Student Debt Myths and Facts
October 12, 2012
The Council of Independent Colleges, a national organization representing small and mid-sized, independent, liberal arts colleges and universities in the U.S., released a study last month entitled "Student Debt: Myths and Facts." The findings provide an interesting balance to some of the media articles that have been published recently about the critical issue of student indebtedness.
As you visit colleges this fall, ask about student indebtedness and loan default rates:
- What percent of your students graduate with debt?
- What is their average indebtedness?
- What is your graduates' loan default rate?
Last year the two-thirds of Cedarville graduates who had loans borrowed an average of $20,789 through the Federal Stafford Loan program. This equates to a $260 monthly repayment, a manageable level for working adults.
This conservative approach to debt is affirmed by Cedarville graduates' remarkably low loan default rate of just 0.8%. The national average default rate for private colleges is 5.2% while the overall national loan default rate is 9.1% These results affirm both the quality of a Cedarville degree and the availability of career opportunities for our graduates.