Stony Brook Student Loan Default Rate Drops To All-Time Low |
According to statistics released by the US Department of Education, the failure rate of the Stony Brook University cohort has fallen this year to an all-time low of 2%.
The drop is in line with national trends, and at least in part because of the federal pause in student loan repayments due to the COVID-19 pandemic.
“Stony Brook University is deeply committed to providing excellent education – in all of our graduate and undergraduate programs – at an affordable cost,” said Paul M. Goldbart, President and Executive Vice President of Academic Affairs . âWe have been recognized nationally as a university that promotes and enables upward economic mobility, and these low rates demonstrate that the vast majority of our graduates are successful in meeting their financial obligations after graduation. “
Cohort default rates are calculated based on the percentage of borrowers from a school who start repaying certain types of federal loans in a given year and who, by the end of the third year, have entered in default.
Typically, default rates decline for a combination of reasons, including lower borrowing rates, increased financial literacy, and improvements in graduation rates and career preparation.
âOver the past few years, the Office of Financial Aid has intensified its efforts to ensure that all of our students, from the moment they set foot on campus, understand the implications of borrowing and the different parts. their financial aid programs, âsaid Nick Prewett, director of financial aid. “We offer comprehensive programs and information on budgeting and debt management, savings and investing, in addition to helping students and families understand their financial aid programs and calculate the cost. real education at Stony Brook. “
The failure rates of the Stony Brook cohorts have been declining steadily since 2009 and are consistently well below national averages. Across the country, 7.3% of federal borrowers who started repaying their loans in 2018 – the latest year for which data is available – are in default.
Since 2014, the default rate for the Stony Brook cohort has hovered around 3%.
âEducating our students involves expanding their academic knowledge, as well as preparing them for success in their careers and in their lives. It’s a mission that spans all areas of the University, âsaid Dawn S. Medley, associate vice president of enrollment management. âI am proud of Stony Brook’s coordinated efforts to support all of our students while they are here and to effectively prepare them for the next chapters of their lives.