by our College Data Analytics TeamThis page focuses on the debt students take on to attend Summit Salon Academy - Anderson— how much they borrow, how that debt is spread across the student body, and what it costs to pay back. All figures come from the U.S. Department of Education and IPEDS.
Looking at the entering class at Summit Salon Academy Anderson, 81% of new students use loans toward freshman-year expenses, with a typical loan of $5,808 per borrower, covering both private and federal loans.
The typical federal loan comes to $5,808. That is at or past the $5,500 federal first-year limit 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.
Among all degree-seeking undergrads at Summit Salon Academy Anderson, 60% take out federal student loans, for a typical $6,654 a year. This works out to 14.6% larger than the $5,808 freshmen take on.
Borrowing at that rate every year works out to about $13,308 over two years and about $26,616 across a four-year program. These figures assume identical federal borrowing each year and omit private and Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 60% |
| Average federal loan per year | $6,654 |
| Undergraduates with a federal loan | 126 |
| Total federal loans (one year) | $838,412 |
The middle borrower at Summit Salon Academy Anderson owes $7,389 of cumulative federal debt.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $7,389 |
| Students who completed (graduates) | $9,833 |
| Students who withdrew | $4,750 |
Withdrawn-student debt matters because those borrowers carry the loans without the degree that helps repay them.
Half of all borrowers fall between the 25th and 75th percentiles shown below for Summit Salon Academy Anderson.
| Percentile | Cumulative Federal Debt |
|---|---|
| 10th percentile (lowest-debt students) | $4,278 |
| 25th percentile | $5,500 |
| 75th percentile | $12,500 |
| 90th percentile (highest-debt students) | $16,500 |
How wide this percentile range is tells you how much borrowing varies across students at Summit Salon Academy Anderson.
Repayment burden translates the debt figures into what a borrower actually pays each month. Summit Salon Academy Anderson.
The default rate measures how many borrowers fall behind and ultimately fail to repay their federal loans. The official Department of Education two-year default rate for Summit Salon Academy Anderson follows.
| Metric | Value |
|---|---|
| 2-year cohort default rate | 12.5% |
| Borrowers in the cohort | 40 |
This rate follows a borrower cohort from the start of repayment through the two-year window the Department of Education uses.
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 | $7,389 |
| Middle income | $8,245 |
| High income | $5,500 |
By First-Generation Status
| Cohort | Median federal debt |
|---|---|
| First-generation students | $7,389 |
| Continuing-generation students | $5,917 |
By Dependency Status
| Cohort | Median federal debt |
|---|---|
| Dependent students | $5,500 |
| Independent students | $8,500 |
The Department of Education computes gap indicators that show how borrowing differs between student groups at Summit Salon Academy Anderson.
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.