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| Townsend |
by JEFF KOEHLER
News Reporter
As of Friday, Appalachian State University students’ loans have not been adversely affected by the recent decline in the American economy and financial sectors, Lori A. Townsend, assistant director of the Office of Financial Aid said.
“I am excited to report that there has been no effect on student borrowers,” Townsend said. “Any student who takes out a loan has been able to find a lender.”
She said Appalachian students’ low cohort default rate is responsible for this positive lending situation.
Townsend said the
cohort default rate, which for Appalachian is .7 percent, is the
overall percentage of Appalachian students who default on their student
loans.
This is
lower than the average United States student loan default rate in
recent years, which according to the U.S. Department of Education’s Web
site was 5.2 percent in 2006.
According
to the site, the University of North Carolina at Greensboro has a
default rate of 1.5 percent, and the University of North Carolina at
Asheville is listed at 2.7 percent.
Townsend
said her office makes a strong effort to stay on top of events in the
loan industry, and gives students information about the loan industry
when they qualify for a loan.
She said
when students fill out the Free Application for Federal Student Aid
(FAFSA) and are then approved for the aid, they will receive an award
letter from her office.
She said this award letter is sent to students as notification that they can receive a federal loan.
Townsend said students are told the money they are being offered is
just an offer, that acceptance of the loan offer is mandatory, and they
have the option to tailor the amount of loan money they wish to receive.
Townsend said Appalachian students who wish to apply for a federal loan
should file their FAFSA forms as early as possible, since the priority
deadline for North Carolina residents is Feb. 15, and the deadline for
other students is March 15.
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