USU students among best at paying back Stafford loans
With just over 1 percent of its students delinquent on student loan payments, Utah State University boasts one of the lowest default rates in the nation.
According to Director of Financial Aid Judy Lecheminant, only 1.4 percent of students have stopped paying back their loan for more than one year.
“[The low default rate] shows the vast majority of students are making consistent payments,” she said.
While making payments isn’t always easy, especially for students just graduating from college, Lecheminant said it is important for students to make payments on time.
Of the more than 23,000 students at USU, about 6,500 take out student loans. Among those is John Potter, a senior in marketing. Potter said he took out his first loan this year.
“I knew things were going to be tight and I wanted to have a fun senior year, so I took a Stafford Loan,” he said.
Potter said he is learning to budget his expenses and make wise monetary decisions.
Lecheminant said “Many USU students are wise and show self control by taking the minimum amount they need.”
And that minimalist approach is the advice she said she would give to students considering student loans. She said students who borrow less have an easier time making payments.
U.S. News and World Report recently singled out USU as having a low cumulative debt rate among students. Lecheminant said this is another sign that students are making intelligent financial decisions.
-Albaugh@cc.usu.edu