Loan default rates drop

YOUNGSTOWN

Youngstown State University is reporting that student loan default rates have dropped by nearly half in the last six years, according to a report by 21 WFMJ-TV, The Vindicator’s broadcast partner.

According to administrators, the trend is the result of increased focus on student success, more scholarships and keeping costs low.

“There are several initiatives we have put into place, and we’ve certainly made tremendous strides,” said Elaine Ruse, YSU director of financial aid and scholarships.

In the 2011 fiscal year, the student loan default rate stood at 20.3 percent, but that rate has fallen every year since. Preliminary results for the 2016 fiscal year, the year for which the latest data is available, show the rate at 11.8 percent, a decrease of nearly nine percentage points.