Kudos to Northwestern Graduates Who Repay Their Loans
Posted on Nov. 4, 2009
Northwestern Health Sciences University once again falls far below the average national default rate of 6.5 percent and the regional default rate of 3.3 percent. Northwestern graduates had a low federal loan default rate of 0.3 percent once again this last trimester. Recent default rates have been as low as 0.2 percent or even 0.0 percent. “In layman’s terms that just means that graduates who have begun the repayment process on their federal loans are actually paying them,” said Andy Hoppin, director of financial aid.
Hoppin said the low default rates are a result of the University’s programs intended to aid students through the loan process. “Northwestern provides students with loan counseling when they enter and exit the University,” said Hoppin. “We also give them a lot of information on what to expect throughout the process.”
“The new federal consolidation and repayment plans are also helpful to recent Northwestern graduates,” said Hoppin. “It takes about 10-12 years for most Northwestern graduates to pay off their loans. And it is important to remember that there is no penalty for paying them off early.”
A low default rate is attractive to students who are considering Northwestern. “Prospective students can see that graduates are in good professions that allow them to succeed financially in their field,” said Hoppin. “Kudos to graduates who are paying back their loans.”