Taxpayers paid $9 million per graduate in one year at a private Sydney college, an analysis of Department of Education data reveals, as the full cost of the government's failed vocational education program looks set to be revealed in the wake of its decision to shut down the scheme.

An analysis of Department of Education figures by Fairfax Media shows that 10 colleges received $900 million in taxpayer funding despite those colleges graduating only 4200 students in 2014 – an average of $237,000 a diploma. A diploma typically takes one to two years to complete.

The government already estimates its decision to axe the scheme will result in a $7 billion reduction in loans to students that will not be repaid, but the full cost of the scheme will be shown later this year when the department releases the most recent figures for 2015.

The analysis of 2014 data reveals one of the biggest beneficiaries in the sector, Sydney-based Empower Institute, trading as Cornerstone Investment, had a completion rate of just 0.12 per cent, earning $46 million while it graduated fewer than five graduates. It cost the public purse $9.2 million per diploma.