Student loan defaults drop; MWCC leads the way
Federal data shows that Mount Wachusett Community College is among the state schools showing the largest improvement in cutting down on defaults on student loans.
The U.S. Department of Education has announced that the official three-year federal student loan cohort default rate has declined to 11.8 percent for students who entered repayment in fiscal year 2012 and defaulted between 2012 and 2014. That drop was across all sectors of higher education—public, private and for-profit institutions. The default rate for fiscal year 2011 was 13.7 percent.
Among the state’s community colleges, Greenfield Community College (dropping from 22 to 15 percent default) and Mount Wachusett Community College (dropping from 18 to 11 percent default) saw the most declines in student defaults.
While some experts told the Boston Globe that this could be a result of the improving economy, U.S. Secretary of Education Arne Duncan highlighted the increased use of programs made available to students.
"The Obama Administration has taken historic steps to give borrowers more options to manage their student debt and stay on track to repayment and to hold institutions accountable for improving student outcomes,” he said.
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