A recent report by LendEdu finds that University of Baltimore’s student loan default rate was 7.6% in 2017, compared to the national average of 9.7%. According to Harvard Business Review, student loan debt will account for a whopping $3 trillion of national consumer debt by the end of the next decade, exceeding both car loans and credit card debt. Such staggering debt means students struggling post-grad to make loan repayments are less likely to take out home or auto loans — Scholarship America says up to 36 percent less likely.
This is to say nothing of the toll student loan debt has taken on the health and wellness of those transitioning to post-grad life.
The student loan default rate has grown exponentially over the past decade, and economists don’t believe there are any signs of slowing. This rate refers to the percentage of secondary education graduates who fail to make a student loan repayment by more than 270 days. For local context, the default rate out of Johns Hopkins is a slim 1.3%, while Morgan State offers a whopping 16.7%, almost double the national average. St. John’s College has the lowest rate in Maryland at 0.8%, while Coppin State has the highest rate in the state for a four-year university at 17.4%.
These rates speak to a number of factors at these colleges and universities, including financial aid award efficacy, job and career placement after college, career readiness post-grad and, of course, admission costs.
University of Baltimore’s commitment to keeping education affordable coupled with generous merit and need based institutional aid, says associate vice president of financial planning and operations Barabara Aughenbugh, contributes significantly to these outcomes.
“The University’s award-winning Career & Internship Center (CIC) engages students throughout their academic experience starting in the first year to ensure that students are ‘career-ready, said Aughenbugh. “As such, 94% of graduates from the class of spring 2019 were employed or enrolled in graduate school.”