Low default rates on student loans reflect Mercy College’s affordable education


Earlier this fall the U.S. Department of Education released the official Fiscal Year 2014 three-year student loan default rates. This rate reflects borrowers from Oct. 1, 2013 to Sept. 30, 2016 who defaulted on their student loans. Mercy College’s official default rate is 3.7 percent well below the Ohio average of 13.7 percent and the national average of 11.5 percent. Mercy’s rate is half that of private institutions with an average rate of 7.4 percent and nearly half of four-year private schools with an average default rate of 7 percent (See chart).

Lori Edgeworth, Vice President of Enrollment and Strategic Planning, explains the importance of a low loan default rate and how Mercy College is committed to an affordable education.

“We take great pride in this incredibly low student loan default rate as it reflects how in-demand Mercy College graduates are,” Edgeworth said. “Our students find employment and can repay their loans. Additionally, we are committed to keeping tuition affordable. Mercy College’s tuition is among the lowest of Ohio’s private colleges and universities and often comparable to public universities. The low loan default rate demonstrates the value that an investment in a Mercy College education provides.”

According to the Bureau of Labor Statistics, healthcare continues to be a leading job creator in the United States (bls.gov). Currently Mercy College does not have any waiting lists for nursing and allied health programs beginning in both the spring (January) and fall (August) 2018 semesters. Amy Mergen, Director of Enrollment Management says, “Being a part of Mercy Health, we have premier access to clinical sites throughout Mercy Health’s facilities and sometimes to more clinical spaces. Students are often surprised that they can get started so quickly. Programs are competitive, so students are encouraged to apply soon for consideration.”

Those interested in preparing for a career in healthcare are encouraged to visit mercycollege.edu or call 419-251-1313 to learn more.