Our Student Loan Management Team is providing outstanding support to our students, helping them to understand and plan for the loan repayment process.
Lake Elmo, MN (PRWEB) September 15, 2010
In Monday’s release of the official fiscal year 2008 default rate, the Rasmussen College consolidated cohort default rate decreased from 8.8% for the 2007 cohort to 6.4% for the 2008 cohort. This decrease is exceptionally significant in that the average cohort default rate for all colleges increased from 6.7% to 7.0%, and amidst climbing cohort default rates for proprietary colleges, Rasmussen College is almost half of the national average for for-profit colleges (11.6%).
The cohort default rate measures the number of student loan borrowers from a given institution who default on their loans within two years of beginning repayment. Default rates are used by the Department of Education to determine a college’s eligibility to participate in federal student aid programs.
Regionally accredited by the Higher Learning Commission, Rasmussen College is a private college specializing in high demand, career-focused Bachelor’s and Associate’s degrees online and on 21 campuses throughout the Midwest and Florida. Rasmussen College credits the success of its loan default management to its enhanced Student Loan Management Team.
“Our priority at Rasmussen College is to our students and their success,” President of Rasmussen College Kristi Waite said. “A part of that success is managing student loans effectively, and our Student Loan Management Team is providing outstanding support to our students, helping them to understand and plan for the loan repayment process.”
The Student Loan Management Team at Rasmussen College was recently honored with a 2010 Excellence in Debt Award of Merit by USA Funds®, the nation’s leading education loan guarantor. The Student Loan Management Team educates students about the loan and repayment process and helps ensure students stay on track with their financial responsibilities. In addition, Rasmussen College has instituted an on-time graduation scholarship, which encourages students to complete their program promptly and to minimize debt. This allows for students to start their new job and the successful repayment of their loan more quickly.
Recently, regulators have called loan default rates into question, particularly at for-profit colleges, proposing new rules for colleges. Rasmussen College is proud to be a leader in lowering loan default rates and will continue to focus on this important issue.
For additional information about Rasmussen College, visit Rasmussen.edu.
ABOUT RASMUSSEN COLLEGE
Founded in 1900, Rasmussen College is a premier provider of educational experiences, dedicated to the growth and development of its students, employees, and the communities it serves. Accredited by the Higher Learning Commission, Rasmussen College offers Bachelor’s and Associate’s degrees in fields with the greatest occupation opportunities to more than 15,000 students both online and through its network of 21 campuses. By partnering with leading universities, Rasmussen offers opportunities to students beyond the Bachelor’s level. The Rasmussen Partner Network gives students the opportunity to earn Master’s and Doctoral degrees completely online, at their own convenience, from prominent universities around the country. To learn more about Rasmussen College, please visit http://www.Rasmussen.edu.