June 2, 2010

Oklahoma CDR Holds Steady

On May 2, for the second time ever, the Department of Education (ED) issued preliminary cohort default rate numbers. According to ED, the FY 2008 national student loan cohort default rate is 7.2 percent, up from 6.7 percent in FY 2007 and 5.2 percent in FY 2006.

Our preliminary numbers indicate that Oklahoma’s 2008 cohort rates will remain consistent with our 2007 rates. Remember that the cohort default rate methodology will change from a two-year to three-year calculation starting with the FY 2009 cohort rates, which will be published in 2012.

Helping students become financially successful is important at OGSLP. We want to thank our schools and lenders for continuing to collaborate with us to reduce Oklahoma’s cohort default rate, help students learn personal finance skills and emphasize the importance of loan repayment.

To learn more about our default prevention efforts and services, contact Wayne Sparks, Default Prevention manager at 405.234.4358, 800.358.5460 or wsparks@ogslp.org.