Community HigherEd Achieves Historically Low Default Rate

 
TULSA, Okla. - Jan. 13, 2022 - PRLog -- The Department of Education released the 2018 Official Cohort Default Rates. Community HigherEd reported an official rate of 0.3%, their lowest cohort default rate to date. This is also the lowest default rate in the state of Oklahoma.

"It indeed is a proud moment for our institution and a very exciting news for our students that we are able to assist them with their school loans while educating them about financial literacy. Our colleges have grown over the past 27 years to be one of the largest private vocational schools in the region while boasting the lowest default rates in Oklahoma state and one of the lowest in the country," said Pallavi Agarwal, CFO at Community HigherEd.

Brandy Williams, Default Specialist at Community HigherEd stated, "Helping our students navigate student loan repayment is a passion of mine. My personal goal is to prevent all of our students from defaulting on their student loans. Lack of clear information, about their options, is why I see borrowers default. My goal is to give clear information, in ways everyone can understand, and realize even if you cannot afford your payment for a month or two there are ways to avoid getting behind. I am incredibly proud of our default rate of 0.3%, this means our graduates are fully informed and can make decisions based on their families needs, and keep their loans in good standings. We care about our students, not only when they are in school, we also care about their financial future. "

Having a low default rate indicates that students are graduating with a smaller amount of debt and that they are able to enter the workforce quickly. Defaulting on a loan can have negative consequences including lowering a credit score, garnishment of wages, and even legal action. For the 2018 cohort the national average is 7.3%. Community HigherEd's default rate of 0.3% is not only the lowest in the state, it is also one of the lowest in the country, lower than 93% of all colleges.

Default rates are based on the year the borrower enters repayment on the loans they have taken out. When students graduate, they get a 6 month grace period of no payments on their loans and then they enter repayment. Upon entering repayment, Mrs. Williams monitors their payment history for 3 years and provides assistance to keep them from being delinquent on their payments. Borrowers default on their loans when their payment is 360 days past due.

CommunityHigherEd (http://communityhighered.org), is a 501(c)(3) non-profit corporation with the mission to advance the purpose of Community Care College (http://communitycarecollege.edu/), Clary Sage College (http://www.clarysagecollege.com/), and Oklahoma Technical College (http://oklahomatechnicalcollege.com/) through active engagement, advocacy, fundraising, and stewardship.

Contact
Pallavi Agarwal - CFO
***@communitycarecollege.edu
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Tags:Default
Industry:Education
Location:Tulsa - Oklahoma - United States
Subject:Awards
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