Keweenaw Report Your Source for Local News and Sports
A student loans analysis website called Student Loan Report has announced that Michigan Tech’s three-year loan default rate is holding steady at 2 percent, compared to a national average default rate of 11.3 percent.
Tech’s loan default rate was second lowest in Michigan.
Overall, Michigan Tech ranked in the top 6 percent of 1,900 schools for the lowest default rate. Among public institutions, Michigan Tech ranked #27 in the nation, in the top 2 percent. Nine of those 27 public institutions have medical schools. Don’t count them, and Michigan Tech alumni have the 18th lowest default rate in the country.
“It gets even more interesting,” said Tech President Glenn Mroz. “I think everyone realizes that the ability to pay back is dependent on getting a job after graduation, but it also has a lot to do with what your family income was when you came here.”
Only three universities—University of California-Irvine, George Mason and State University of New York Geneseo—had a higher percentage of students qualifying for the federal Pell Grant than Michigan Tech. “So it’s fair to say that Michigan Tech is one of the top four public institutions in the nation where students from modest to moderate financial means can get an education that gives them the ability to pay back their loans after graduation.
For the full story, see http://www.mtu.edu/news/stories/2017/october/michigan-tech-student-loan-default-rate-one-lowest-nation.html
