by our College Data Analytics TeamHow does student loan debt and default rates at Institute of Medical Careers compare to the national average, and how could this impact your future? Scroll down the page for answers.
At Institute of Medical Careers, 74.0% of incoming students take out a loan to help defray freshman year costs, averaging $8,807 a piece. This amount includes both private and federally-funded student loans.
The average federal loan is $8,807, which is 160.1% of the first-year borrowing cap of $5,500* for the typical first-year dependent student.
Unlike the data shown for freshmen, average undergraduate student loan amounts do not include private loans. In addition to unreported parent loans, this can increase the average amount borrowed significantly.
76.0% of all undergraduate students (including freshmen) at Institute of Medical Careers utilize federal student loans to help pay for their college education, averaging $7,871 per year. This amount is 10.6% lower than the $8,807 amount borrowed by freshmen, indicating a decreasing reliance on student loans.
Borrowing the average amount will result in loans of $15,742 after two years and $31,484 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.
We were planning to provide you with the loan default rate at Institute of Medical Careers and compare it to the national average of 9.3%, but unfortunately, that information is not available to us.
Declaring bankruptcy does not remove student loan debt owed to the Federal government. They can garnish part of your income if you do not pay back your loans.
What's the difference? Unsubsidized student loans accrue interest each month, even while you are in college. Unless you pay that interest each month, what you owe after graduation might surprise you.