The Summit Salon Academy reported a 7.2% tuition increase for the 2022-23 school year, as revealed in the latest disclosure, according to the latest disclosure from the National Center for Education Statistics.
Students enrolled at the private for-profit institution paid $14,800 this year, up $1,000 from the $13,800 tuition charged during the 2021-22 academic year.
The entire undergraduate student body at the school consists of residents from Indiana.
Data indicates that 79% of full-time undergraduates who began studies at Summit Salon Academy in 2022-23 received some form of financial aid. Specifically, 44 students were awarded grants or scholarships totaling $201,348, while 60 students borrowed more than $376,143 in student loans.
Across all undergraduates, 98 students benefited from grants or scholarships amounting to $440,439. Additionally, 135 students secured federal student loans totaling $933,117.
Undergraduate education costs have seen a significant increase over the past few decades. Data shows a 169% rise in the average total cost, including tuition, fees, room, and board, between 1980 and 2020.
According to a 2023 College Board report, in-state students at public universities paid an average of $11,260, while out-of-state students paid $29,150 in the 2023-24 academic year.
Meanwhile, student loan debt has steadily increased over the last 30 years, reaching $1.75 trillion in 2024, averaging a total of $28,950 per borrower. Federal loans make up 92% of the debt, with over half of students at both public and private four-year colleges graduating with student loans.
Available data sometimes exceeds 100% due to rounding and administrative calculations.
The following data includes only full-time students who began an undergraduate program at the the Summit Salon Academy in the 2022-23 school year.
| Type of Aid | Number of students awarded aid | Percent awarded aid | Total amount of aid awarded | Average amount of aid per student |
|---|---|---|---|---|
| Federal grants | 44 | 54% | $198,348 | $4,508 |
| State / local grant or scholarship | 0 | 0% | $0 | $0 |
| Institutional grants or scholarships | 0 | 4% | $0 | $0 |
| Grant or scholarship aid total | 44 | 54% | $201,348 | $4,576 |
| Federal student loans | 60 | 73% | $376,143 | $6,269 |
| Other student loans | 0 | 0% | $0 | $0 |
| Student loan aid | 60 | 73% | $376,143 | $6,269 |
| Total student aid | 65 | 79% | $577,491 | $8,884 |
Information in this story was obtained from the National Center for Education Statistics. The source data can be found here.