City Colleges of Chicago - Malcolm X College Loan Debt & Loan Default Rates

How does student loan debt and default rates at City Colleges of Chicago - Malcolm X College compare to the national average, and how could this impact your future? Scroll down the page for answers.

Included in This Report:

• Average Loans for Freshman
• Average Undergraduate Loans
• Default Rate at Malcolm X College
• Frequently Asked Questions
• Additonal Information

Freshmen At City Colleges of Chicago - Malcolm X College Take Out an Average of $2,731 in Loans in Their First Year

At City Colleges of Chicago - Malcolm X College, 1.0% of incoming students take out a loan to help defray freshman year costs, averaging $2,731 a piece. This amount includes both private and federally-funded student loans.

The average federal loan is $2,731, which is 49.7% of the first-year borrowing cap of $5,500* for the typical first-year dependent student.

The Average Loan Amount for All Undergrads at City Colleges of Chicago - Malcolm X College is $4,895 Per Year.

5.0% of all undergraduate students (including freshmen) at City Colleges of Chicago - Malcolm X College utilize federal student loans to help pay for their college education, averaging $4,895 per year. This amount is 79.2% higher than the $2,731 amount borrowed by freshmen. The fact that returning students borrow more than freshmen could indicate that the school front-loads financial aid packages, offering more aid to new students while expecting returning students to take on larger loans to continue their education.

Borrowing the average amount will result in loans of $9,790 after two years and $19,580 after four.

These numbers are based on borrowing the same amount each year and do not include any loans where the parent is the borrower, even though Parent PLUS loans are frequently included in financial aid packages.

Were you surprised by how much you are projected to owe by the time you graduate? Remember this is an average: some students will borrow more than this.

Is the debt worth it? Research return on investment.

The Default Rate on Student Loans is Decreasing

Loan default rates can indicate how well City Colleges of Chicago - Malcolm X College is helping students afford to attend college without undue reliance on loans, particularly unsubsidized loans. It can also indicate future earnings and career potential. Pay close attention to this statistic. You don't want to take out loans you can't pay back.

A total of 711 City Colleges of Chicago - Malcolm X College students entered loan repayment in 2017. After three years, 19.6% of these students (140 out of 711) defaulted on their loans. The lower the default rate, the better!

The chart below compares this college to the average 3-year default rate calculated across all of the 4-year schools we have data for.

What does the default rate mean?

A student is considered to be in default on a student loan if they have not made a payment in more than 270 days. The official student loan default rate for a school is calculated by measuring how many students are in default three years after graduation. Note that the default rate only takes into account federal loans, not private.

When compared to the average three-year default rate of 9.3%, the default rate at City Colleges of Chicago - Malcolm X College is poor. This could indicate that students attending City Colleges of Chicago - Malcolm X College are relying heavily on student loans, including unsubsidized student loans.

Review financial aid offers carefully and be honest with yourself about whether you can truly afford this college. If you will need to utilize loans each year, be sure to calculate the total amount borrowed after four to five years, and an estimated monthly payment. If your loan includes an unsubsidized amount, can you afford to make the interest payments while you are attending college? If not, be sure to add that to the total.

Asking the tough questions now can help prevent you from starting your future with a large amount of debt that you cannot reasonably afford.