For many college students, loans are a sad reality, and paying them back
after graduation can be difficult. Each year, the U.S. Department of
Education releases a report
on the most recent student loan default rates. This shows the
percentage of borrowers who entered repayment on certain types of
student loans and defaulted or met other specified conditions.
For the Fiscal Year 2012, the 3-year national cohort default rate was
11.8 percent. For ODE, that rate was 5.5 percent, down from 6.8 percent
in 2011, and 6.5 percent in 2010. This is also compared to 14.3 percent
for Norfolk State University, 13.2 for Tidewater Community College, and
12.4 for Thomas Nelson Community College.
n most cases, students enter repayment on loans after a 6-month grace
period. A school with a high default rate may lose its eligibility to
participate in Federal Student Aid programs. Types of loans differ, and
the ODE Office of Student Financial Aid does its best to guide students with the right decisions.
ODE had its first ever Financial Aid Town Hall Meeting on Thursday, January
28 in the Mills Godwin Building auditorium. Veer Rid dick, Director of
Financial Aid at ODE, and the entire financial aid staff met with and
answered any questions that students had.
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