Written by: Liam Watts
One of the most difficult decisions that students have to make when pursuing a college education is the question of loans. On average, about 70% of students will have to take out loans in order to afford college, and this can be a scary step. One reason for this fear can be confusion. Loans are often surrounded by confusing jargon like subsidized, unsubsidized, default, and interest with little to no explanation. One of these terms, default, is of particular importance. Simply put, defaulting on loans refers to what happens when someone either refuses to make or cannot make their loan payments. For students, this can happen when they are unable to find a good job after graduation or cannot make enough money in their field. Recently, LendEDU published their annual report for student loan default rates. Of note, Oklahoma Wesleyan University ranked at 2233 out of nearly 4500 schools with a default rate of an astoundingly low 8.8%. This also places the university at 14th overall for the lowest default rates in the state. OKWU works hard to help their students even after graduation, and they have a number of programs to aid students with their loans.
Perhaps the most important factor relating to OKWU’s low rate of student loan defaults is their stellar post-graduate employment rate. Recently, OKWU was named the best school in Oklahoma for employment by career expert firm Zippa. More graduates from OKWU are able to find employment than any other university in Oklahoma. Another important part of OKWU’s loan plan is PURSUE. Currently available to ministry majors, PURSUE is a loan forgiveness program designed to help students pay off their loans if they make less than a salary threshold. This helps provide security to those who are interested in ministry but are afraid of not being able to make enough money to pay back their loans.
Loans can be a complicated and confusing part of your college journey, but Oklahoma Wesleyan University is a committed to helping students through this process. If you ever have questions about your financial aid status, don’t hesitate to drop by the financial aid office located in the student center.
For more information about LendEDU’s study, go to this link!