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98.5 % of DSU Borrowers made Federal Loan Payments in FY1998

Once again DSU student loan borrowers have surpassed the national average in repaying their Federal student loans.  98.5% of DSU borrowers entering repayment of their Federal Student Loans in Fiscal Year 1998, met their repayment obligation.  “This 1.5% default rate is the lowest institutional default rate DSU has experienced since this federal calculation has been done,” said Rosie Jamison-Director of Financial Aid.

The national average, which exceeded 20% in the early 1990s, fell to a national average of 9% during the last fiscal year.  DSU is one of many regional schools with a default rate lower than the national average.  This year’s rate is exceptionally low and in turn benefits us all.

National loan default initiatives were developed in the late 1980’s to require colleges to provide additional information to borrowers upon entering loan repayment, as well as prior to receiving the initial disbursement of a federal loan.  “Entrance and exit loan counseling has been a requirement of borrowers for over 10 years, this has helped student borrowers better understand their loan rights and responsibilities which has helped reduce the national default rate.  We have instituted on-line Federal loan counseling through the DSU Financial Aid web site, in addition to individual counseling, allowing borrowers to learn more about their loans, ” says Jamison.

Jamison added “We are glad to share this information with our alumni and the DSU community.  Everyone should take pride in this good news for DSU, borrowers and alums.  Responsible borrowers, low unemployment and years of high graduate career placement, all attribute to this exceptionally high repayment rate.  We look forward to more good news in the future!”

Cohort Default Rate equals the number of borrowers entering repayment during a Federal fiscal year divided by the number of borrowers who did not meet their loan repayment obligations during the initial year of repayment.