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Charter College Default Rate Falls Below 10%

Published: November 15, 2021
 

Charter College is proud to announce that for the most recent reporting year, our student loan default rate is 9.1 percent. This represents a 25 percent improvement over the last reporting period and a steady downward trend. This is exciting news for our current and future students.

Reported by the U.S. Department of Education, the student loan default rate is tabulated each year, based on three years prior. That means that the 2021 publication is for 2018 data. The information represents student borrowers who enter the repayment phase of their Federal Direct Loan agreement(s) during the federal fiscal year (Oct 1 – Sept 30), but default before the end of the next fiscal year. The 2018 data was released in Sept 2021.

Why Is Student Loan Default Rate Important?

You’ve probably heard a lot about the cost of a college education and the debt students take on to finance it. But you may not have known that that debt has risen to more than $1.75 trillion dollars! All that money owed has ripple effects that reduce how we spend money on small things—like groceries—and big things—like a home. It can increase reliance on social services, cost taxpayers more money, and have long-term negative effects on the entire U.S. economy.

Default is when borrowers don’t pay back the money they borrowed. Default rates can run more than 40% at some schools. That means students who take out loans to attend a school aren’t paying back what they owe four out of ten times. A school’s default rate can tell you something about how its students and graduates do after leaving school. Students who take out loans and don’t graduate may not have the means to pay back their loans. The same may happen if someone graduates but wasn’t well-trained enough to go out and find a job in their field. A low default rate is a good sign that a school is helping its students succeed, graduate, and find employment.

At Charter College, our default rate has been going down for years. For the seventh year in a row, it is below 15 percent. It was 13.1%, 12.1%, and 9.1%, in 2016, 2017, and 2018, respectively. We’re proud of this accomplishment and believe it helps us fulfill our mission: We work to get you to work.

If you want to attend a college that helps you succeed in and out of the classroom, consider all the career training programs offered at Charter College. We have programs in Business, Health Care, IT, and some Trades. Which is right for you and your future? Call today and speak to someone from our Admissions team: 1-888-200-9942.