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USC ranks among the lowest in default rates
10/01/2010
Two weeks ago, U.S. Education Secretary Arne Duncan announced that the national default rate on student loans had increased to 7 percent in 2008, showing that more borrowers are having trouble paying for a higher education. University of South Carolina students, however, only had a default rate of 1.6 percent during this time period, proving that their students have a deep understanding of fiscal responsibility.
The university's rates were among the lowest in the country, according to the Columbia Free Times in South Carolina. New federal regulations may disrupt this trend, though, preventing nonprofit lenders from providing financial aid to eligible students. The government has cut out the "middle man," leaving solely banks to service existing loans.
"One thing we're doing on this campus is setting the stage for a responsible student," USC director of financial aid Ed Miller tells the newspaper. "We're making sure that students understand the responsibilities they have when it comes to loan repayment."
Consolidation is an option for borrowers struggling with debt. Individuals can transfer their total debt to a loan with a lower interest rate to reduce monthly payments.
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