pace, that totals around $14,364 over two years and about $28,728 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 | 73% |
| Average federal loan per year | $7,182 |
| Undergraduates with a federal loan | 433 |
| Total federal loans (one year) | $3,109,717 |
Graduating and withdrawing students at Spalding carry a median federal debt of $20,500 in federal student loans.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $20,500 |
| Students who completed (graduates) | $25,250 |
| Students who withdrew | $9,625 |
Debt carried by students who withdrew is a key risk signal — these borrowers owe money without having earned the credential.
The median hides the spread, so the percentiles below show cumulative federal debt at four points in the distribution for Spalding.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $4,534 |
| 25th percentile | $7,250 |
| 75th percentile | $26,750 |
| 90th percentile (highest-debt students) | $36,000 |
The spread between the lowest- and highest-debt deciles summarizes how variable outcomes are at Spalding.
The figures above count only the students own federal loans. Adding PLUS loans (borrowed by parents or graduate students) gives a fuller picture of total borrowing at Spalding.
| Group | Borrowers | Median debt incl. PLUS |
|---|---|---|
| All borrowers | 262 | $15,045 |
| Completed (graduates) | 153 | $17,500 |
| Did not complete | 109 | $13,928 |
Completers face an estimated standard 10-year monthly payment on their PLUS-inclusive debt of roughly $208.09/mo.
Federal data lets us separate Stafford borrowers from the rest at Spalding.
Stafford This Year vs Not
| Cohort | Borrowers | Median debt incl. PLUS |
|---|---|---|
| Stafford loan this year | 229 | $15,000 |
| No Stafford loan this year | 33 | $15,090 |
Repayment burden translates the debt figures into what a borrower actually pays each month. Spalding.
The default rate measures how many borrowers fall behind and ultimately fail to repay their federal loans. Two-year cohort default-rate data for Spalding appears below.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 8.1% |
| Borrowers in the cohort | 626 |
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.
By Family Income
| Income tier | Median federal debt |
|---|---|
| Low income | $23,000 |
| Middle income | $19,874 |
| High income | $19,500 |
By First-Generation Status
| Cohort | Median federal debt |
|---|---|
| First-generation students | $21,000 |
| Continuing-generation students | $19,500 |
Dependency-Status Comparison
| Cohort | Median federal debt |
|---|---|
| Dependent students | $19,250 |
| Independent students | $25,000 |
These pre-calculated indicators summarize the borrowing gaps between cohorts at Spalding.
Subsidized vs. Unsubsidized Loans
With an unsubsidized loan, interest starts adding up the day the loan is disbursed, including during school. Subsidized loans, by contrast, do not accrue interest while you are enrolled at least half-time, which makes them the less expensive option when you qualify.
Important to Remember
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.