The University is among the top three schools in Connecticut with the lowest default rates, according to the most recent data compiled by the U.S. Department of Education.
Fairfield University has been recognized in online financial product research website LendEDU’s second annual report for having one of the lowest student loan default rates in Connecticut and in the United States.
The default rate at Fairfield was a reported 1.30 percent according to the most recent data from the Department of Education. This rate placed Fairfield in the top 10 percent nationally among 4,398 colleges and university around the country, and at No. 3 in Connecticut for having one of the lowest default rates. Fairfield earned the distinction for “creating an environment where the burden of student loan debt repayment is much less compared to almost every other campus in this country.”
By analyzing recently released data from the Department of Education (ED), LendEDU aimed to capture the prevalence of student loan default in the U.S. by examining “the respective student loan default rates at 4,398 colleges and universities around the country, in addition to each state’s collective default rate, and also default rates at specific school-types like HBCUs*.”
Coming at a time when student loan debt is at a record $1.6 trillion, The Brookings Institute reports that a “‘looming student loan default crisis’ could see 40 percent of student loan borrowers in default by 2023.”
Federal student loans are considered "in default" if payment is late by 270 days (approximately nine months) while a private student loan can go into default after three to four months without payment. Defaulting on such loans can trigger a host of consequences, including credit score damage and “garnishment of your tax refund, Social Security benefits, or wages,” according to LendEDU.
Earlier this year, Fairfield earned the No. 1 spot in the state on LendEDU’s report of the Best Colleges for Financial Aid and fared in the top 20 percent of colleges nationwide for its offerings of need-based financial aid.
For more information on Fairfield rankings, visit fairfield.edu/rankings.
*HBCU stands for Historically Black Colleges and Universities.
