Cal Poly student borrowers are more responsible than ever and seem to be among the most responsible ones in the state.
Of the more than 2,500 Cal Poly student loans going into repayment in 1998, only 60 went into default, a rate of 2.3 percent. That's the campus's lowest default rate since the federal program began publishing the number in 1989.
It's also the best repayment rate among all California State University and University of California campuses. The next-lowest rates are 2.5 percent at UC San Diego and 2.9 percent at CSU Stanislaus. All other CSU and UC campuses had 1998 default rates of 3.6 percent or higher, climbing to 8 percent.
Cal Poly's Financial Aid office processes more than 9,000 applications every year for the Federal Family Educational Loan Program and delivers more than $34 million annually to the campus's students. To get a loan, students must complete an "entrance counseling" session that insures they know their rights and responsibilities.
The typical Cal Poly student borrows a total of $14,888. At the current interest rate of 8.19 percent, students pay back an average $182.13 a month over 10 years.
Cal Poly's better repayment rates reflect a national trend. Federal figures released recently show a national average default rate for 1998 (the most recent data) of 6.9 percent, the lowest since 1989. The rates are 5.7 percent for all four-year public colleges in the United States and 7.3 percent for all types of institutions in California.
National loan default statistics are on the World Wide Web at http://www.ed.gov/offices/OSFAP/defaultmanagement/cdr.html
| Public Affairs Offices/Campus News
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