by our College Data Analytics TeamBelow is federal data on the loans students use to pay for Phipps Academy of Barbering, 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 Phipps Academy of Barbering, 100% of new students use loans toward freshman-year expenses, with a typical loan of $2,284 each, across private and federal loan sources.
On the federal side, the average loan is $2,187, which is 39.8% of the $5,500 first-year borrowing cap for the typical first-year dependent student. Be aware: the undergraduate-wide averages below exclude private loans, while this freshman number includes them.
Across the full undergraduate body at Phipps Academy of Barbering (freshmen included), 100% borrow through federal student loan programs, with a mean of $3,746 in federal loans per year. This works out to 71.3% larger than the freshman federal average of $2,187.
Borrowing at that rate every year works out to about $7,492 by year two and around $14,984 over a four-year span. The estimate holds federal borrowing constant and does not count private or Parent PLUS loans.
| Undergraduate federal borrowing | Value |
|---|---|
| Share using federal loans | 100% |
| Average federal loan per year | $3,746 |
| Undergraduates with a federal loan | 69 |
| Total federal loans (one year) | $258,469 |
The median student at Phipps Academy of Barbering borrows $6,556 in federal student loans.
| Borrower group | Median federal debt |
|---|---|
| All federal borrowers | $6,556 |
| Students who completed (graduates) | $9,500 |
| Students who withdrew | $4,825 |
The figure for students who withdrew is worth watching: debt without a completed credential is the hardest to repay.
These figures turn the debt totals into a monthly repayment picture for Phipps Academy of Barbering.
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.
Did You Know?
Federal student loans are not discharged in bankruptcy in all but the rarest cases, and the government can withhold part of your income or tax refund if you default.
References
More about our data sources and methodologies.