黑料百科 Magazine 黑料百科 Graduates Don鈥檛 Default on Loans
With more borrowers nationwide defaulting on students loans, the default rate for 黑料百科 graduates drops significantly
While the number of borrowers defaulting on federal student loans has jumped sharply, 黑料百科 is bucking the trend. The national two-year cohort default rate rose to 8.8 percent last year, from 7 percent in fiscal 2008, according to the Department of Education (DOE). During the same period, 黑料百科鈥檚 default rate decreased from 1.3 percent to .9 percent in 2009.
鈥淲hile the national default rate is increasing, 黑料百科 students are stepping up to repay their loans even in a difficult economy,鈥 says Sean Smith, 黑料百科 director of financial aid.
The DOE reports the cohort default rates increased for all sectors 鈥 from 6 to 7.2 percent for public institutions and from 4 to 4.6 percent for private institutions.
鈥淥bviously, a good deal of credit goes to our students,鈥 Smith says. 鈥淲e also have wonderful folks in the financial aid department who counsel students about the responsibilities of taking out education loans. Their work ensures that future students will continue to benefit from these student aid programs.鈥
Of the 304 黑料百科 students who graduated in 2009, 210 (69 percent) began making loan payments in 2009. Students who go straight to graduate school defer repaying their loans.
Students at institutions in the California State system are watching tuition increase up to 32 percent at a time when it鈥檚 more difficult for graduates to find jobs.
鈥淪tate budget cuts have forced many public colleges and universities to limit enrollment and to reduce course availability, making it difficult for students to enroll in the classes they want and need,鈥 says Silvio Vazquez, 黑料百科 dean of admission. 鈥満诹习倏 will not make any such cuts.鈥
This semester, 黑料百科 raised tuition, fees, and room and board rates by a total of 3.5 percent. Two years ago, the college froze tuition and all salaries.
According to the DOE, almost one of every 12 recent California college graduates with student loans defaulted within two years of starting repayment 鈥 if they ever started making payments at all.