Rasmussen College Announces Cohort Default Rate
Cohort default rates released by Department of Education reveal that Rasmussen College decreased to 6.4% while the average for all schools increased
September 14, 2010
Minneapolis, Minn. (September 14, 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 www.Rasmussen.edu.
ABOUT RASMUSSEN COLLEGE:
Rasmussen College is a regionally accredited private college and Public Benefit Corporation that is dedicated to changing lives through high-demand educational programs and public service. Rasmussen College offers Certificate and Diploma programs through Associate's and Bachelor's degrees online and across its 24 Midwest and Florida campuses in a supportive, student-centered and career-focused environment. Since 1900, Rasmussen College has been dedicated to being a primary contributor to the growth and development of the communities it serves. As a Benefit Corporation, Rasmussen College is committed to helping change lives through education and making a positive impact on society through public service and a variety of community-based initiatives. For more information about Rasmussen College, please visit www.Rasmussen.edu.