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Department issues draft student loan default rates
March 03, 2022
Although the student loan payment waivers likely are having a positive impact, student loan default rates are still a concern and may be a bigger concern once the waivers end on May 1, 2022.
In a February 28 Electronic Announcement, the Department of Education released the FY2019 three-year draft cohort default rates. With the draft rates, colleges and universities can review the information and provide any corrections to make sure the final rate is accurate.
Mapping Your Future offers several default prevention tools that schools can integrate into their default prevention plan to assist their students. Since Mapping Your Future's inception in 1996, default prevention has been an important focus.
Mapping Your Future provides important default prevention services, including:
- 22 Online Counseling sessions, which go beyond regulatory requirements
- Resources and content, such as managing your student loan, managing your money, and student loan servicers
- Calculators, such as the Debt/salary wizard, which many financial aid offices use when conducting one-on-one counseling with their students
- Webinars on-demand that provide professional development and new ideas for financial aid offices to enhance their default prevention efforts
For more information, contact the Mapping Your Future staff at feedback@mappingyourfuture.org or (800) 374-4072.