Friday, May 26, 2000
Central State reduces student loan defaults
By Ben L. Kaufman
The Cincinnati Enquirer
Efforts by Central State University to reduce student loan defaults are working, the school said this week.
In 1996, the Wilberforce, Ohio, school had a default rate of more than 29.8 percent; in 1998, it was 16 percent, said the acting director of financial aid, Thanda Maceo. In the two years before that, it was above 25 percent.
U.S. Department of Education guidelines issued last year said defaults above 25 percent could end a school's participation in the federal student loan program.
More recently, the Department of Education said Central State's loss-reduction plan achieved the kind of “substantial improvement” that ended close scrutiny of the school.
Central State was one of 13 historically black colleges that faced possible loss of loans. Those schools were exempt from the 25 percent ax under federal law until last July.
Nationally, the default rate for all colleges and universities is about 6 percent.
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