[Tulsa, Oklahoma, September 24, 2019] – As of September 24, 2019, official Cohort Default rates have been released for Community Care College and show an extremely low cohort default rate of 2.7%. 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.
“At Community HigherEd we care just as much about our students once they graduate as we do during their time in school. We want to help guide them during repayment of their student loans. There are a lot of options for student loan repayment that many borrowers simply do not know about. We understand bumps in the road and emergency’s happen, but our students know there is always someone here to call who can help navigate their loans into the best option for them and avoid the possibility of defaulting. Having a low default rate of 2.7% is a huge accomplishment that we are all super proud of! “ commented Brandy Williams, Default Aversion Specialist for 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 Rate History
1. FY16 2.7%
2. FY15 3.8%
3. FY14 3.3%
4. FY13 3.9%
Default Rates for all accredited Higher Education institutions have not been made public; however, the previously published report shoed Community Care College as the third-lowest in the state of Oklahoma. With this reporting period reflecting a decrease, Community Care College expects to be ranked one of the lowest in the state in comparison to both private and public institutions of higher learning.
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.