[Tulsa, Oklahoma] – As of November 1, 2018, the Community HigherEd colleges have hit an incredibly low cohort default rate of 3.8%. This includes all three of Community HigherEd’s colleges: Community Care College, Clary Sage College, and Oklahoma Technical College. For college students, default occurs when there is a failure to repay borrowed funds for federal student loans. Default rates are an important statistical measure used by lenders to determine their risk exposure.
“This low default rate allows us to offer federal loans and grants for future students and helps our schools maintain good standing with our accrediting agencies. It also allows future students to know we care about our students future and not just while they are attending our school,” commented Polly Agarwal, Chief Financial Officer of Community HigherEd
How low default rates helps the lenders:
The Department of Education is the lender for all federal loans and repaying student loans helps keep interest rates down for the upcoming years. This helps the government be able to offer loans in the years to come and allows them to employ thousands of people across the U.S.
How low default rates affects borrowers:
Defaulting on loans hurts borrowers credit and will cause garnishments of paychecks and tax returns. Defaulted loans will prevent borrowers from being able to return to school using federal aid to pay for their education. Defaulted loans can prevent borrowers from renewing their trade licenses through the state, can prevent them from receiving state assistance like insurance, daycare assistance, and TANF. In some states defaulted student loans can prevent the renewal of a driver’s license. Maintaining current payments on defaulted student loans can help build a good credit history.
Community HigherEd Competitors FY15 Rates
1. 3.8% Community Care College
2. 10.8% Broken Arrow Beauty College
3. 11.6%Tulsa Welding School
4. 14.7% Spartan
5. 20.4% Virginia College
6. 23.7% National American University
7. 25.9% Vatterott
8. 33.3% Paul Mitchell School
Community HigherEd Rate History
1. FY15 3.8%
2. FY14 3.3%
3. FY13 3.9%
4. FY12 6.7%
5. FY11 9.8%
6. FY10 17%
7. FY09 26.1%
Community HigherEd works with students to get them the financial help they need. Community Care College Financial Aid Specialists are happy to assist students in any way. If students would like to contact the CHE Financial Aid team, they can call Community Care College to ask questions and be walked through the financial aid process.
About Community HigherEd
CommunityHigherEd, is a 501(c)(3) non-profit corporation with the mission to advance the purpose of Community Care College, Clary Sage College, and Oklahoma Technical College through active engagement, advocacy, fundraising, and stewardship.
CONTACT: Dr. Raye Mahlberg